Mining Press Roundup: Ottawa's National Security Probe Snags China's $175M Lithium Bet in Argentina

Geopolitics collided with the lithium market on Tuesday as Canadian regulators moved to scrutinize a Chinese company's bid for an Argentine lithium project owned by a Canadian junior — a fresh twist that highlights how critical minerals deals are increasingly being run through a national-security lens, even when neither the buyer nor the underlying asset touches Canadian soil. The notice landed the same day BHP's incoming chief executive threw cold water on takeover speculation, while gold and copper dealmaking continued unabated across Australia, Korea and Arizona.

Lithium Chile: Ottawa Flags China Union's $175M Arizaro Deal

Canadian junior Lithium Chile and its would-be acquirer, China Union Holdings, are facing a potential national security review after Canadian officials raised concerns about their $175-million Argentum Lithium transaction. The deal, first struck in December 2025, would see China Union acquire all outstanding shares of Argentum Lithium, Lithium Chile's Argentine subsidiary and owner of its interest in the Salar de Arizaro lithium project.

What makes the case unusual is the target itself: Canada's director of investments issued a notice under Subsection 25.2(1) of the Investment Canada Act stating there are reasonable grounds to believe the transaction could be injurious to national security, even though the underlying asset sits entirely in Argentina. Lithium Chile has pushed back, arguing the subsidiary is not a Canadian entity, has no Canadian assets, employees, or office presence, and thus does not fall under the national security review requirements of the Investment Canada Act. Notably, Ottawa has not ordered the additional national security review outlined in this week's notice, and whether it does so will determine the next Canadian regulatory hurdle for a deal already awaiting approval in China.

The project at the center of the dispute is no minor prospect. Lithium Chile's July 2024 prefeasibility study outlined 4.122 million tonnes of battery-grade lithium carbonate and an expected mine life of 20 years, situated in Argentina's lithium-rich Salta province near the borders of Chile, Bolivia and Paraguay. The episode underscores a widening pattern of Western governments treating lithium supply chains as strategic assets regardless of where the mine is physically located — a dynamic that will only intensify as LIT, the lithium ETF, traded at $76.24 Monday, up 1.3% day-over-day, according to market data.

BHP: New CEO Brandon Craig Bets Big on Copper, Snubs M&A

BHP's newly minted chief executive used his first full-year results presentation to make clear the world's largest miner would rather build than buy — directly addressing swirling speculation that BHP could pursue a stake in uranium developer NexGen Energy. Brandon Craig is prioritizing copper expansions over acquisitions, brushing aside speculation the mining giant could pursue uranium developer NexGen Energy as lofty valuations make building projects far cheaper than buying rivals.

Craig laid out the math bluntly: he compared an implied capital intensity of close to $85,000 per tonne for listed pure-play copper companies with what a takeover premium would push to well over $100,000 per tonne, calling it "almost a five-to-one factor between building it versus buying it." Still, he left the door open, noting the company "always" monitors the market. On the uranium question specifically, Craig has indicated his intention to conduct a "really good look" at uranium opportunities, though one shareholder reported to Reuters that Craig recognized "scale was hard" within the sector. BHP's reticence comes even as its own results underline the copper thesis: the company's project pipeline could increase copper production by as much as 40% by 2035, although output is expected to decline in the near term. COPX, the copper miners ETF, closed at $87.34 Monday, up 1.9%, per market data — a reminder that investors are already positioned for exactly the build-out Craig is describing.

OceanaGold: $553M Ausgold Buy Marks First Australian Foothold

OceanaGold is expanding into a new continent. The Canadian gold and copper producer is buying Australia's Ausgold for A$776 million (almost US$553 million), giving the miner its first acquisition in Australia and control of the Katanning gold project in Western Australia. The all-share offer values Ausgold at A$1.36 per share, a 28% premium to its Friday close, with Ausgold shareholders receiving 0.03365 OceanaGold common shares for each share held, with an option to elect cash consideration.

OceanaGold CEO Gerard Bond framed the deal as a natural extension of the company's growth ambitions, saying "This marks our first acquisition in Australia, and we are excited to build on the great work done by the Ausgold team to further optimize the de[velopment of the Katanning Gold Project]" for shareholders of both companies. Analysts see strategic logic behind the price tag: Jefferies said the transaction isn't inexpensive, but Katanning would help OceanaGold maintain annual production of about 500,000 oz. until its Waihi North project in New Zealand begins making a meaningful contribution in 2033, with Katanning expected to start production in 2029 and ramp up to more than 100,000 oz. a year, backed by 1.25 million oz. of reserves. The deal lands amid a broader wave of gold consolidation, with bullion trading near a 10-week high — gold spot last changed hands at $4,426/oz, up 1.3%, according to market data.

Korea Eximbank and Glencore: $1 Billion Loan Ties Copper Supply to AI Boom

South Korea is putting state capital directly behind copper security. South Korea's export credit agency will lend $1 billion to Glencore in exchange for copper supplies to Korean companies, securing access to a metal increasingly vital to artificial intelligence and power infrastructure. An Eximbank official described the agreement as a "preemptive" move from an economic-security perspective.

The arrangement reflects just how tight copper markets have become. South Korea is reliant on imports of the industrial material, which is used in power grids, data centres and for renewable energy equipment, and the AI data boom and rising electricity demand has boosted demand for copper, which has jumped around 15% this year and is near a record high. Glencore, for its part, brings global reach to the table: the company operates mines and trading operations across multiple countries including Chile and Peru, enabling alternative sourcing in the event of supply disruptions in any single region. The deal is the latest sign that governments are no longer content to let copper security play out purely through commercial markets — a theme that dovetails with COPX's 1.9% gain and copper's push toward record territory, with LME spreads flagged this week as the widest since 2021, per market data.

Faraday Copper: Confirmation Drilling Targets 18-Billion-Pound Arizona District

Junior developer Faraday Copper is moving fast to prove up what could become one of the largest undeveloped copper resources in the United States. Following this month's acquisition of BHP's former San Manuel mine, Faraday expects confirmation drilling at BHP's former San Manuel mine to support a combined Arizona resource containing more than 18 billion lb. of copper. The company plans an aggressive drill campaign, with at least 23,000 metres of drilling at San Manuel beginning in the fourth quarter before issuing a combined resource around mid-2027.

San Manuel is a storied asset: it processed about 800 million tonnes grading 0.66% copper and produced more than 4.5 million tonnes of the metal before low prices ended mining in 1999. CEO Paul Harbidge is framing the combination in superlative terms, telling The Northern Miner "We think it will be north of 18 billion lb. of copper... That's going to be one of the largest undeveloped copper resources in the entire U.S." The deal gives Faraday more than a resource story — it comes with a past-producing copper mine, about 109 sq. km of prospective private land, a water-supply agreement and established infrastructure beside the former flagship Copper Creek next door, located about two hours by road southeast of Phoenix.

Equinox Gold: South Railroad Clears Federal Hurdle, Targets 2028 Gold

Equinox Gold has cleared the last major regulatory obstacle for its next big Nevada growth project. The company is starting early works construction at its South Railroad project in Nevada after it completed an important stage of federal environmental permitting, putting it on track for first production in 2028. The approval came via the BLM's positive record of decision on the gold project, marking the completion of permitting under the National Environmental Policy Act process.

President Jason Simpson, who is set to become CEO at the end of October, called it a milestone moment, saying "Receiving the Record of Decision is a major milestone for the South Railroad project and advances our next phase of growth." The economics are compelling at current gold prices: per an updated feasibility study, South Railroad would rank among Nevada's larger new gold developments, with production forecast at about 104,000 oz. annually over a 10-year life, and the open-pit heap leach mine has a post-tax net present value of US$783 million and an internal rate of return of 48%, assuming a gold price of US$3,100 per oz. With gold now trading well above that assumption, the upside case is striking — Jefferies-style sensitivity aside, Equinox noted separately that at $4,500 gold, NPV climbs sharply higher. The project also fits into Equinox's broader ambitions: Simpson said incremental production from South Railroad will be the first big step towards Equinox's goal of adding 800,000 oz. of annual gold production from its organic development pipeline.

What It Means

Today's announcements reinforce a theme that has defined 2026: critical minerals are no longer just a commercial story, they're a security story. Ottawa's intervention in a Chinese-Argentine lithium deal with zero Canadian assets, and Seoul's decision to bankroll Glencore directly in exchange for copper access, both show governments inserting themselves into supply chains once left to markets alone. Meanwhile, BHP's insistence on building rather than buying — even as copper miners trade near multi-year highs on the COPX index — suggests the M&A wave sweeping gold (OceanaGold-Ausgold being the latest example) hasn't yet fully crossed over into base metals, where organic growth still pencils out better for the majors.

For juniors, the message is mixed but not discouraging: Faraday Copper is proving that legacy US copper districts can still attract capital and technical partnerships with majors like BHP, while Equinox Gold's permitting win shows patient development-stage names can still clear federal hurdles even in a politically charged permitting environment. With gold near $4,426/oz and silver at $65.96/oz, per market data, the capital is clearly there — the question for the rest of 2026 is whether it keeps flowing into new mines, or into buying the ones that already exist.

This roundup covers press releases published on August 18, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.