Mining Press Roundup: Codelco Admits Inflated Output as Andina Tailings Spill Halts Processing

Codelco, Chile's state-owned copper giant, has told shareholders that 42,100 tonnes of its reported production were artificially inflated, according to MINING.COM. The company also halted processing at its Andina division after a tailings spill on the same day. Together, the two stories put the credibility and the operating discipline of one of the industry's most closely watched producers under pressure. Investors who rely on Codelco's numbers to gauge copper supply now have reason to question both the data and the plant.

Per Polygon data, the COPX copper miners ETF ended its latest session lower.

Codelco: Board Chairman Discloses Inflated Production Figures

Board chairman Bernardo Fontaine disclosed the 42,100-tonne figure on Thursday at an extraordinary shareholders' meeting, MINING.COM reported. He also described a separate irregularity that affected 17,000 tonnes of copper inventory, valued at between $120 million and $140 million. Codelco has ordered audits and dismissed nine employees across three mines and its corporate offices as it investigates whether production figures were overstated.

"Recent incidents related to production figures have affected confidence in Codelco and its reputation." Fontaine said. The remarks put the company's reputation at the center of the meeting, alongside the numbers.

Fontaine also laid out a broader financial picture. Codelco invested $32 billion over the past eight years, yet annual copper output fell from approximately 1.6 million tonnes to 1.2 million tonnes. The company transferred $7 billion to the Chilean government over the past four years, 43% less than in the preceding four-year period, despite a 30% increase in copper prices. Fontaine said Codelco increased its debt by 50% to finance those contributions.

Looking ahead, Codelco expects 2026 copper production to be closer to 1.2 million tonnes, with annual output projected at around 1.3 million tonnes over the following four years.

Codelco: Andina Processing Suspended After Tailings Spill

The spill is a separate problem. Codelco said an obstruction was detected early Thursday in its tailings transport system near the Rápido RV4 sector, within the Río Blanco canyon. The company has suspended processing operations at Andina, and the spill may have reached the Blanco River in the central Valparaíso region, MINING.COM reported.

Codelco's response included shutting down the concentrator plant, suspending tailings transport, and diverting water to the Piuquenitos reservoir. Chilean water utility Esval closed its surface water intake from the Aconcagua River as a precaution. It activated underground water sources and backup systems to maintain drinking water production in Los Andes.

Codelco has not said when Andina processing might resume, and the extent of any downstream environmental impact has yet to be established. Chilean lawmaker Francisca Bello of the Broad Front coalition called for an investigation into the cause of the spill and its potential environmental consequences.

Perpetua Resources: New Gold-Antimony Discovery at Fiddle

Perpetua Resources (Nasdaq: PPTA, TSX: PPTA) said its 2026 exploration drilling at the Stibnite Gold project in central Idaho has produced a new discovery. The Fiddle discovery hole, SB633, returned 109.7 meters grading 3.2 g/t gold and 1.1% antimony. The hole began at 189 meters downhole and showed grades well above the project's life-of-mine average, according to the company.

Fiddle sits approximately 750 meters south of the permitted Yellow Pine pit along the Meadow Creek Fault Zone. Follow-up drilling at the Clark Tunnel Fault Zone returned 25.4 meters of 4.5 g/t gold from 13 meters downhole (SB606) and 25.0 meters of 2.3 g/t gold from 18 meters downhole (SB605).

CEO Jon Cherry said: "At Fiddle, our initial hole returned broad, continuous mineralization at significant gold and antimony grades which confirm it as an important new discovery."

Perpetua is advancing construction on the $1.3 billion Stibnite Gold project, which was fast-tracked by the Trump administration. The project is supported by proven and probable reserves of 148 million pounds of antimony and more than six million ounces of gold. A discovery next to permitted infrastructure is the kind of result that matters for a Western antimony supply story.

AngloGold Ashanti: Brownfield Expansion Plan and Third-Quarter Results

AngloGold Ashanti (NYSE: AU) plans to invest up to $900 million in expanding brownfield operations. The plan targets a production increase of 300,000 ounces to 450,000 ounces by 2030. The expansion will focus on the Geita mine in Tanzania, Siguiri in Guinea and Cuiabá in Brazil, as well as the ongoing ramp-up at Obuasi in Ghana.

Geita will receive up to $580 million to raise output to 600,000 ounces by 2030, and Cuiabá's expansion will cost between $200 million and $250 million. Reuters reported, as relayed by MINING.COM, that AngloGold expects the projects to generate real internal rates of return exceeding 35%.

The third-quarter numbers support the spending. AngloGold reported EBITDA for Q3 2026 of $1,568 million, a 12% increase from $1,400 million for Q3 2025. The average gold price received rose to $4,239/oz from $3,490/oz in the same period in 2025. The company reaffirmed full-year gold production guidance of 2,800,000 ounces to 3,170,000 ounces.

Canada's Federal Budget: Tax Credits, Antimony and a Critical Minerals Strategy

Canada's federal budget proposes keeping the 15% Mineral Exploration Tax Credit and 30% Critical Mineral Exploration Tax Credit available through March 31, 2032. It puts the estimated support at C$956 million over five years. The budget would also add antimony to the 30% credit for flow-through share agreements signed after budget day. Ottawa proposes C$424.4 million over four years, starting in 2027-28, to renew the Canadian Critical Minerals Strategy.

Industry reaction was mixed. Association for Mineral Exploration CEO Todd Stone said: "We are disappointed that Budget 2026 missed an opportunity to take the steps needed to unlock Canada's critical minerals." PDAC and AME have both sought expanded Canadian Exploration Expense eligibility to cover engineering, economic and feasibility studies, which remains an unmet industry request.

Two broader measures sit outside the mining-specific provisions. Ottawa plans to seed the Canada Strong Fund with C$25 billion over three years and introduce legislation establishing an arm's-length Crown corporation. The proposed Canada Growth Incentive would exempt up to C$15 million in capital gains per qualifying individual per business, but the tax annex explicitly excludes mining businesses.

Eagle Nuclear Energy: All-Stock Deal for Noble Plains Uranium

Eagle Nuclear Energy (NASDAQ: NUCL) announced Wednesday that it has signed a binding Letter of Intent to acquire 100% of Noble Plains Uranium (TSX-V: NOBL) in an all-stock transaction. Eagle will acquire Noble Plains shares at a deemed price of C$0.125 per share, a premium of approximately 92% to the October 29 closing price of C$0.065.

Noble Plains' flagship Duck Creek project in the Powder River basin of Wyoming hosts a U₃O₈ resource of 5.32M lbs Indicated and 1.04M lbs Inferred. It is reported on a 100% basis under NI 43-101. Eagle said it plans a phased exploration program at Duck Creek over the next 12-18 months.

Eagle's Aurora uranium project in Oregon is described by the company as the largest mineable uranium deposit in the US. Adding Wyoming resources would give the company a second U.S. uranium asset alongside Aurora.

Rio Tinto: Resolution Copper Funding Approved

Rio Tinto (ASX, LON: RIO) has approved a $144 million investment to advance its Resolution Copper project in Arizona. Rio will contribute $79 million, reflecting its 55% stake in the joint venture, while BHP will cover the remaining 45%. Rio has targeted the mid-2030s for the project's opening, subject to further studies and approvals.

Sibanye-Stillwater: Lower U.S. Guidance After Strike

Sibanye-Stillwater (NYSE: SBSW) now expects its US operations to produce between 245,000 and 255,000 ounces of platinum and palladium this year. That is down from previous guidance of 280,000 to 300,000 ounces. US production fell 19% year-on-year to 59,417 ounces during the September quarter, largely due to a strike that ended Oct. 7.

What It Means

The day's clearest theme is that supply risk is arriving from several directions at once. Codelco's admission and the Andina spill raise questions about reporting reliability and operational control at a major copper producer. Its own output outlook for 2026 and the following years is more modest than the figures it once reported. Sibanye's lowered U.S. guidance shows how a labor stoppage can cut into a producer's year.

Capital, meanwhile, is going toward assets with clearer paths. Perpetua's Fiddle result strengthens the case for Western antimony and gold at a project already under construction. AngloGold is committing brownfield capital backed by a strong third quarter, and Rio and BHP are funding the next stage at Resolution. Ottawa's budget extends exploration incentives and adds antimony, yet the industry's response suggests many in the sector wanted more, and the capital gains exclusion for mining businesses will not go unnoticed.

This roundup covers press releases published on November 6, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.