Ivanhoe Electric (NYSE-A, TSX: IE) is in advanced negotiations to sell copper from its $1.4-billion Santa Cruz project in Arizona, MINING.COM reported. The talks come as demand from artificial intelligence infrastructure and power grids intensifies competition for US copper supplies, MINING.COM said on October 19, 2026. At the same time, Barrick is slowing one of the world's biggest copper-gold developments in Pakistan, and Volta Metals has expanded a rare earths deposit in Ontario. Together, these stories show buyers looking for metal closer to home.
Ivanhoe Electric: Advanced Talks on Santa Cruz Copper Sales
CEO Taylor Melvin told Bloomberg News that Ivanhoe Electric has attracted interest from traditional commodity traders and strategic partners seeking domestic copper supplies, according to MINING.COM. Melvin declined to identify the prospective buyers. He said offtake agreements could include financing to help develop the mine. The company has yet to announce binding supply deals for Santa Cruz.
On the debt side, Ivanhoe Electric received a Preliminary Project Letter from the Export-Import Bank of the United States outlining up to $1.1 billion in potential debt financing. That is a preliminary step rather than a final loan commitment. Melvin also said the company is discussing project financing with about a dozen commercial banks.
A preliminary feasibility study released last year estimated Santa Cruz initial development costs at $1.24 billion. The more recent figure for the first phase stands at $1.4 billion, with first production targeted for 2029. Melvin was clear about the limits of one project. Of the gap between US copper demand and domestic production, he said: "We need a lot more than Santa Cruz to fill that gap,"
Barrick: Reko Diq Slows as Security Concerns Mount
MINING.COM analyst Erik Groves wrote on October 19 that Barrick said on April 2 it would slow development of Reko Diq and extend its review to mid-2027. According to the Ground View Pakistan column, Barrick cited "the further escalation of security issues in Pakistan and the region" and warned of potentially significant increases to cost and timeline.
Reko Diq is one of the world's largest undeveloped copper-gold deposits. It has a planned mine life of about 37 years and first-phase output of roughly 200,000 tonnes of copper a year. Phase 1 had been estimated at $5.6 to $6 billion, with first production by the end of 2028. The Government of Balochistan holds a 25% stake, and the US Export-Import Bank had approved $1.25 billion for the project.
Logistics add to the pressure. Copper-gold concentrate is set to travel 1,326 kilometres by rail from Chagai district to Port Qasim, near Karachi, for export. Commercial shipping through the Strait of Hormuz has been largely blocked since late February, apart from a short reprieve in June, and Brent crude is again above $100 a barrel. Per market data, December Brent futures were at $109.55 a barrel in the October 19 session. The Pakistan Minerals Investment Forum will be held in Islamabad on November 12 and 13 after being postponed from April.
Volta Metals: Springer Rare Earths Resource Expands
Volta Metals (CSE: VLTA) increased the indicated rare earth resource at its Springer deposit in Ontario. The updated mineral resource estimate raised indicated resources by 116% to 122.4 million tonnes grading 0.59% total rare earth oxides (TREO). A further 197.5 million tonnes grading 0.53% TREO are classified as inferred, and the estimate includes the project's first gallium resource assessment.
The indicated high-grade core grew 140% to 27.6 million tonnes grading 1% TREO. Estimated net metal revenue is C$384 ($272) per tonne. The deposit contains an estimated 4,427 tonnes of in-situ gallium within its indicated resource, though Volta has yet to establish whether the metal can be economically recovered.
Springer ranks fifth among North American rare earth projects by combined measured and indicated resource tonnage, according to S&P Global Market Intelligence data cited by the company. CEO Kerem Usenmez said Springer is "shaping up as one of the few large, road-accessible sources of magnet rare earths". Volta is targeting a preliminary economic assessment in the first half of 2027. Springer is about 70 km east of Sudbury.
De Beers: Richemont and Signet Reported in Consortium Talks
Cartier owner Richemont and US retailer Signet Jewelers are in talks to join the Global Diamond Consortium bidding for De Beers, which Anglo American values at about $1 billion, according to Bloomberg and Reuters sources cited by MINING.COM. The people familiar said the talks are advanced but there is no guarantee either company will join. The size of any stakes has not been disclosed.
The consortium, led by former De Beers CEO Gareth Penny, emerged in July as the preferred bidder. It is in talks with Botswana about increasing the government's ownership to around 25%. Botswana already holds a 15% stake and produces about 70% of De Beers' diamonds. It has a right of first refusal but has not said whether it will exercise it. Anglo American has taken three impairments on De Beers in three years, lowering its carrying value to $2.3 billion in February.
