Mining Press Roundup: Strike Hits Teck's Highland Valley Copper as Anglo Merger Looms

Teck Resources said on October 24, 2026 that strike action by United Steelworkers (USW) Local 7619 has commenced at its Highland Valley Copper (HVC) Operations in British Columbia. The mine is continuing at reduced capacity, according to Teck. The stoppage lands while Teck pursues its merger with Anglo American, so any lasting hit to output at one of its core copper assets will draw attention from investors. The day's other news included exploration money for a Chilean copper project, a uranium build decision in Namibia, and a possible restart of a Yukon gold mine.

Teck Resources: Strike Begins at Highland Valley Copper

Teck said the impact on overall production will depend on the duration of the labour action. The company said it is committed to reaching a collective agreement that is fair and reasonable for employees and supports the ongoing viability of the operation. MINING.COM reported that the previous collective agreement expired Sept. 30, as Teck said in its notice, and that the dispute centres on wages, pensions and staffing.

MINING.COM reported that USW Local 7619 represents about 1,200 workers at the operation near Logan Lake, about 200 km northeast of Vancouver. All 944 members who participated in the strike vote supported a walkout, the union said in a statement.

The mine matters to Teck's numbers. MINING.COM reported that Highland Valley Copper produced 127,100 tonnes of copper in 2025, about 28% of Teck's total output of 453,500 tonnes, according to Teck's annual production update. MINING.COM also reported that the Anglo American merger is expected to create one of the world's five largest copper producers. A prolonged strike would test Teck's operational story during that process.

Codelco and BHP: Anillo Copper Exploration Agreement

Chile's state-owned Codelco and BHP signed an agreement to advance exploration of the Anillo copper project in the Antofagasta region, with BHP committing up to $40 million. MINING.COM reported that the agreement was formalized on Oct. 21 during London Metal Exchange Week.

BHP's $40 million will be used for reconnaissance campaigns, geophysical surveys, geological studies and drilling programs, MINING.COM reported. Codelco Chairman of the Board Bernardo Fontaine said the signing "allows us to begin a new phase of exploration" at Anillo.

Anillo is still early-stage. MINING.COM reported that the next phase will focus on gathering geological data to determine whether the project warrants more advanced exploration. The deal pairs a state producer with a major, and it shows capital still moving into copper exploration.

Bannerman Energy: Etango Uranium Project Approved for Construction

Bannerman Energy and its Chinese partner CNNC Overseas have approved construction of the Etango uranium project in Namibia. Funding is secured without project debt, and first production is targeted for 2028.

MINING.COM reported that Etango is expected to cost $353 million before production and to deliver an average of 3.5 million lb. of uranium oxide annually. Bannerman said about $64 million has already been spent on early works, leaving roughly $289 million in pre-production spending. The approved design calls for an open pit and heap-leach operation processing 8 million tonnes annually. Bannerman's September update put bulk earthworks at 99% complete.

Bannerman owns 55% of the Etango joint venture and CNNC Overseas holds 45%; the venture owns 95% of Etango. Under the September financing arrangement, CNNC Overseas invested $320.4 million, including $294.5 million in the joint venture. It will buy 60% of Etango's lifetime production on market-based terms without price floors or ceilings.

Bannerman shares fell 4.2% to A$3 apiece in Sydney on Friday, valuing the company at roughly A$748 million, MINING.COM reported. Separately, the URA uranium ETF closed at $34.11 on October 23, up 0.1% on the day, per Polygon data.

Boroo: Acquiring Victoria Gold and Eyeing an Eagle Mine Restart

Private entity Boroo has agreed to acquire Victoria Gold for up to C$140 million (about $100 million). The deal advances plans to potentially restart the Eagle gold mine in the Yukon after a heap-leach collapse.

The Singapore-based buyer would pay C$40 million upfront and another C$100 million as permitting and commercial-production milestones are met, Boroo said in a release Thursday. Boroo expects to spend about C$800 million between 2027 and 2029 on rehabilitation, water treatment, site stabilization and a phased restart of Eagle.

Gaps remain. MINING.COM reported that Boroo didn't disclose a firm production restart date or identify financing committed specifically to Eagle. Receiver PricewaterhouseCoopers intends to seek approval from the Ontario Superior Court of Justice in early December, targeting closing around Dec. 31. Yukon has authorized loans of up to C$220 million to the receiver, secured by a priority claim over other creditors.

New Found Gold: Revised Queensway PEA Lifts Project Value

New Found Gold raised the projected value of its Queensway gold project in Newfoundland to C$1.73 billion ($1.23 billion), according to a revised preliminary economic assessment. Measured and indicated resources expanded by 38%. Those resources now total 27.3 million tonnes grading 2.19 grams gold per tonne for 1.92 million oz., including a contribution from the new Dropkick zone.

The revised mine plan projects an after-tax internal rate of return of 126% and all-in sustaining costs of $1,375 an ounce, with first processing targeted for late 2027. Initial capital costs are C$150 million. The study assumes a gold price of $3,600 per oz., 44% above the earlier $2,500 assumption. MINING.COM noted that the higher price assumption prevents a direct comparison of the two studies' headline valuations. Spot gold was at $3,995 per ounce, according to market data.

New Found Gold held about C$167 million in cash at Sept. 30 against C$70 million in debt, MINING.COM reported. Queensway still requires environmental clearance and subsequent permits.

Moon River Moly: Updated Davidson PEA

Moon River Moly's updated PEA puts the after-tax net present value of its Davidson molybdenum-copper-tungsten project in British Columbia at C$1.23 billion ($879 million), using an 8% discount rate. The update raises annual tungsten trioxide (WO3) output to 1.51 million lb., versus 334,000 lb. per year in the 2025 PEA.

Initial capital costs are now estimated at C$750.1 million, compared with C$672.3 million in the previous study. CEO Paul Parisotto said the company wants to advance Davidson to a pre-feasibility study in the first half of 2027. The project remains at the preliminary assessment stage, with no mineral reserves.

US Commerce Department: Proposed Funding for Semiconductor Materials

The US Commerce Department plans to invest up to $389 million in semiconductor materials and advanced power technologies. That includes $56 million specifically earmarked for ultra-high-purity quartz processing. The proposed funding would support four companies: Helion, Commonwealth Fusion Systems, Vertical Semiconductor and Sibelco.

Sibelco could receive up to $56 million for next-generation purification technology for ultra-high-purity quartz, a critical material used in semiconductor manufacturing. As a condition of receiving the money, the companies would provide the US government with minority, non-controlling and non-voting equity stakes. MINING.COM reported that the commitments remain preliminary and subject to letters of intent rather than finalized funding agreements.

What It Means

Copper is the common thread. Teck's strike puts pressure on supply at a producer in the middle of a major merger, while BHP's commitment at Anillo shows exploration money still flowing to the metal. COPX, the copper miners ETF, closed at $73.09 on October 23, down 0.1% on the day, per Polygon data.

The rest of the day shows how varied the funding sources are. Strategic and state-linked capital is behind Etango and the proposed Commerce stakes, and a private buyer is stepping into Eagle. Several of the day's projects also remain far from production. Anillo is early-stage, Davidson has no reserves, Queensway needs permits, and the Commerce money is not yet final.

This roundup covers press releases published on October 26, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.