Credit: Shanghai Futures Exchange
Tin retreated from a record after the Shanghai Futures Exchange announced restrictions on positions for some clients suspected of not properly disclosing their ultimate ownership.
Three groups of clients — numbering sixteen in total — will be subject to one-month limits on opening new positions, as well as curbs on withdrawing funds from both the tin and silver markets, the bourse said in a statement. Tin slumped more than 6% in London, while the action by China’s top commodities exchange prompted other metals including copper to soften.
Global metals markets — both base and precious — have seen powerful rallies and a surge in trading activity since the start of the year, with many materials hitting all-time peaks. The advances have already prompted other measures by commodities exchanges to tackle market risks.
Tin saw a major spike last week — gaining more than 18% on the London Metal Exchange — and hit a fresh record earlier on Monday. The metal, used in packaging and electronics, is a relatively small market in London, compared with materials such as copper and aluminum. It can be prone to big swings.
“Metals have risen too rapidly,” said Gao Yin, an analyst at Shuohe Asset Management Co. With “measures against trading, sentiment will be cooling a bit,” Gao said.
SHFE’s announcement of trading restrictions on tin and silver didn’t give any details about which companies were affected, exactly what was being investigated, nor the precise scope of the curbs. It said the clients were suspected of “failing to disclose actual control relationships,” according to the statement.
In Shanghai, tin ended 1% lower at 425,340 yuan ($61,133) a ton, after earlier gaining as much as 7.7% to a record. On the LME, futures fell 4.5% to settle at $54,232 a ton, after gaining 1.2% to an all-time high. At the close of last week, the LME price had been up about 40% year—to-date.
Other metals were mixed after a strong showing on Friday spurred by increasingly negative sentiment toward the US dollar. Speculation about potential US involvement in foreign-exchange intervention in Japan was the latest driver of weakness in the greenback, following a week of geopolitical turmoil that emboldened the currency’s bears.
Still, some analysts have cautioned that soaring prices for copper and other metals are not aligned with relatively weak fundamentals. Consumption in China has been soft, for example, with stockpiles of copper in SHFE-tracked warehouses rising last week to their highest seasonal level on record.
“The micro-level situation for copper is unfavorable,” said Meng Hao, an analyst at Jinrui Futures Co. “China is in its slow season, leading to continuous rises in inventory. Given the inverse relationship between the micro and macro aspects, I believe that copper prices will remain in a period of high volatility.”
Copper rose 0.6% to settle at $13,199 a ton on the LME, after adding nearly 3% on Friday. Aluminum rose 0.6% and zinc gained 2.5%.
https://www.mining.com/web/tin-price-rally-crashes-to-a-halt-after-shfe-probes-traders/
Key Points
Forgive the hyperbole, but cosmic rays from supernovas could really save the Earth -- or at least, make it much easier to mine and leach key materials like copper, nickel, and uranium. That's why miners such as Freeport-McMoRan (NYSE: FCX), NexGen Energy (NYSE: NXE), Rio Tinto (NYSE: RIO), and BHP Group (NYSE: BHP) have all signed up for muon technology, and investors can expect major developments from them in 2026 as they move into commercialization.
What are muons?
Cosmic rays are mainly high-energy protons produced by galactic events, such as shock waves from exploding stars (supernovae). Traveling at almost the speed of light, they collide with particles in the Earth's atmosphere, creating particles that decay and produce muons that exist for microseconds. However, it doesn't take long for a muon travelling at such high speeds to travel vast distances, and they can be used to revolutionize how mining companies work.
Image source: Getty Images.
According to the US Department of Energy, "one muon hits every square centimeter of the Earth every minute at sea level." They are about 200 times heavier than electrons, so when they collide with materials on Earth, they plow through them, but lose energy depending on what they hit. For example, copper, nickel, and uranium are high-density materials that will change a muon's energy when it hits them.
Consequently, engineers can use equipment beneath mining deposits to detect and monitor muons, and how they behave after passing through minerals, thereby building a 3D map of the deposit from the collected data, whether from a mine or a leaching deposit.
Companies using muon technology
Muon technology has moved beyond the research and development stage, and this year will mark pivotal developments in commercial applications.
Muon technology goes beyond identifying deposits
In addition to the obvious benefits of accurately mapping mining deposits, miners are using muon tomography to enhance operations in other ways. For example, copper miner Freeport-McMoRan suffered a fatal tragedy at a mine in Grasberg, Indonesia, when workers were trapped underground following a mud rush incident. The company will install muon detection technology to verify site safety.
A leaching opportunity
The mining community is always excited by the potential for leaching to enable them to extract value from waste stockpiles. It offers the promise of a low-cost solution to the problem of growing production in a world where obtaining mining permits isn't always straightforward.
One of the challenges inherent in leaching is knowing where the chemicals, or, in Rio Tinto's Nuton technology case, cultivated microorganisms, are reaching the right places in the leaching stockpile. As such, Rio Tinto is using muon technology to monitor heap leaching processes and improve the efficiency of its bio-heap technology, Nuton, for copper recovery.
It's a technology that's been 30 years in the making, and Rio was proud to announce the first copper produced by its Nuton technology at its Johnson Camp, Arizona, site in late 2025. Rio Tinto Copper chief executive Katie Jackson noted that it took copper "projects typically take about 18 years to move from concept to production," but "Nuton has now proven its ability to do this in just 18 months."
Muon technology played a key role in Rio's leaching heaps, which are highly engineered structures. Indeed, Rio recently signed a two-year deal with Amazon Web Services (AWS) whereby AWS will use copper produced by Nuton, while Rio will use "AWS platforms to simulate heap-leach performance and feed advanced analytics into Nuton's decision systems." Muon tomography is essential to ensuring Rio's leaching technology operates efficiently.
A high-tech future for mining
These developments enable miners to accurately map deposits, improve safety, and develop revolutionary leaching technology. That's a major plus in improving the efficiency of existing mining/leaching deposits and ensuring an adequate supply of key materials in the future.
https://www.aol.com/articles/why-outer-space-holds-key-102500981.html
European Union member states have given final approval to a landmark law banning imports of Russian gas, making legally binding the bloc’s pledge to sever energy ties with Moscow. The decision marks a major geopolitical and economic shift, nearly four years after Russia’s full-scale invasion of Ukraine in 2022.
Final approval despite internal opposition
Energy ministers from EU countries approved the legislation at a meeting in Brussels, clearing the final procedural hurdle for the ban to enter into law. While most member states backed the move, Hungary and Slovakia voted against it. Hungary has indicated it will challenge the decision at the European Court of Justice, arguing that the ban undermines its national energy security.
Timelines for LNG and pipeline gas phase-out
Under the approved framework, the European Union will stop importing Russian liquefied natural gas by the end of 2026. Imports of Russian pipeline gas will be banned by September 30, 2027. The law allows flexibility to extend the deadline to November 1, 2027, if a member state faces difficulties filling gas storage facilities with alternative supplies ahead of the winter heating season.
Reducing dependence on a former top supplier
Before the Ukraine war, Russia supplied over 40 per cent of the EU’s gas needs. That share fell sharply after sanctions and diversification efforts, dropping to around 13 per cent in 2025, according to EU data. The new law is designed to lock in this reduction and prevent any future return to large-scale reliance on Russian energy, even if market conditions change.
Strategic and geopolitical implications
The decision reinforces the EU’s long-term strategy to decouple from Russian energy amid the Ukraine conflict. By making the ban legally binding, the bloc signals unity and resolve, while accelerating investment in alternative suppliers, renewables, and energy security infrastructure. The move also reshapes global gas markets, with lasting implications for Europe’s energy mix and its geopolitical posture.
https://www.gktoday.in/eu-countries-approve-binding-ban-on-russian-gas-imports/
By Charles Kennedy - Jan 26, 2026, 10:00 AM CST
OPEC+ is expected to hold oil production flat in March and reiterate the first-quarter pause in supply hikes when the group meets on February 1 to discuss output levels, four delegates from the alliance told Bloomberg on Monday.
The group has not yet held discussions ahead of next Sunday’s online meeting, but it does not see any need of changing the policy despite the expected oversupply and the geopolitical developments that could influence supply from OPEC members Iran and Venezuela.
Early this month, the eight OPEC+ members that have been implementing cuts since 2023 – Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman – reaffirmed the decision to pause monthly increments during the first quarter of the year.
The decision was first taken in November 2025 and was confirmed at two consecutive meetings in December and January.
There is no indication that the February meeting would change that course, according to the OPEC+ delegates who spoke to Bloomberg.
The group will likely wait out the first quarter of the year, typically the weakest quarter for demand of any year, and see how supply could be affected – if at all – from the geopolitical flare-ups in recent weeks. These include, so far, the new oil order in Venezuela, the situation in Iran, and the pace of Russian supply amid the U.S. sanctions on top producers Rosneft and Lukoil and the EU ban on imports of oil products processed from Russian crude.
Last week, Amin Nasser, chief executive of Saudi oil giant Aramco, dismissed the glut narrative saying that forecasts of a massive oil glut are seriously exaggerated as demand keeps rising and global stocks are below the five-year average.
Global oil stocks are low, while the amassed barrels in floating storage on tankers are mostly sanctioned supplies, the CEO of the world’s biggest oil firm and top crude exporter said on the sidelines of the World Economic Forum in Davos, Switzerland.
Tokyo Electric Power Company Holdings (TEPCO) has unveiled its Fifth Comprehensive Special Business Plan, placing Fukushima Daiichi decommissioning at the center of its strategy while committing to ¥3.1 trillion ($19–20 billion) in cumulative cost reductions over FY2025–FY2034, alongside asset sales and potential alliances to repair a weakened financial base.
The plan marks a clear reset from the previous roadmap, acknowledging that TEPCO lacks the financial resilience to simultaneously fund Fukushima decommissioning and pursue growth investments under current conditions - even if nuclear restarts proceed.
A central pillar of the new plan is an aggressive management rationalization program, which targets:
TEPCO positions these measures as essential to securing long-term funding for Fukushima obligations, including compensation and decommissioning, while maintaining grid reliability and meeting rising demand.
On Fukushima Daiichi, TEPCO openly characterizes the next phase - particularly large-scale fuel debris retrieval - as technologically and economically uncertain. The company has recorded an additional ¥903 billion in disaster-related reserves tied to preparatory work for debris retrieval, bringing estimated decommissioning-related costs to roughly ¥5.4 trillion so far.
The plan reinforces a governance shift that gives the decommissioning entity greater autonomy over resources and decision-making, backed by continued oversight from Japan’s Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF).
Despite financial strain, TEPCO is positioning itself as a central player in Japan’s GX/DX transition and energy security agenda, particularly in East Japan. Priorities include:
Crucially, TEPCO states that alliances are no longer optional, explicitly calling for partners that can provide capital, technology, and expertise - while preserving governance structures that ensure Fukushima funding and eventual repayment of public capital.
For investors and policymakers, the plan makes clear that TEPCO’s turnaround hinges on execution risk: delivering nearly $20 billion in cost cuts, monetizing assets, and securing credible partners, all while navigating one of the most complex nuclear decommissioning projects in the world.
The scale of the cost-reduction target underscores both the severity of TEPCO’s financial constraints and the pressure to prove that Fukushima liabilities can be managed without open-ended public support.
https://finance.yahoo.com/news/tepco-targets-20-billion-cost-033405355.html
SHARES in gold mining companies surged on Monday after bullion prices climbed to a record $5,100 per ounce, extending a historic rally fuelled by safe-haven demand amid geopolitical tensions and market volatility, said Reuters.
Gold advanced 64% in 2025, its steepest annual gain since 1979, driven by US monetary policy easing, central bank purchasing and exchange-traded fund inflows hedging against policy risks and macroeconomic uncertainty.
Societe Generale analysts said gold could reach $6,000/oz by year-end, adding this estimate was probably conservative. Bullion has already risen over 18% this year.
Higher gold prices typically enhance miners’ revenues and margins whilst strengthening cash flows and balance sheets, enabling companies to fund expansion, dividends or debt reduction.
Leading producers Newmont gained 2.4% whilst Barrick Mining added 2.6%. Canadian miners Agnico Eagle Mines rose nearly 2% and Kinross Gold climbed nearly 3%. Market expectations of potential US interest rate cuts in 2026 have supported the upward momentum.
Silver prices scaled above $100/oz on Friday following last year’s 147% surge. Scotiabank analysts said they expected “stronger for longer” silver prices near to medium term.
Silver miners Hecla Mining and Coeur Mining rose 4.7% and 4% respectively. Canadian producers Endeavour Silver, Silvercorp Metals and Wheaton Precious Metals gained between 4.1% and 7.3%. ETFs abrdn Physical Silver Shares and iShares Silver Trust each jumped 7.8%.
https://www.miningmx.com/trending/63759-gold-miners-yet-higher-as-bullion-reaches-fresh-peak/
Zijin Gold agreed Monday to acquire Canada’s Allied Gold (TSX, NYSE: AAUC) in an all-cash transaction valued at about C$5.5 billion as the Chinese miner ramps up its global expansion and bullion prices fuel global mining consolidation.
China’s largest gold miner will pay C$44 per share, a 5.4% premium to Allied’s last close and about 27% above its 30-day average price as of Jan. 23. US-listed Allied shares rose nearly 4% in premarket trading.
The agreement includes a C$220 million termination fee payable by Allied under certain conditions, subject to shareholder approval and clearance under the Investment Canada Act.
Allied chairman and CEO Peter Marrone said the sale follows a strategic review launched in 2024 that examined alternative combinations and joint ventures, and reflects the value of the company’s African portfolio.
The acquisition will add three producing mines to Zijin’s portfolio that were expected to generate up to 400,000 ounces of gold last year, with the Sadiola mine in Mali accounting for roughly half of that output. Allied’s assets also include operations in Ivory Coast and the Kurmuk project in Ethiopia.
Given the recent surge in gold prices, the premium offered by Zijin “could be seen as too low by investors for a company that is poised to re-rate as it delivers on Kurmuk in 2026,” Mohamed Sidibé, a mining analyst at National Bank Financial in Toronto, said in a note Monday.
“The all-cash component limits future potential upside that could be generated from the asset base but also solidifies the value near current all time highs and removes uncertainty that may arise from hiccups in ramp-ups or further issues in Mali.”
Together the all-cash nature of Zijin’s offer, and the risk of operating in Mali represents “a deterrent to many potential peers in the jurisdiction such as Endeavour Mining (LON, TSX: EDV) or Fortuna Mining (TSX: FVI; NYSE: FSM),” Sidibé added. If a new bidder fails to emerge, “it would likely be up to shareholders to get Zijin to up its bid.”
Expansion play
Zijin Gold, which operates in nine countries, spun off from Zijin Mining Group last September to accelerate overseas growth and made a strong Hong Kong debut amid a sustained rally in gold prices. Parent company Zijin Mining already has several projects in Africa, including copper and lithium assets in the Democratic Republic of Congo and a gold mine in Ghana.
Higher gold prices have lifted miner margins and cash flow, pushing large producers to favour acquisitions over new mine development to secure long-life assets.
The deal also lands as Canada and China move to ease trade tensions following a preliminary agreement this month to cut tariffs on electric vehicles and canola, while vowing to ease trade barriers and strengthen strategic cooperation.
The companies expect the transaction to close by late April 2026.
https://www.mining.com/zijin-to-buy-canadas-allied-gold-for-4b-in-cash/
Osisko raises $125m for Cariboo drilling
27th January 2026
By: Creamer Media Reporter
Gold developer Osisko Development has announced a $125-million bought deal public offering to fund mineral resource-to-reserve conversion drilling and advance mine planning at its Cariboo gold project in British Columbia.
The Canada- and US-listed company has entered into an agreement with National Bank Capital Markets, RBC Capital Markets and Cantor, acting as co-lead underwriters and co-bookrunners, under which the syndicate will acquire 35.31-million common shares at $3.54 a share.
The transaction will generate gross proceeds of about $125-million.
Osisko Development said the net proceeds would be used to fund infill conversion drilling and at-depth exploration at Cariboo, as well as for general working capital purposes.
The company has also granted the underwriters an over-allotment option to purchase up to a further 5.3-million shares at the same price, which could raise additional gross proceeds of up to about $18.8-million. The option is exercisable for 30 days following the closing of the offering.
The financing is being completed by way of prospectus supplements in Canada and the US, with the Canadian prospectus supplement to be filed within two business days under the company’s profile on SEDAR+.
The base offering is expected to close on or about January 30, subject to regulatory approvals, including conditional approval from the TSX-V and listing approval from the NYSE.
https://www.miningweekly.com/article/osisk-raises-125m-for-cariboo-drilling-2026-01-27
Increasing capital expenditures on Jensen potash project.
Jon Mills, CFA
26 January 2026
BHP’s (ASX: BHP) key iron ore and copper divisions are performing well. Second-quarter Western Australian Iron Ore sales of 67 million metric tons and copper sales of 365,000 metric tons are up 4% and 2% on last year, respectively. But yet more capital investment to build Jansen has shares down 2% in response.
Why it matters: Management guides construction costs for Stage 1 of its Jansen potash project in Canada to be around USD 8.4 billion, up USD 1.2 billion from the midpoint of its previous estimate, itself raised from USD 5.7 billion initially. Though it confirms initial production from mid-2027.
The bottom line: Jansen is minor in the scheme of things, comprising around 6% of no-moat BHP’s unchanged $44 per share fair value estimate, which is driven by its iron ore and copper businesses. Guidance updates for Samarco and its coal businesses also see only minor changes to our estimates.
https://www.morningstar.com.au/insights/stocks/RQWX7EITZJHYRAL7BKYDJENGTA/does-bhp-have-cost-problem
A major new partnership could reshape aluminum production in the United States and significantly expand manufacturing in Oklahoma.
Emirates Global Aluminium and Century Aluminum have reached an agreement to jointly develop what would be the first new primary aluminum smelter built in the U.S. in nearly five decades.
The facility is planned for Inola and is expected to dramatically increase domestic aluminum production once completed.
Under the agreement, Emirates Global Aluminium will hold a majority stake in the joint venture, while Century Aluminum will own the remaining share.
The proposed smelter is now expected to produce 750,000 metric tons of aluminum annually—larger than earlier projections and enough to more than double current U.S. output.
Developers say the project will bring significant economic impact to northeastern Oklahoma, creating about 1,000 permanent jobs at the facility and an estimated 4,000 construction jobs during the buildout.
The collaboration brings together EGA’s global experience in aluminum smelting technology and plant development with Century Aluminum’s long-standing operational footprint in the United States.
The Inola plant will use EGA’s most advanced smelting technology, marking the first time the system has been installed in the U.S.
Once operational, the facility is expected to become the largest primary aluminum smelter in the country.
Industry leaders note that the U.S. currently relies heavily on imports to meet aluminum demand, and the new plant could help strengthen domestic supply while rebuilding specialized workforce expertise.
Company executives say work is already underway to prepare the site, with detailed engineering in progress and discussions continuing with state leaders and utility providers to secure long-term power agreements.
Construction is expected to begin by late 2026, with production targeted for the end of the decade.
The plant will be located at the Tulsa Port of Inola along the McClellan-Kerr Arkansas River Navigation System, providing access to national shipping routes through the Mississippi River system.
Officials say that strategic location will support efficient transportation and could spur additional industrial development in the region.
Developers anticipate the project will serve as a catalyst for a broader aluminum manufacturing hub in Oklahoma, supporting new supply-chain businesses and generating thousands of additional jobs beyond the smelter itself.
https://ktul.com/news/local/major-aluminum-project-in-oklahoma-promises-thousands-of-jobs
The company shipped Jimblebar ore to Malaysia and Vietnam
Mining company BHP Group has shipped Jimblebar iron ore, banned from sale in China, to Malaysia and Vietnam in search of alternative buyers, Reuters reports.
In September 2025, China Mineral Resources Group (CMRG), a Chinese state-owned buyer, banned Chinese steel mills and traders from purchasing Jimblebar Blend Fines (JMBF) from BHP, a type of medium-grade ore, during negotiations for a new contract, which has not yet been concluded. According to two separate traders, Jimblebar stocks in major Chinese ports have increased by 360% since the end of September last year, reaching 8.1 million tons on January 13.
According to the agency, on January 14, the Lowlands Blue, loaded with about 95,000 tons of JMBF ore from BHP, docked in Malaysia. This is the first such cargo unloaded in the country since the Kpler shipping system began keeping records in 2019. At the same time, according to the latter and two traders, in December last year, the Cape Yamabuki delivered approximately 75,000 tons of JMBF to Vietnam. Kpler data shows that this was the first such shipment to this country since at least 2024.
Although these shipments are small compared to BHP’s annual production (over 60 million tons of JMBF), the unusual deals demonstrate the Australian group’s efforts to diversify its buyers. Earlier, the mining group said it was still negotiating the terms of an annual contract with CMRG and optimizing its sales channels.
Several trading sources reported that BHP is offering more discounts on its iron ore, including Jimblebar, to try to stimulate sales in China. This, in particular, prompted an order from a Vietnamese steel mill.
It should be recalled that in November last year, China Mineral Resources Group (CMRG) extended its ban on BHP iron ore to a new product, issuing an order to stop purchasing low-grade Jingbao iron ore. At the time, it was suggested that the state buyer had targeted this product instead of other Australian company shipments because the volume of lower-grade ore trading is very limited and this would not cause significant market disruption.
