Commodity Intelligence Equity Service

Wednesday 11 November 2026
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Featured

ExxonMobil Takes First Step Toward Venezuela Oil Return

ExxonMobil said on Monday it signed a memorandum of understanding with Venezuelan state oil company PDVSA to assess upstream oil opportunities, marking a potential return to the country nearly two decades after its assets were expropriated.

The agreement is non-binding and does not commit Exxon to any specific project.

"This memorandum is a meaningful first step, but any future investment would require stable policies, clear regulations, strong investment protections and competitive returns," Exxon said in a statement.

The company did not say which projects or oil areas it was evaluating. A final joint-venture or production-sharing contract would be needed before Exxon could take part in exploration or production.

If Exxon proceeds, it would mark a major return to Venezuela after former President Hugo Chavez's government expropriated its assets. It would also be a political win for US President Donald Trump, who has sought to remake Venezuela's oil sector with US companies in leading roles after American forces removed President Nicolas Maduro from power in January.

At a signing ceremony broadcast by VTV, a state TV station, interim President Delcy Rodriguez welcomed Exxon back and said she hoped the memorandum would soon lead to concrete agreements.

"We welcome you back," Rodriguez said, adding that Venezuela expected the partnership to bring benefits both to Exxon and to the Venezuelan people. She also said Exxon would invest under favorable conditions and within a framework of legal certainty to protect its operations.

Before the expropriation, Exxon held a 41.67% stake in the Cerro Negro heavy crude project, now known as Petromonagas, as well as a 50% interest in the La Ceiba project in the southern Maracaibo basin.

Exxon affiliates filed for arbitration against Venezuela at the World Bank's International Centre for Settlement of Investment Disputes (ICSID) in 2007. In 2014, ICSID awarded Exxon $1.6 billion plus interest. Venezuela has challenged the award and the dispute remains unresolved.

Earlier this year, after oil reforms advanced by Rodriguez opened the sector to new entrants, Exxon CEO Darren Woods said progress had been made on fiscal and legal terms, but cautioned that the company was "not in a rush."

(Reuters - Reporting by Sheila Dang in Houston; Editing by Chris Reese and Thomas Derpinghaus)


https://www.oedigital.com/news/544247-exxonmobil-takes-first-step-toward-venezuela-oil-return


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Macro

Iran Vows to Unleash 'Hellish Rain' if the US Escalates the War

GD&TĐ - Iranian Foreign Minister Abbas Araghchi recently issued a stern warning, stating that Iran would unleash "hellish rain" if the US escalates the war.

"Or choose war, and witness our brave, experienced warriors unleash hellish rain," Iranian Foreign Minister Abbas Araghchi wrote on X on November 9. Mr. Araghchi also called on the US to accept Iran's proposal to reopen the Strait of Hormuz on Iran's terms, and to pave the way for further negotiations.

Iran's demands remain, including lifting the US naval blockade of Iranian ports, easing sanctions, releasing frozen assets, and ending hostilities on all fronts. 

Before the war, about one-fifth of the world 's oil was transported through this strait. 

US Secretary of State Marco Rubio rejected some of the demands, calling them "outrageous, ridiculous and truly unrealistic."

Iranian spokesman Esmaeil Baghaei described the proposal as “the most reasonable plan available,” and said it could restore security in the strait and the Persian Gulf. 

Iran insists on maintaining what it calls its sovereignty over the strait, including requiring ships to coordinate their passage with its authorities, a demand that the U.S. opposes. 

Iranian Parliament Speaker Mohammad Bagher Ghalibaf, who heads Iran's negotiating team, accused Israel on November 9 of dragging the United States into an endless war. 

"Unless the U.S. abandons its 'Israel First' mentality, the U.S. and its allies will be heading straight for a dark period," Ghalibaf said. 

On November 9th, US President Donald Trump met with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the White House to discuss Qatar's role as a mediator between the US and Iran.


https://www.vietnam.vn/en/iran-tuyen-bo-se-trut-mua-dia-nguc-neu-my-leo-thang-chien-tranh


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Oil and Gas

Good News for LPG Consumers in Pakistan as New Pricing Mechanism Unveiled

ISLAMABAD – Prime Minister Shehbaz Sharif has assigned the authority to determine national liquefied petroleum gas (LPG) prices to Pakistan State Oil (PSO) and Sui Southern Gas Pipeline Limited (SSGPL), replacing the previous arrangement under the Oil and Gas Regulatory Authority (OGRA).

On the prime minister’s instructions, Petroleum Minister Ali Pervaiz Malik granted the two state-owned companies exclusive authority to determine LPG prices across the country.

Meanwhile, orders for importing LPG shipments have been placed, with the vessels expected to arrive in Pakistan next week. The government hopes the incoming supplies will lead to a significant reduction in LPG prices nationwide.

However, authorities continue to face difficulties in controlling arbitrary pricing by LPG sellers, with consumers across the country paying considerably higher rates.

LPG is currently being sold at Rs570 to Rs650 per kilogram in Quetta and surrounding areas, while prices in Lahore, Rawalpindi, Multan and Sargodha range between Rs550 and Rs600 per kilogram.

In Karachi, LPG is available at Rs530 to Rs580 per kilogram, while consumers in Ghotki are paying Rs600 per kilogram.

Separately, the government has decided to introduce transparent auctions for 90 percent of locally produced LPG in an effort to regulate prices and ensure fair distribution.

Under the proposed mechanism, 10 percent of local LPG production will be reserved for government marketing companies, while the remaining 90 percent will be auctioned publicly in the presence of the media.

Each company will be allowed to obtain a maximum of 20 metric tonnes of LPG per day under the new arrangement.

Petroleum Minister Ali Pervaiz Malik said the auction system would help ensure fair distribution of LPG, strengthen the supply chain and improve energy security.

He added that the government’s objective was to ensure better availability of LPG to consumers at reasonable prices.


https://en.dailypakistan.com.pk/10-Nov-2026/good-news-for-lpg-consumers-in-pakistan-as-new-pricing-mechanism-unveiled


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European Gas Swings With Storage Worries Countering Iran Hopes

European natural gas fluctuated, with concerns over the region’s fragile supply balance countering optimism about a resolution to the US-Iran conflict.

Benchmark futures swung between gains and losses after declining for the previous two sessions. US President Donald Trump said further strikes on Iran wouldn’t be necessary, indicating that he’s willing to wind down the conflict after his party’s loss in the recent midterm elections underscored its deep unpopularity.

At the same time, Europe has begun drawing down its already low gas inventories at a faster pace in recent days as a cold spell pushed up demand for the fuel. Net withdrawals from storage last week jumped nearly sixfold from a week earlier, fueling concerns over reserves later in the winter if supplies from the Middle East don’t recover soon.

The market remains “sensitive to the geopolitical situation, with a sharp drop in the risk premium” after Trump’s comments, Engie SA’s EnergyScan said in a note. “Spot fundamentals, however, were not so bearish once again.”

After surging to 2022 highs last month, European gas prices have fallen more than 20% so far in November. But they are still expected to remain elevated unless exports from the Persian Gulf — which accounted for about a fifth of global liquefied natural gas flows before the war — rebound.

Hopes for progress in peace talks have grown since the US midterm elections, with congressional Democrats weighing whether to use a Dec. 11 government shutdown deadline to pressure Trump to end the conflict.

LNG loadings onto tankers from Qatar have picked up over the past few weeks, suggesting the major exporter is seeking to get more cargoes to the global market despite ongoing disruptions in the Strait of Hormuz.

Still, the recent cold spell and lower wind generation in parts of Europe have added pressure on the region’s gas inventories. Average storage levels across the European Union dropped to 72% — down from a five-year seasonal average of 89%. The level in Germany is only at 59%.

The low stockpiles in Europe’s largest economy prompted a warning from German gas storage group INES, which said the country’s gas supply can’t be fully guaranteed this winter in the event of extremely cold temperatures. For now, Germany is expected to have a mild to average winter, but some meteorologists warn of the risk of cold snaps later in the heating season.

Much of the continent is expected to see above-average temperatures next week.

Dutch front-month futures, Europe’s gas benchmark, traded lower at € a megawatt-hour by 10:55 a.m. in Amsterdam.


https://www.energyconnects.com/news/utilities/2026/november/european-gas-swings-with-storage-worries-countering-iran-hopes/


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Egypt Cuts Gas Supplies to Steel Mills Amid Rising Prices

The Egyptian government has decided to cut natural gas supplies to a number of the country’s leading steel producers, including Ezz Steel, Suez Steel and Beshay Steel. This was reported by Mesteel.

Gas supplies to these producers have been reduced by 30%. For Ezz Steel, this means a loss of about 30 million cubic feet of gas per day.

The forced move was prompted by a sharp rise in global liquefied natural gas (LNG) prices, which has significantly increased the state’s costs of meeting the country’s energy needs. The cuts are part of a comprehensive government program to manage available gas resources efficiently and reduce consumption amid a widening gap between domestic production and domestic demand.

Earlier, the Egyptian government cut gas supplies to fertilizer and methanol producers by 20% for an indefinite period. In addition, due to high international prices, the country’s authorities were forced to postpone some of the LNG deliveries scheduled for November.

As GMK Center reported earlier, Egypt has set up a permanent committee to monitor the availability and prices of steel billets. The government’s main goal is to resolve the raw material procurement problems faced by re-rolling mills and to ensure the stability of domestic production.

As a reminder, on October 28, European natural gas prices rose above €100/MWh for the first time since the 2022 energy crisis. Prices are climbing to 2022 highs amid the escalation of the conflict in the Middle East and are currently trading about three times higher than before the war with Iran. Disruptions to LNG supplies from the region are causing a shortage of cargoes ahead of winter.

Industry analysts and experts expect high gas prices to persist for at least a year, even if the conflict is resolved and the winter turns out to be mild, as Europe will need to replenish its reserves, which have fallen to record lows.


https://gmk.center/en/news/egypt-cuts-gas-supplies-to-steel-mills-amid-rising-prices/amp/


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Iraq Sets Ambitious Target to More than Double Oil Production by 2032

Iraqi Prime Minister Ali Al Zaidi has set out an ambitious vision for Iraq's oil future, saying the country aims to lift production to ⁠seven million barrels per ⁠day by ⁠2030.

Mr Al Zaidi said Iraq intended to increase production to 10 million bpd by 2032, including about one million bpd from the Kurdistan region. Iraqi oil exports hit about 3.4 million bpd in October.

Speaking to Kurdistan Region Prime Minister Masrour Barzani in Baghdad, Mr Al Zaidi said the “increase would positively reflect on development and the economy across the whole country”.

Iraq has been pushing ⁠for ‌higher production by Opec countries as the economic fallout from the Iran war, and investment by major oil producers, increase pressure on Baghdad to boost output.

The conflict ‌has ⁠hit Iraq particularly hard, forcing major export ‌cuts and depriving ⁠the state of oil ⁠revenue, which usually accounts for about 90 per cent of government income.

Oil Minister Basim Mohammed Khudair told state news agency INA ⁠on Saturday that Iraq “is in talks with Opec to raise exports”.

“There is ongoing dialogue with Opec to raise the export quota, given Iraq's unique circumstances and the conditions it has faced over the past five decades,” Mr Khudair said.

He said Iraq “deserves to increase its production rates” to generate revenue for infrastructure and government plans. The production quota set by Opec allocates 4.431 million barrels per day to Iraq.

Before the outbreak of the Iran war, Iraq produced around 4.4 million bpd. Production and exports then fell sharply after disruptions in the Strait of Hormuz, with exports down from 3.36 million barrels per day in February to 131,000 bpd in April. The result was a sharp drop in monthly oil revenue that previously hovered at about $7 billion, although Iraqi oil exports rebounded in October.

To support the new target, Baghdad has been pushing to finalise oil and gas deals worth billions of dollars mainly with US companies, including Chevron, HKN Energy and Halliburton.

It is also pursuing new export routes to reduce dependence on the Strait of Hormuz, including pipelines to Syria's Baniyas port on the Mediterranean and to Jordan's Aqaba port, as well as the Iraq-Turkey pipeline to Ceyhan.


https://www.thenationalnews.com/news/mena/2026/11/09/iraq-sets-ambitious-target-to-more-than-double-oil-production-by-2032/


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OPINION | China Crude Import Rebound Masks Slump in Outbound Fuel Exports

China's imports of crude oil and exports of refined products neatly capture the current dynamics of the conflict in the Middle East. There is plenty of crude, but not enough fuel.

The world's biggest crude importer recorded arrivals of 9.88 million barrels per day (bpd) in October, according to customs data released on Tuesday.

This was up 9.4 per cent from September's 9.03 million bpd and the most since March's 11.77 million bpd.

March was the last month largely unaffected by the conflict in the Middle East, which started on February 28 when the US and Israel launched strikes against Iran.

The war led to the effective closure of the Strait of Hormuz, which strangled crude and product exports from the Middle East.

Asian importers were the destination for about 80 per cent of oil exports through the narrow waterway, which carried about 20 per cent of the global total prior to the start of the conflict.

China's crude imports dropped to a 10-year low of 7.12 million bpd in June, but they have steadily risen since then as Persian Gulf exporters shipped more oil, calculating that the higher prices on offer offset the risk of attacks on vessels by Iran in the Strait of Hormuz, and by Tehran's Houthi allies in the Red Sea.

China's crude imports from the Middle East are back to pre-war levels, with commodity analysts Kpler tracking arrivals of 4.65 million bpd from the region in October, the same as for March.

It is worth noting that even though October was the strongest month for China's oil imports since March, they were still down 13.3 per cent from the same month in 2025, and for the first 10 months of the year, arrivals have slid 15.1 per cent.

This means that China has been adjusting to reduced imports, and while it has dipped into stockpiles, the main method of compensating has been to cut exports of refined products.


https://www.bairdmaritime.com/shipping/tankers/opinion-china-crude-import-rebound-masks-slump-in-outbound-fuel-exports


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Russia, Ukraine Exchange Strikes as Baltic Nations Issue Drone Alerts

Attacks also reported in the Russian-occupied Donbas region of Ukraine as US-mediated talks continue in Abu Dhabi.

Published On 11 Nov 2026 

Several Baltic nations have issued a flurry of alerts, urging citizens to seek shelter against threats from unidentified drones, as Russia and Ukraine traded attacks.

Ukrainian drones attacked Russia’s northwest, home to major Baltic Sea export facilities and a big oil refinery, setting the Ust-Luga port area on fire and injuring three, the Reuters news agency said on Wednesday.

Drone debris killed two in Russia’s Smolensk region bordering Belarus, Russian newswires reported, quoting the local governor.

In Ukraine, an overnight Russian air strike knocked out power in parts of the industrial stronghold of Kryvyi Rih, injuring one person in Kharkiv, the country’s second-biggest city, and six others in Zaporizhzhia, officials and ⁠⁠⁠⁠emergency services said.

Russia’s ⁠Ministry of Defence said ⁠its forces ⁠struck a cargo vessel in the Black Sea ‌southwest of Odesa that was carrying weapons and military equipment ⁠for Ukraine’s armed ⁠forces.

The ministry also said Russian ⁠drones hit ⁠three ⁠electricity substations in Ukraine’s Kryvyi Rih and ‌Odesa regions overnight.

Meanwhile, the Baltic nations of Lithuania, Latvia and Estonia issued alerts for drones entering from neighbouring Russia or Belarus. Lithuanian crisis officials said the warning covered Kaunas, the country’s second-largest city, home to about 300,000 people.

The alerts said NATO air defence jets had been activated. There were no reports of injuries.

Finland, another Russian neighbour, adopted temporary airspace and maritime curbs in the eastern Gulf of Finland but withdrew them later.

“The ‌restrictions were a precautionary measure to ensure the authorities’ ability to operate and the safety of bystanders,” its defence forces said on X.

The attacks come a day after Russia said it ‌shot down more than 140 drones in an ongoing attack on the country’s Leningrad region northwest of Moscow.

“A total of 146 drones have been downed over the Leningrad Region,” Governor Aleksandr Drozdenko said on Telegram, Russia’s state news agency TASS reported, adding that “the counter-action is ongoing”.

It is unclear where the drones came from, but on Monday, a Ukrainian drone struck Russia’s second-largest oil refinery in Kirishi, also in the Leningrad region, according to Reuters. ⁠Local authorities said a woman had been killed in ⁠the attack.

‘Constructive’ Abu Dhabi talks

The escalation comes as US-mediated peace talks between Russia and Ukraine in Abu Dhabi, United Arab Emirates, entered their second and final day on Wednesday.

Ukrainian President Volodymyr Zelenskyy said the first day of talks was “constructive and quite substantive”.

The attacks in Russia also came as TASS reported that Ukrainian forces had fired at least 31 artillery shells at Ukraine’s Moscow-occupied Donetsk region in 24 hours, wounding three civilians.

Of these attacks, 23 occurred in the Horlivka area, where a couple was also wounded in a drone strike on a vehicle, according to TASS.

Attacks were also reported in Zelenskyy’s hometown of Kryvyi Rih, Ukrainian officials said on Telegram.


https://www.aljazeera.com/news/2026/11/11/russia-claims-interception-of-146-drones-in-leningrad-region


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Uranium

Nuclear Sector Says More Reactors Needed after Neso Requested Increased Electricity Grid Capacity

10 NOV, 2026 BY TOM PASHBY

The energy operator informed the electricity market on Monday that the grid needed more generation, leading the nuclear sector to demand more reactors be built.

National Energy System Operator (Neso) issued an electricity margin notice (EMN) on Sunday 8 November at 7:17pm, covering 6am to 11am, saying: “There is a reduced system margin.

“System margin shortfall 1388 MW. The current contingency requirement is 808 MW. [Zero] MW of generation is excluded from the available system margin due to system constraints.”

System constraints can include obstacles such as transmission lines not being able to carry any more electricity from offshore Scottish wind farms to high-demand areas in the Southeast of England, which could result in wind farms being paid to stop generating electricity.

Also in the EMN, owners of electricity generators were asked to inform Neso of any additional capacity they could bring to the grid.

It is understood that low wind, forecast at less than 1GW, was contributing to the tighter margin during the morning period.

The fundamental reason for issuing an EMN is to protect the operating margin – the buffer between supply and demand – rather than due to there being a forecast risk of blackouts.

In a statement, a Neso spokesperson said: “We have issued an electricity margin notice for tomorrow morning, as a routine and precautionary measure, giving market participants the opportunity to make additional generation capacity available.

“This is not a warning of power cuts, there is no risk to customer electricity supplies, and customers do not need to take action – Great Britain’s electricity system remains secure.”

At 09:11 on Monday 9 November, Neso cancelled the EMN.

A Neso spokesperson said: “We have now cancelled the electricity margin notice covering the period of Monday morning.

“Electricity margin notices are routine and precautionary measures, giving market participants the opportunity to make additional generation capacity available, which they have now delivered.

“This was not a warning of power cuts and there was no risk to customer electricity supplies.”

An Ofgem spokesperson said: “Neso issued an Electricity Margin Notice this morning, which was subsequently cancelled once sufficient capacity became available.

“These notices are a normal and precautionary part of operating the electricity system and managing supply and demand.

“There was no risk to customer electricity supplies and consumers did not need to take any action. We remain in close contact with Neso and government and continue to monitor the operation of the system.”

Regen is a company providing expertise on how to transition the energy system to net zero.

Explaining the context of the notice, Regen clean power & markets policy lead Georgina Morris-Rowbottom told NCE: “An electricity margin notice is a tool Neso uses to tell the market it needs more spare capacity.

“An export agreed yesterday may have made sense at the time, but if the wind drops or a power station goes offline, Britain may need more power at home.”

Morris-Rowbottom continued: “Consumers are right to ask why they should pay to fire up more gas generation while we’re exporting, but those same cables can bring in cheaper power at other times and save us from having to turn up gas plants here.

“To support energy security and consumer value, the priority must be giving the market clear signals, early enough to act, when Britain needs more power.”

Reacting to the EMN, Nuclear Industry Association chief executive Tom Greatrex said: “Britain cannot afford to lose its nuclear capacity.

“As existing nuclear power stations close without replacement, we risk greater exposure to volatile gas prices, soaring balancing costs and increasingly insecure electricity supplies.

“We must act now to rebuild our nuclear capacity and secure the reliable, homegrown, 24/7 power that households and businesses need.”

Neso previously issued an EMN for 28 September, after it has identified a system margin shortfall of 1,400MW for the period from 4pm to 7pm. This was later reduced to a projected shortfall of 104MW. Neso later cancelled the EMN.

Later, on 12 October, Neso used a different tool called an ‘emergency assistance’ because it had to buy 1.2GW of electricity from a French interconnector cable after a National Grid Electricity Transmission (NGET) asset took longer than expected to return to service.


https://www.newcivilengineer.com/latest/nuclear-sector-says-more-reactors-needed-after-neso-requested-increased-electricity-grid-capacity-10-11-2026/?utm_id=37674&delivery_name=71592&utm_campaign=CONE_NCE_EDI_ALL_MorningBrief_111126&utm_content=CONE_NCE_EDITORIAL_MORNINGBRIEF_111126&utm_term=Nuclear%20sector%20says%20more%20reactors%20needed%20after%20Neso%20requested%20increased%20electricity%20grid%20capacity&utm_medium=email&utm_source=Adestra&eea=cFBuODJRWGllMTQzakFzRFVEdGpYbWhNTTRSZFhRVUVYWTR3WGdybXFNTT0%3D


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Base Metals

Alphamin Strikes Supply Deal With US Tin Smelter

Alphamin Resources has agreed to supply tin concentrate from its Bisie mine in the Democratic Republic of the Congo (DRC) to a new US smelter being built as the miner seeks to broaden its customer base.

Under the agreement, announced on Monday, Alphamin will supply US-based tin refiner Nathan Trotter & Co with up to 3,600 tonnes of tin a year, measured by contained tin, over an initial two-year period. That is just under 20% of Bisie’s targeted production.

Alphamin is a tin mining company listed on the JSE’s Alternative Exchange (AltX) and the TSX Venture Exchange, a Canadian stock exchange for emerging companies. Its main asset is Bisie, which it describes as the world’s highest-grade primary tin mine. The mine produces about 20,000 tonnes of contained tin a year and is one of the largest sources of mined tin outside Asia.

Nathan Trotter is investing $65m (about R1bn) in a new tin smelting facility in Virginia, US, with first production targeted for 2027. The US department of defence awarded the company $19m in 2024 to support the development of domestic tin smelting, refining and recycling capacity.

According to the US Geological Survey, the US has not smelted tin since 1989 and depends on imports for most of its refined tin. Domestic production is limited to tin recovered from scrap. Tin is used in solder for electronic components on circuit boards, as well as in chemicals, alloys and tin-plated steel.

In October Alphamin CEO Eoin O’Driscoll told UK-based commodities publication Fastmarkets about 70% of the company’s tin concentrate sales went to Yunnan in China, where competitive processing charges had made it an important market. He said most of Alphamin’s production would continue to go to China despite the company’s efforts to diversify sales.

Alphamin said it had been pursuing customer diversification since International Resource Holding (IRH), an Abu Dhabi-based mining investment group, acquired a 56% stake in the company in July last year.

The strategy is consistent with Pax Silica, a US-led initiative launched in December last year to build secure supply chains for critical minerals and technologies, the company said. The UAE is a partner in the initiative, and IRH supports the arrangement.

IRH is part of UAE-based investment group 2PointZero and has interests in mining, mineral trading and technical services. Its mining portfolio includes a majority stake in Zambia’s Mopani Copper Mines, which it acquired in 2024.


https://www.businessday.co.za/companies/2026-11-10-alphamin-strikes-supply-deal-with-us-tin-smelter/


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Gunnison Hits Rich Copper and Zinc in Arizona

Gunnison Copper (TSX: GCU; NYSE-A: GUNN) has confirmed a high-grade copper-zinc zone at its Strong & Harris deposit in Arizona as it tests whether a concentrator could add another processing option to its development plans.

Drill hole SHM-2 cut 94.8 metres grading 1.39% copper and 2.29% zinc from 160 metres depth, the company said Tuesday. That included 12.2 metres of 5.15% copper, 11.99% zinc and 16.38 grams silver per tonne from 175.6 metres

“Our next priority is to understand how best to recover that metal,” CEO Craig Hallworth said Tuesday.

The drilling confirms mineralization already represented in the resource model. Flotation tests will assess whether sulphide material can yield saleable copper and zinc concentrates, with silver as a payable byproduct. Recoveries and economics must be established before a concentrator could enter a development plan.

Processing options

The Gunnison project lies about 100 km east of Tucson. Its March preliminary economic assessment envisaged open-pit mining and heap leaching, followed by solvent extraction and electrowinning to produce finished copper cathode. The study includes inferred resources, and its economic conclusions remain preliminary.

Strong & Harris held 69 million inferred tonnes at 0.49% copper, 0.56% zinc and about 4.1 grams silver as of Jan. 23, containing about 335,700 tonnes copper, 388,100 tonnes zinc and 9 million oz. silver, according to the March technical study.

Gunnison estimates the true thickness of the 94.8-metre intersection at 82.1 metres and the richer 12.2-metre interval at 10.5 metres.

The company already produces copper at nearby Johnson Camp, where it is demonstrating Rio Tinto’s (NYSE, LSE, ASX: RIO) Nuton leaching technology. Nuton agreed in September to pay Gunnison $8 million (C$11.3 million) after the partners expanded the plan to mine additional material during the 2027–2029 demonstration period.

Gunnison shares fell 1.3% to 38.5¢ apiece Tuesday morning in Toronto, valuing the company at about C$198 million ($141 million). The stock has traded between 27.5¢ and 70¢ apiece over the past year.


https://www.northernminer.com/news/gunnison-hits-rich-copper-and-zinc-in-arizona/1003897612/


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Aluminium Falls as Surging China Exports Revive Supply Worries

SINGAPORE (Nov 10): Aluminium prices fell on Tuesday after customs data showed higher exports from the world's biggest producer, China, so far this year.

Benchmark three-month aluminium on the London Metal Exchange was down 1.34% at US$3,025.5 a metric ton by 0741 GMT. The most-traded aluminium contract on the Shanghai Futures Exchange plunged 3.38% to 22,715 yuan (US$3,405.45) a ton.

China exported 5.91 million tons of unwrought aluminium and aluminium products in the first 10 months of 2026, customs data showed, from 5.02 million tons in the same period a year earlier.

That includes exports of primary, alloy and semi-finished aluminium products from the country that is both the world's biggest producer and consumer of the light metal used in transportation and construction.

The data "reinforces concerns about additional Chinese material entering international markets," said Rupankar RM, head of market research and data intelligence at AL Circle, while cautioning that the high export number doesn't point to structural oversupply.

"Equally important is the fact that global inventories remain relatively low and the recovery of disrupted smelting capacity outside China is still a work in progress."

Aluminium levels in LME-registered warehouses, most of which is of Russian origin and avoided by many Western traders, remained constrained at 226,975 tons, 55% lower than at the start of the year.

The light metal's price premium, until recently tied to disrupted supply from the Middle East — which accounts for 9% of global smelting capacity — has faded amid expectations of production resuming there, along with new supply from Indonesia.

Meanwhile, industrial metal investors will closely watch the release of US CPI data for clues on the Federal Reserve's policy path at 1330 GMT.

Among LME metals, copper dipped 0.27%, zinc was little changed, down only 0.03%, lead dropped 0.16%, nickel lost 0.59% and tin lost 0.99%.

On the SHFE, copper dipped 0.24%, zinc lost 1.14%, lead lost 0.59%, nickel dropped 1.03% and tin fell 0.94%.


https://theedgemalaysia.com/node/825156


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