Mining Press Roundup: Perpetua Secures $2.9B for America's Only Antimony Mine

Perpetua Resources secured a $2.9 billion loan from the Export-Import Bank of the United States to develop its Stibnite gold-antimony project in Idaho , marking the largest critical minerals financing in U.S. history and a watershed moment for domestic supply chain security. The project represents the U.S.'s only identified domestic reserve of antimony , a strategic mineral essential to defense manufacturing that China currently supplies over 50% of U.S. demand for .

Perpetua Resources: $2.9 Billion Federal Backing for Strategic Antimony

The loan, approved unanimously by EXIM's board under the Make More in America Initiative, is designed to enhance domestic manufacturing and job creation . According to Perpetua, the $2.9 billion facility combined with the company's existing cash holdings is structured to fully cover the project's $2.5 billion total development cost .

The Stibnite Gold Project is designed to responsibly redevelop and restore the abandoned Stibnite Mining District in Idaho to produce gold and antimony, creating an average of over 700 direct jobs a year over the life of the mine . Antimony is used in defense applications such as munitions, semiconductor manufacturing, and renewable energy technologies including solar panels and wind turbines .

The financing comes as China's implementation of export controls on strategic minerals demonstrates how quickly resource access can become geopolitical leverage . Loan proceeds will be released upon completion of definitive documentation and satisfaction of conditions precedent, anticipated to occur in the second half of 2026 .

Arafura Rare Earths: Final Investment Decision on Nolans Project

Arafura Rare Earths announced its board's final investment decision to develop the Nolans Rare Earths Project in Australia's Northern Territory, aimed at establishing the country's first fully integrated ore-to-oxide operation . The project represents a major step toward diversifying global rare earth supply chains away from Chinese dominance.

The project aims to deliver 4,440 tonnes per annum of neodymium-praseodymium oxide to cater to demand from automotive, wind energy and high-technology sectors . Arafura plans to supply Hyundai and Kia in Korea, Siemens Gamesa in Germany, and Traxys units in Luxembourg and the U.S.

Around 90 per cent of current rare earth production remains concentrated within China , making the Nolans decision strategically significant. The project is expected to generate around 600 jobs for the construction phase, with around 350 workers needed during the operational phase, and deliver $25.2 billion to the Northern Territory's gross territory product over its 38-year mine life .

The company plans to commence construction in September 2026 , with engineering, procurement and construction management led by Hatch .

Core Lithium: Finniss Mine Restart Signals Market Recovery

Core Lithium restarted mining at its Finniss lithium operation in Australia's Northern Territory as recovering lithium prices spur producers to revive idled projects . The move adds to mounting evidence that the lithium sector is emerging from a brutal downturn that forced widespread production cuts.

Blasting and excavation activities are underway, with first exports of spodumene concentrate targeted for the December quarter , the company stated. Core Lithium is advancing a staged return to production after securing a A$290 million funding package, following the mine's placement on care and maintenance in 2024 after a steep downturn in lithium prices that began in late 2023 .

Spodumene concentrate prices have climbed sharply since mid-December, reaching their highest level in more than two years this month , according to industry data. The move adds to signs of a broader recovery in the lithium sector after a prolonged slump forced miners to halt operations and cut spending .

According to market data, the lithium ETF (LIT) traded at $85.28 on Friday, reflecting improved sentiment in the battery metals space.

Collahuasi: Chilean Court Overturns $3.2B Expansion Permit

A Chilean environmental court annulled a key permit for the $3.2 billion expansion of the Collahuasi copper mine, citing concerns over impacts on Indigenous communities and the surrounding marine environment . The ruling throws fresh uncertainty over one of the world's largest copper operations.

The ruling forces the Environmental Assessment Service to reassess parts of the project, including the seawater system designed to pump desalinated water nearly 200 km inland to the mine at roughly 4,600 metres above sea level . Collahuasi, owned by Anglo American, Glencore and a Japanese consortium led by Mitsui, is the world's sixth largest copper mine .

The tribunal's ruling is limited to two specific aspects relating to analysis on the effects on a local community and on the marine environment, with the desalination plant now almost complete . Anglo American and Glencore stated they do not currently expect any immediate impact on production, subject to existing alternative water sources .

The ruling has intensified criticism from Chile's mining sector, which argues the country's permitting framework has become increasingly unpredictable even for projects that have already undergone years of environmental review and Indigenous consultation .

China's Lithium Grip: WoodMac Forecasts 39% Control by 2030

Chinese companies are on track to control 39% of global lithium production by 2030 as they deepen investments across Africa, Australia and South America, with Chinese ownership of lithium extraction assets rising steadily from about one-third in 2020 , according to Wood Mackenzie's Lens Metals & Mining platform.

Australia, the world's largest lithium producer, is forecast to see its share of global extraction fall from 43% in 2020 to 25% by 2030 as African supply ramps up, with Africa's share expected to rise from almost nothing to 13% over the same period .

"With few exceptions, Africa's lithium growth has been financed by Chinese capital," Wood Mackenzie analyst Pedersen said , raising questions around ownership and long-term supply chain influence. The ownership shift comes as governments race to secure critical mineral supply chains needed for electric vehicles and energy storage, with China's growing control potentially intensifying geopolitical competition over battery materials .

Europe's ownership position is strengthening after Rio Tinto's acquisition of Arcadium Lithium and Equinor's expansion into battery materials, with gains stemming less from mine ownership and more from increasing control over the broader battery supply chain through refining, manufacturing and recycling investments .

Agnico Eagle: Doubles Wallbridge Stake to Nearly 20%

Agnico Eagle Mines signed a deal to increase its stake in Wallbridge Mining to nearly 20%, paying $22.4 million or 9.2 cents per Wallbridge share for about 244 million shares, increasing its stake in the junior company developing projects in Quebec's Abitibi region to 19.9% on a partially diluted basis, up from 9.9% .

The investment comes as alternative investment manager Waratah Capital Advisors also agreed to invest $33.5 million or 9.2 cents per share for about 364 million Wallbridge shares or a 19.9% stake . Wallbridge says the investments will provide the money it requires to advance its Fenelon project in Quebec through infill drilling and a pre-feasibility study, which it expects to deliver in late 2027 or early 2028 .

The move signals continued consolidation interest in Canada's gold sector, with Agnico Eagle—the country's largest mining company—positioning itself for exposure to high-grade development assets in established mining jurisdictions. Gold traded at $4,566 per ounce on Friday according to market data, up 1.3%, providing a supportive backdrop for gold-focused M&A activity.

Critical Metals: 15-Year Rare Earths Offtake Secured

Critical Metals secured a long-term offtake partnership with United States-based magnet manufacturer REalloys for the production of rare earth concentrates from its Tanbreez project in Greenland , according to the company's announcement. The 15-year agreement provides commercial certainty for the rare earths development as Western nations work to establish supply chains independent of Chinese processing.

What It Means

This week's announcements reveal three powerful themes reshaping the mining sector: strategic mineral nationalism, rare earths supply chain diversification, and lithium market stabilization.

The Perpetua financing represents a fundamental shift in how Western governments approach critical minerals. When the U.S. Export-Import Bank commits $2.9 billion to a single antimony project, it signals that supply chain security has moved from policy rhetoric to capital deployment. The fact that antimony—a relatively obscure mineral—can command federal backing larger than most gold projects underscores how defense considerations now drive mining investment decisions.

Meanwhile, Arafura's FID and Critical Metals' offtake deal demonstrate that rare earths are finally moving from PowerPoint presentations to construction sites. After years of announcements, Western rare earths projects are securing the commercial partnerships and government support needed to challenge China's processing dominance. The Nolans project's fully integrated ore-to-oxide design is particularly significant—it eliminates the dependency on Chinese separation facilities that has plagued previous Western rare earths ventures.

The lithium sector's recovery, evidenced by Core's Finniss restart, suggests the worst of the downturn may be over. But Wood Mackenzie's China ownership forecast is a reminder that price recovery alone doesn't solve supply chain concentration. Even as lithium mines restart globally, Chinese companies are deepening their control over extraction assets from Australia to Africa—a pattern that could limit Western policy leverage even as production diversifies geographically.

Copper remains the wild card. The Collahuasi permit reversal in Chile—coming after years of environmental review and billions in capital deployment—highlights how permitting risk in established mining jurisdictions is rising, not falling. With copper trading at elevated levels (COPX at $83.35), the industry needs new supply. But if major expansions in Tier-1 jurisdictions face judicial reversals years into development, the copper deficit story becomes more acute.

For junior miners, Agnico's Wallbridge investment shows that quality assets in safe jurisdictions can still attract major backing. But the bar is high: established infrastructure, proven geology, and proximity to existing operations matter more than ever when capital is selective.

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