Mining Press Roundup: Canada Commits $352M to Red Chris Copper Expansion

The Canadian government has committed C$500 million ($352 million) to support Newmont's Red Chris Block Cave copper-gold expansion in British Columbia , marking one of the largest federal mining investments in recent years. The funding will be delivered through the Canada-British Columbia Co-operative Prosperity Agreement , coming just weeks after the project received provincial approvals including an amended Environmental Assessment Certificate and Mines Act permit in June . The investment underscores Ottawa's commitment to securing domestic copper supply as global demand for the energy transition metal intensifies.

Newmont: Red Chris Expansion Secures Federal Backing

The expansion is expected to increase processing capacity at Red Chris to as much as 15 million tonnes per year , transitioning the operation from open-pit to underground block caving. According to Newmont, the project is expected to boost Canada's copper production by around 15% and create more than 1,800 jobs during peak construction .

The Red Chris mine is located near Iskut within British Columbia's Golden Triangle, a region known for its rich mineral deposits, and represents opportunities for critical minerals development and clean power transmission . In March 2026, the federal government conditionally approved $44.2 million for Northwest Transmission Line system upgrades to supply up to 145MW to the expansion .

The mine is operated as a joint venture with Newmont holding 70% and Imperial Metals holding 30% . Newmont is completing a feasibility study with both the study and a final investment decision anticipated in the second half of this year .

Boliden: Pursuing Nexa Acquisition in Zinc Consolidation Play

Swedish miner Boliden is in discussions to acquire a majority stake in zinc producer Nexa Resources from Brazilian investment group Votorantim, with both companies confirming talks are taking place on Thursday . Nexa is one of the world's leading zinc producers, operating five polymetallic mines and three smelters across Brazil and Peru .

In April, Votorantim told local newspaper Estadao that a deal to sell its 64.7% interest would come in the region of 7 billion reais ($1.4 billion) . Shares of Nexa jumped 2.8% during after-hours trading, giving it a market capitalization of about $1.8 billion .

The companies did not provide further details and cautioned that there is no certainty that a deal would materialize from these talks . For Boliden, the acquisition would expand its base metals portfolio beyond its European operations into South American production.

BHP: $1.5B Plan to Restart Cerro Colorado Copper Mine

BHP has begun the process to reopen the Cerro Colorado copper mine in Chile, targeting an investment of $1.5 billion to keep the operation running for 20 years, with the company applying for a new environmental permit . The copper mine has been closed since late 2023 after it was denied its water permit following protests by local communities .

As a water supply solution, the project involves the use of treated wastewater transported via a pipeline spanning over 100 km from the commune of Alto Hospicio to the mine site — an unprecedented solution for a mining project in the Tarapacá Region , according to BHP. The project could generate approximately 1,500 jobs during the construction phase and more than 3,000 jobs during the operational phase .

The restart reflects BHP's strategy to maintain copper production in Chile as global demand for the metal accelerates. Located in the Atacama Desert, the mine is part of BHP's Pampa Norte division in northern Chile that also includes the Spence operation .

Almonty: Sangdong Tungsten Mine Begins Processing Operations

Almonty Industries commenced processing plant operations at its Sangdong tungsten mine in South Korea during June 2026, feeding stockpiled ore through its newly commissioned plant to produce saleable tungsten concentrate — marking the transition from mine development into active, revenue-generating operations .

Phase 1 of the Sangdong mine is now commissioned and producing, with the processing plant designed to handle approximately 640,000 tonnes of ore annually, yielding roughly 2,300 tonnes of tungsten concentrate per year . At full capacity, Sangdong is expected to supply approximately 40% of global tungsten demand outside China .

The Sangdong mine was historically one of the world's largest tungsten producers before operations were suspended in the early 1990s following a prolonged downturn in commodity prices . Since acquiring the project in 2015, Almonty has invested more than $100 million to redevelop the site as a modern underground mining operation . The restart comes as Western nations seek to diversify critical mineral supply chains away from Chinese dominance.

US Uranium Production: Revival Gains Momentum

US uranium mines produced 2,109 thousand pounds of uranium concentrate in 2025, a significant increase from the 657,000 pounds produced in 2024 , according to the Energy Information Administration's annual report. The 2025 figure was the highest since 2016's production of 2,545,000 pounds .

Exploration and development drilling activities in 2025 were at the highest levels since 2013 for number of holes drilled and for total footage drilled . Total employment in the US uranium production industry was 711 full-time person-years in 2025, a 41% increase from 506 in 2024 and the highest employment total since 2014 .

The resurgence follows years of depressed production after the 2011 Fukushima accident. Since 2022, successive US Administrations have pursued strategies to revitalize and secure the domestic US nuclear fuel supply chain , including the 2024 Russian uranium import ban.

South32: Selling Aluminum Business to Alcoa for $5.6B

Alcoa Corporation has agreed to acquire South32's entire aluminum value chain for an implied enterprise value of up to $5.6 billion in a deal that represents one of the largest consolidations in the global aluminum industry in years and significantly expands Alcoa's integrated bauxite, alumina and smelting footprint .

The upfront consideration is $4.1 billion in cash and stock, with Alcoa also agreeing to provide South32 with a contingent value right of up to $750 million . Completion is expected in H2 FY2027, subject to regulatory approvals including South32 shareholder approval .

According to the press release, the sale allows South32 to slim down its business to focus on high-margin copper, zinc, silver and lead operations. For Alcoa, the acquisition adds bauxite, alumina and smelting assets across Australia, Brazil and South Africa.

Sweden: Norra Kärr Rare Earth Project Wins 25-Year Concession

Leading Edge Materials' Swedish subsidiary has been granted a 25-year exploitation concession for the Norra Kärr heavy rare earth elements project, with the concession granted by the Swedish government following a formal recommendation from the Mining Inspectorate .

The Geological Survey of Sweden has confirmed that Norra Kärr is one of Europe's richest rare earth deposits, with a particularly high proportion of the most valuable heavy rare earths, and the project's 2021 preliminary economic assessment discloses average annual dysprosium oxide production of 248 tonnes, which is similar to European consumption .

The project's strategic importance to Sweden and the EU was a decisive factor in the government's decision . The deposit is particularly rich in dysprosium, terbium and yttrium — heavy rare earths critical for permanent magnets used in electric vehicles and wind turbines. Europe currently has no domestic rare earth production, making the project strategically significant as the continent seeks to reduce dependence on Chinese supply.

What It Means

This week's announcements reveal capital flowing decisively toward critical minerals and base metals essential for the energy transition. Copper dominates the narrative — from Canada's $352 million commitment to Red Chris to BHP's $1.5 billion Cerro Colorado restart plan — reflecting the metal's central role in electrification. According to market data, copper miners (COPX) traded at $76.65 on Friday.

The strategic minerals theme is equally pronounced. Almonty's tungsten restart, Sweden's rare earth concession, and tripling US uranium production all point to Western governments actively backing domestic supply chains to reduce dependence on Chinese and Russian sources. The Boliden-Nexa talks and South32-Alcoa deal signal continued M&A appetite in base metals, with majors seeking scale and portfolio optimization.

Gold traded at $4,126 per ounce on Friday, up 2.3% according to market data, while silver gained 3.3% to $61.04 per ounce — suggesting precious metals are finding support even as industrial commodities capture the bulk of investment attention.

This roundup covers press releases published on July 3, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.