Mining Press Roundup: Botswana Backs the Penny-Led De Beers Bid, but Wants a Bigger Stake

Botswana has selected the Gareth Penny-led Global Diamond Consortium (GDC) as its preferred buyer for Anglo American's controlling stake in De Beers, but President Duma Boko wants the government's own holding raised to 30%. That demand could complicate the $1 billion takeover, according to MINING.COM. The endorsement matters because Botswana holds a right of first refusal over the sale, which makes the final ownership structure the open question for the diamond industry.

De Beers: Botswana Picks GDC, Demands a Bigger Share

Boko announced the decision Monday during his annual State of the Nation address in Gaborone, MINING.COM reported. The consortium, led by the former De Beers CEO, had already emerged as Anglo's preferred bidder for its 85% holding. Botswana's endorsement clears a major hurdle because the government, which owns the remaining 15%, holds a right of first refusal.

The sticking point is size. "When this transaction is complete, Botswana's shareholding in De Beers will double from the current 15% to 30%." Boko said. Botswana's proposed holding exceeds the roughly 25% stake previously discussed with the consortium, and the final structure remains subject to negotiations. Anglo and GDC have yet to finalize binding transaction documents. Boko also said Angola and Namibia will participate alongside Botswana.

Financial terms have not been disclosed publicly by Boko or GDC. A source told Rapaport News on Tuesday that Anglo would receive $750 million upfront and $250 million in deferred payments under the consortium's offer, MINING.COM relayed. A further $500 million capital injection into De Beers remains under discussion.

The backdrop is a steep fall in value. The diamond producer's valuation has plunged to $2.3 billion from almost $13 billion in 2011, reflecting prolonged weakness in natural gemstone demand and growing competition from synthetic alternatives. Of De Beers' synthetic-diamond business Element Six, Boko said: "They belong at the end of a drill bit."

Barrick Mining: North American Gold IPO Planned

Barrick Mining said it plans to file for an initial public offering of its North American gold business this month. Completion could come in the fourth quarter or early 2027, MINING.COM reported. The proposed company, North American Barrick, would hold interests in Nevada Gold Mines' Carlin, Cortez and Turquoise Ridge operations, along with Pueblo Viejo in the Dominican Republic.

Under the August agreement, Newmont will pay Barrick about $2 billion (C$2.8 billion), with the contributions expected this quarter. Jefferies mining analyst Fahad Tariq called the offering "the next major catalyst" for Barrick shares.

The quarterly numbers were mixed. Third-quarter adjusted earnings topped the consensus cited by TD Securities. Gold all-in sustaining costs climbed 24% from a year earlier to $1,911 per oz., reflecting lower grades, increased diesel prices, gold-price-linked royalties and higher sustaining capital. Separately, Reko Diq in Pakistan remains under review because of security, financing, scope and timeline considerations.

Allied Gold: First Gold Poured at Kurmuk

Allied Gold has poured its first gold at the Kurmuk mine in Ethiopia, bringing its newest and lowest-cost operation into production. The company is targeting annual output of about 800,000 oz by 2029. It expects Kurmuk to produce 25,000 to 35,000 oz of gold in 2026 before increasing output to between 240,000 and 270,000 oz next year.

Commercial production is scheduled for the end of 2026, with the mine expected to reach full designed capacity in early 2027.

The corporate backdrop is notable. Zijin, which is indirectly owned by the Chinese government, offered $44 per share in cash for Allied in January, valuing the miner at about $4 billion. Although the takeover collapsed, Zijin retained a 9.2% stake. Allied is now considering a base dividend in 2027 and a normal course issuer bid to repurchase up to 10% of its public float, subject to Toronto Stock Exchange approval.

Alphamin Resources: Tin Supply Deal for a New U.S. Smelter

Alphamin Resources has agreed to supply a new U.S. smelter with tin concentrate from the Democratic Republic of Congo. The initial two-year deal covers up to 3,600 tonnes of contained tin annually from Bisie. The concentrate is destined for Nathan Trotter & Co.'s $65-million (C$92 million) smelter in Virginia.

China remains the main customer. CEO Eoin O'Driscoll told Fastmarkets last month that about 70% of the company's concentrate went to Yunnan, and that most of Alphamin's concentrate would continue to go to China.

Bisie has had a disrupted year. Alphamin halted mining and processing there on March 13, 2025 because of security concerns, then began a phased resumption of tin production on April 15.

Brazil: Critical Minerals List Approved

Brazil's National Council for Industrialization of Critical and Strategic Minerals (CIMCE) approved a list of 27 critical minerals on Nov. 5, dividing them into three priority groups. The council identified nine high-priority minerals: rare earths, graphite, lithium, nickel, cobalt, copper, manganese, silicon and uranium.

Only the 27 listed minerals, and nationally registered projects, will be eligible for government support. The council also created a fund known as FGAM that can receive up to R$2 billion (about $364 million) from the federal government.

"We don't want the state to have absolute control over exploration, processing and industrialization," President Luiz Inácio Lula da Silva said, as reported by Bloomberg.

Eramet: Selling Stakes to Cut Debt

Eramet is seeking buyers for lithium and nickel stakes, MINING.COM reported. Investors have expressed interest in a minority stake in Argentina's Centenario-Ratones and a substantial part of its 38.7% interest in Weda Bay Nickel.

The company aims to cut its adjusted debt-to-earnings ratio below three by year-end, from 5.5 at the end of 2025. A €500-million (C$787 million) rights issue is meant to help. Eramet paid $699 million (C$986.5 million) in October 2024 to buy Chinese partner Tsingshan's 49.9% interest in Centenario.

The balance sheet explains the urgency. Adjusted free cash flow was negative €481 million in 2025, and net debt climbed to €1.94 billion from €1.30 billion a year earlier.

Discovery Mining: Record Quarter at Porcupine

Discovery Mining reported adjusted earnings of $83 million in the third quarter, ahead of the consensus forecast. It produced a record 70,564 oz. of gold in the quarter. Operating cash costs rose 6% from the second quarter to $1,470 per oz.

The company is aiming to expand Porcupine's annual gold output to over 500,000 oz. by expanding existing mines and restarting Dome as a large open-pit deposit.

Copper: Tight Physical Market, Policy Shifts

Copper's physical market looks tight. The Yangshan copper premium, which reflects demand for metal imported into the top consumer, rose to a record $230 a tonne on Monday. Copper stocks in Shanghai Futures Exchange-monitored warehouses fell more than 24% last week to 33,848 tonnes, the lowest in almost three years, according to John Gross of The Copper Journal.

Bloomberg reports that Trafigura has approached several producers and traders in Asia seeking large volumes over November and December, and has been willing to outbid rivals (relayed by MINING.COM). On the London Metal Exchange, three-month copper rose 0.9% to $13,890 a tonne by mid-afternoon in London on Monday. It had lost 2.7% last week in its steepest weekly decline since March.

Policy is also in play. A Democratic sweep in last week's US midterm elections has reduced the prospects for the Trump administration's planned tariffs on refined copper and raised the odds of tighter restrictions on data centres. Per Polygon data, the COPX copper miners ETF closed at $75.25 in its November 9 session, up 5.6% on the day.

What It Means

Ownership and control run through today's announcements. Botswana is using its right of first refusal to push for a larger De Beers stake, Brazil is limiting state support to a defined list of minerals and registered projects, and Zijin's retained Allied holding shows how long a failed bid can cast a shadow. In each case the deal terms are still being negotiated.

Balance sheets and costs are the other thread. Eramet is selling assets to cut debt, Barrick is looking to a public listing as its costs climb, and Discovery is pushing output higher while cash costs rise. With copper inventories tight, supply security is shaping deals from the Yangshan premium to the Alphamin smelter contract. According to market data, gold traded at $4,139 an ounce, up 1.8% on the prior close, which gives producers some room to absorb those costs.

This roundup covers press releases published on November 10, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.