Mining Press Roundup: Anglo-Codelco Seal $5B Copper Partnership as Critical Minerals Heat Up

Anglo American and Chilean state-owned miner Codelco have finalized a landmark agreement to combine development plans at their neighbouring Los Bronces and Andina mines, unlocking at least $5 billion in value and adding 2.7 million tonnes of copper production over 21 years. The deal, which follows a preliminary agreement signed in September 2025, represents one of the most significant copper adjacency opportunities globally and underscores the industry's shift toward maximizing output from existing assets rather than pursuing costly greenfield developments.

Anglo American and Codelco: Unlocking Chile's Copper District

The joint mine plan is expected to unlock 2.7 million tonnes of additional copper over a 21-year period, delivering an average of 120,000 tonnes per year of additional low-cost copper production (to be shared equally) with minimal capital investment, creating at least $5 billion pre-tax in shared additional value.

Implementation of the joint mine plan remains conditional on the relevant environmental permits being secured, together with other customary conditions to final implementation, currently expected by 2030.

The partnership integrates operations at two adjacent mines northeast of Santiago, allowing both companies to optimize existing infrastructure and processing capacity. The agreement highlights a growing trend among major miners to maximize output from existing assets through collaboration rather than costly greenfield developments. By integrating the Los Bronces and Andina mine plans, Anglo and Codelco aim to strengthen Chile's position as the world's largest copper producer while supporting the country's goal of increasing national copper output to 6 million tonnes annually by 2030.

The timing is significant. According to market data, copper miners (COPX) traded up 1.0% today at $76.48, reflecting continued investor interest in the red metal despite broader commodity volatility. Despite a stronger US dollar and high interest rates, copper's 2026 average price forecast remains just above $12,100/t due to concentrate shortages and limited new mine supply.

Li-FT Power: Betting on Diamond Mine Conversion

Li-FT Power has secured an exclusive option to acquire Québec's Renard diamond mine and processing complex, a move that could significantly reduce development costs and accelerate production plans at its nearby Adina lithium project. The Vancouver-based company signed a binding agreement granting it a two-year option to acquire either the Renard mine assets or the shares of owner Stornoway Diamonds, subject to approval by Québec Superior Court under creditor protection proceedings. Li-FT will pay a $12-million option fee and fund care and maintenance costs during the option period.

The strategic logic is compelling. The proposed acquisition could reshape development plans for Adina by allowing Li-FT to leverage more than $900 million in existing infrastructure rather than build a new processing facility from scratch. Renard includes a fully enclosed processing plant, a 16-megawatt power station, tailings facilities, water treatment infrastructure, an airport and a 330-bed camp.

The company said Renard's 2.2-million-tonne-per-year processing plant, located about 60 km south of Adina, could potentially be repurposed to process spodumene ore from the lithium project.

The lithium sector remains under pressure, with the LIT ETF down 0.2% today at $78.76 according to market data, but strategic infrastructure plays like Li-FT's could offer development shortcuts as the industry consolidates.

Sherritt International: US Sanctions Shutter Canada's Only Cobalt Refinery

Sherritt International has begun shutting down its Fort Saskatchewan refinery after expanded U.S. sanctions on Cuba halted the feedstock supply needed to keep the Alberta plant running.

Sherritt mined nickel and cobalt at its Moa joint venture in eastern Cuba and processed the material at its refinery near Edmonton.

The shutdown carries significant supply chain implications. The shutdown marks the latest fallout from Washington's tougher stance on Cuba and highlights the vulnerability of supply chains that depend on the island's mining sector.

Since the Cuba sanctions began to bite in May, shares in Sherritt International have collapsed to 12¢ apiece in Toronto, valuing the company at $84.5 million.

The significance of Canadian-processed cobalt in particular cannot be overstated in the current market environment. Global cobalt supply is heavily concentrated in the Democratic Republic of Congo, with Chinese-controlled entities dominating refining capacity. Western battery manufacturers and automotive companies are consequently seeking supply chain diversification away from this concentration, and Canadian-refined cobalt has been positioned as a supply chain provenance solution. The Fort Saskatchewan closure removes a key Western processing node at a time when supply chain security has become a strategic priority.

Ioneer: Korean Partners Back Nevada Lithium-Boron Project

Ioneer announced the entry into strategic non-binding letters of intent with the Korea Overseas Infrastructure & Urban Development Corporation, the Republic of Korea's specialized public institution mandated by the Ministry of Land, Infrastructure and Transport to facilitate and invest in overseas infrastructure and public-private partnership projects, and Hyundai Engineering, a leading Korean and international engineering, procurement and construction company, to advance the development of the Rhyolite Ridge Lithium-Boron Project.

Shares in Australian lithium developer ioneer jumped after securing support from two South Korean engineering and infrastructure groups for its Rhyolite Ridge project in Nevada, a key US source of battery materials targeting production by 2029. The stock climbed as much as 29% intraday on Tuesday before closing up 7.1% at A$0.158, its highest level since January, giving the company a market capitalization of A$461.2 million.

Rhyolite Ridge hosts the continent's only known lithium-boron reserve and is one of only two such deposits globally, according to ioneer. The company has invested more than $220 million in the project since 2016 and completed more than 70% of its advanced engineering work. It's targeting a final investment decision in the second half of 2026. Once operational, the project is expected to produce 27,800 tonnes a year of lithium hydroxide and 135,500 tonnes a year of boric acid, with all processing conducted on site.

Aclara Resources: Chile Rare Earths Project Clears Environmental Hurdle

The receipt of the final environmental approval for Aclara Resources' Penco Module rare earths project in Chile shows the need for governments to make the most of the opportunities around critical minerals, the company says. Aclara's Environmental Qualification Resolution formalizes the environmental approval granted earlier this month by the Environmental Assessment Commission of the Biobío region in south-central Chile. It wraps up a process that has taken longer than four years for the project.

Aclara says Penco Module is now among only a few approved heavy rare earths projects outside of China. Penco Module is expected to become a sustainable source of dysprosium and terbium, which are minerals used in permanent magnets for electric vehicles, renewable-energy technologies and defence applications.

The environmental approval marks another piece lining up for Aclara as it works to become one of the few Western companies building a vertical rare earth supply chain. Its Virginia Tech pilot plant at Blacksburg is expected to produce its first separated light and heavy rare earth oxides this year, to be mined from Aclara's ionic clay sites at Penco and Carina Module in Brazil. The Virginia facility is meant to support the development of Aclara's commercial-scale separation plant in Louisiana.

AbraSilver: Diablillos Feasibility Study Quadruples Project Value

A fresh definitive feasibility study for AbraSilver Resource's Diablillos silver-gold project in Argentina has boosted the open-pit mine's estimated value fourfold and reduced the payback period to under two years. The project is now expected to deliver an after-tax net present value of roughly $3 billion, a 42% internal rate of return, and a 1.7-year payback period, the company announced late Monday.

A prior study from December 2024 had projected an after-tax NPV of $747 million, an IRR of 28%, and a two-year payback. The updated assessment reflects stronger metal prices, larger reserves and resources, and ongoing engineering refinements.

The DFS incorporates the impact of the Argentinian large investment incentive regime ("RIGI"), designed to stimulate new large-scale investments. The Company received formal approval of the Project under the RIGI framework under a 30-year agreement in May 2026, with key rates as follows: Additionally, the RIGI program provides benefits such as the removal of all foreign exchange restrictions and value-added tax (VAT) reimbursement on capital expenditures.

Gold traded at $4,012/oz today, down 2.1% according to market data, while silver fell 6.4% to $57.69/oz, putting pressure on precious metals developers. However, with the DFS complete, AbraSilver has entered the final development phase ahead of a targeted construction decision in Q2 2027. Early works activities are expected to commence in Q3 2026, including upgrades to existing site infrastructure and camp facilities, advancement of critical path engineering and key project hires.

Faraday Copper: Expanding Arizona's Copper Creek Potential

New drilling at Faraday Copper's Copper Creek, one of America's largest undeveloped projects for the red metal, has identified broad zones of near-surface mineralization that could support future open-pit resource growth. Hole FCD-26-169 in the American Eagle near-surface area cut 67 metres of 0.3% copper from 30 metres downhole, Faraday said Wednesday in a statement. Hole FCD-26-171, meanwhile, cut 71 metres of 0.41% copper from 80 metres depth, including 35 metres of 0.58% copper from 85.4 metres.

Faraday's ongoing 40,000-metre drill program at Copper Creek, about 70 km north of Tucson, focuses on American Eagle, oxide resource growth and new discoveries. The company completed federal permitting for the exploration project in January 2026, according to the Federal Permitting Improvement Steering Council, clearing a key regulatory hurdle for the Arizona copper district.

What It Means

Today's announcements underscore three major themes reshaping the mining sector: strategic partnerships over greenfield development, critical minerals supply chain realignment, and the growing importance of permitting and fiscal frameworks.

The Anglo-Codelco deal exemplifies how majors are pursuing "brownfield adjacencies" to unlock copper supply without the decade-long timelines and capital intensity of new mines. With copper prices forecast to remain elevated due to concentrate shortages and infrastructure demand, these operational synergies deliver immediate value. Meanwhile, geopolitical pressures are forcing supply chain reconfiguration—Sherritt's cobalt refinery closure removes Western processing capacity just as automakers seek alternatives to Chinese-dominated supply chains, while Aclara's Chilean rare earths approval and ioneer's Korean backing signal efforts to diversify away from Chinese critical mineral dominance.

The lithium sector shows signs of consolidation and creative dealmaking, with Li-FT's diamond-mine-to-lithium-hub conversion representing the kind of capital-efficient development strategy that could define the next phase of battery metals buildout. Argentina's RIGI incentive regime, which helped AbraSilver quadruple its project value, demonstrates how fiscal policy can rapidly shift project economics in jurisdictions competing for mining investment. As capital flows toward projects with permits in hand, infrastructure in place, and government support secured, the gap between shovel-ready assets and early-stage exploration continues to widen.

This roundup covers press releases published on June 25, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.