By Michael Scott - Nov 05, 2026, 8:00 PM CST
In February 2026, President Trump announced one of the most ambitious industrial security initiatives of his presidency: Project Vault, a $12 billion strategic stockpile of critical minerals and rare earths designed to protect American manufacturers and the defense industrial base from supply disruptions.
This announcement was backed by a $10 billion loan from the U.S. Export-Import Bank, the largest single financing in the agency’s 92-year history, plus roughly $2 billion in private capital from companies like General Motors, Boeing, Google, and Stellantis.
It was a welcome and necessary move. But there’s a problem with Project Vault that almost nobody is talking about: a stockpile of raw rare earth materials that can’t be processed into usable metals and magnets is just an expensive collection of rocks. And right now, the ability to do that processing in North America barely exists.
REalloys (NASDAQ: ALOY) is a company working to change that, and what it’s built may help determine whether Project Vault actually works or becomes the most expensive broken promise in the history of American industrial policy.
To understand why the stockpile might not work, you have to understand the difference between having rare earths and being able to use them.
The $12 Billion Question Nobody Is Asking
Project Vault covers all 60 minerals on the USGS 2025 Critical Minerals List, with initial emphasis on the 15 rare earth elements. The way it works is simple enough, as private companies sign material purchase agreements with the stockpile at a specific inventory price. This creates a reserve that manufacturers can draw from if supply chains are disrupted.
But here’s the question that matters most: what form will those materials be in when they go into the vault?
Rare earths in their raw form, even as separated oxides, are not usable by manufacturers. A defense contractor building missile guidance systems can’t use dysprosium oxide any more than a fabricator can use iron ore. The oxide has to be converted into high-purity metal through a process called metallization, then precision-alloyed to exact specifications, and then fabricated into a finished permanent magnet.
Only then does it become something a manufacturer can actually put into a fighter jet, a drone motor, or a precision-guided munition.
China controls approximately 90% of global rare earth processing and an even larger share of finished magnet production. If the materials going into Project Vault haven’t been processed into usable form, and if there’s no domestic capability to do that processing when the time comes, then the stockpile is just a warehouse full of material that still needs to go through China before anyone can use it.
That defeats the entire purpose.
The Capability America Lost and Can’t Easily Rebuild
The West didn’t lose its rare earth processing capability to espionage or theft. It lost it to economics.
Starting in the 1980s and accelerating through the 1990s, China made a deliberate decision to invest heavily in rare earth mining and processing. State support absorbed losses, environmental controls were minimal, and labor was cheap. The result was a production cost that no Western facility could match. One by one, processing operations across North America and Europe shut down. The last major U.S. rare earth mine, Mountain Pass in California, closed in 2002.
But what disappeared was far more than a few facilities. The people who knew how to run them retired or moved on and the specialized equipment was decommissioned. The institutional knowledge of how to separate 17 individual rare earth elements, how to convert oxides into metals at extreme temperatures and how to alloy those metals to exact specifications for defense and industrial use…all of that accumulated expertise simply ceased to exist in the West.
Converting rare earth oxides into defense-grade metals and alloys involves multi-stage solvent extraction to separate 17 individual elements, metallization at temperatures above 1,200 degrees, and precision alloying across thousands of micro-steps. The Center for Strategic and International Studies identifies this metallization step as the least developed and most difficult capability to rebuild outside China. It’s the kind of expertise that can only be built through years of hands-on operation, and no amount of capital can compress the timeline.
That’s the fundamental challenge Project Vault faces. You can buy the raw material. You can store it. But if you can’t process it into something usable, you haven’t solved the problem. You’ve just moved the bottleneck from the mine to the warehouse.
One Company That Helps Fill the Gap
REalloys has built something that addresses exactly this vulnerability: a proven, operational platform for converting rare earth oxides into defense-grade metals, alloys, and magnets, all within North America and all without any critical reliance on Chinese technology.
The company’s Euclid, Ohio facility has a proven track record of developing heavy rare earth metals, alloys, and magnets for government and commercial partners.
It has worked on several contracts with the U.S. Department of Defense, Department of Energy, and NASA. The expertise behind it spans more than 40 years of applied specialty metals development, including eight years of focused work with U.S. national laboratories and the Defense Logistics Agency.
Midstream, REalloys (NASDAQ: ALOY) holds an exclusive 80% offtake on NdPr, Dy and Tb rare earth production from the Saskatchewan Research Council’s Rare Earth Processing Facility in Saskatoon. That facility, designed and built entirely without Chinese technology, is targeting first commercial production by early 2027. Its AI-driven separation system runs the entire process with six people compared to the roughly 80 a comparable Chinese facility would require, and it produces products with higher yield and greater efficiency.
Upstream, the company has locked in feedstock agreements spanning Saskatchewan, Wyoming, Appalachia, Kazakhstan, Brazil, and Greenland, creating a diversified, non-Chinese raw material network. And downstream, a recently signed a letter of intent for a strategic partnership with South Korean magnet manufacturer JS Link that targets the development of one of the first fully integrated, non-Chinese rare earth magnet supply chains in North America.
In September, REalloys appointed Dr. Muhammad Imran, former CTO of SRC with 17 years of rare earth processing experience, as its Chief Operating Officer. The man who built the processing technology is now running its industrial-scale operations.
Why Project Vault Needs What REalloys Has
Here’s the bottom line for Project Vault: the $12 billion stockpile is only as useful as the processing infrastructure behind it. Without the ability to convert raw materials into finished metals and magnets domestically, the stockpile becomes a strategic reserve that still depends on China to function. And that’s precisely the dependency it was designed to eliminate.
REalloys is the company that appears best positioned to close that loop. The company controls the processing step that CSIS calls the hardest to rebuild…it does it with proven technology that doesn’t touch China’s supply chain…and already delivers to the very agencies that would need to activate the stockpile in a crisis.
And the deadline is closer than most people think. On January 1, 2027, new Pentagon procurement rules take effect that will restrict the use of Chinese-origin rare earth materials in American weapons systems.
REalloys is expected to receive high-purity oxides from SRC for qualification, as early as Q4 2026. The companies that get qualified before the deadline will be locked into defense supply chains for decades.
The U.S. Army has selected REalloys to enter into negotiations to build and operate rare earth processing facilities on the Tooele Army Depot in Utah, the first time the Army has ever placed a commercial mineral-processing facility on an American military base.
And the company’s leadership includes Chairman Stephen S. DuMont, President of GM Defense; General Jack Keane (Ret.), four-star general and Presidential Medal of Freedom recipient; and former Secretary of Defense Chief of Staff Joe Kasper, who chairs the advisory board.
Beyond REalloys, several mining giants are also positioned to benefit from Washington’s critical minerals push, including BHP, Freeport-McMoRan, Rio Tinto and Vale, each playing a key role in securing the raw materials underpinning America’s industrial and defense supply chains.
BHP Group (NYSE: BHP) is one of the world's largest mining companies and a major supplier of copper, a metal essential to electrification, defense infrastructure, and advanced manufacturing. BHP produced approximately 2 million tonnes of copper in its 2026 financial year and holds a 45% stake in Arizona's Resolution Copper project, one of North America's largest undeveloped copper resources. As Washington looks to secure domestic supplies of strategically important materials, projects like Resolution could become increasingly significant. However, supplying critical minerals is only one part of the equation. America still needs the processing infrastructure to turn specialized materials into finished industrial products.
Freeport-McMoRan (NYSE: FCX) is particularly important to America's mineral security because much of its copper and molybdenum production is already located on U.S. soil. The company operates major mines across Arizona, New Mexico, and Colorado, alongside domestic refining and processing facilities. In November 2026, Freeport announced a $4.5 billion expansion of its Bagdad operation in Arizona, designed to substantially increase domestic copper and molybdenum output. Both metals play important roles in industrial manufacturing and defense supply chains, making Freeport a major player in Washington's broader effort to reduce dependence on imported strategic materials.
Rio Tinto (NYSE: RIO) is another mining heavyweight moving deeper into strategically important minerals. Beyond its global copper operations and controlling stake in Arizona's Resolution Copper project, Rio Tinto is developing scandium production capacity in Quebec, Canada. Scandium is a strategically important metal used in high-performance aluminum alloys, including applications relevant to aerospace and defense. The company's investment in North American critical mineral processing illustrates how established mining groups are expanding beyond conventional raw-material extraction into higher-value strategic supply chains.
Vale (NYSE: VALE) brings another important dimension to the critical minerals story through its extensive nickel, copper, and cobalt operations. Its Canadian mining and processing assets provide exposure to metals used in aerospace alloys, industrial equipment, batteries, and advanced technologies. Vale Base Metals reported production of 50,000 tonnes of nickel and 85,000 tonnes of copper in the third quarter of 2026, highlighting the scale of its contribution to global industrial supply chains. With governments increasingly focused on securing reliable supplies of strategic metals, Vale's established North American operations could become even more important.
Yet there is a fundamental distinction between these global mining giants and companies focused specifically on rare earth processing. BHP, Freeport-McMoRan, Rio Tinto, and Vale help provide the raw materials that underpin modern industry. REalloys, meanwhile, is targeting a more specialized vulnerability: turning rare earth materials into the high-performance metals and magnets that America's defense industry needs.
$12 Billion Is Only the Beginning
Project Vault represents the most aggressive U.S. strategic stockpiling initiative since the Korean War. It sends a clear and unmistakable signal that Washington is serious about reducing dependence on China for the materials that power defense systems, electric vehicles, robotics, and advanced manufacturing.
But a signal alone doesn’t solve the problem.
The stockpile needs processing partners that can turn raw materials into something the defense industrial base can actually use. Right now, that capability barely exists in North America.
REalloys (NASDAQ: ALOY) is a company building it, and what happens over the next several months will determine whether America’s $12 billion bet on rare earth security pays off or ends up as the most expensive pile of rocks the government has ever purchased.
Prime Minister Shehbaz Sharif has reaffirmed the government’s commitment to ensuring the uninterrupted supply of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and petroleum products across the country ahead of the winter season.
The prime minister said the government had taken steps to establish a transparent system for the import and distribution of LNG and LPG.
The prime minister said Pakistan remained committed to diplomatic engagement and constructive dialogue to address regional challenges and strengthen cooperation among countries. AI Generated Summary
Prime Minister Shehbaz Sharif has reaffirmed the government’s commitment to ensuring the uninterrupted supply of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and petroleum products across the country ahead of the winter season.
However, he acknowledged that the evolving regional situation had created challenges for maritime routes, posing potential difficulties for energy supplies.
The prime minister said the government had taken steps to establish a transparent system for the import and distribution of LNG and LPG. He declared that the era of the LNG mafia had come to an end, adding that a transparent mechanism had been introduced through Pakistan State Oil (PSO) and Pakistan Refinery Limited?
He said the government had also developed a new system for LPG to improve transparency and ensure a reliable supply.
Speaking about petroleum prices, Shehbaz Sharif said the government had not passed on the burden of a Rs15 per litre increase in petrol prices to the public.
He credited the petroleum minister and his team for holding important negotiations with local refineries to manage the situation and reduce the impact of rising fuel costs on consumers.
The prime minister further said that more than 15 million people had directly benefited from the government’s subsidy scheme, which was introduced to provide relief amid rising fuel prices.
On regional peace and stability, Shehbaz Sharif said Pakistan continued to make diplomatic efforts to promote peace and stability in the region and beyond.
He referred to Field Marshal Syed Asim Munir’s recent visit to Iran, during which the leadership of Pakistan, Saudi Arabia, Turkiye and Iran held discussions in Tehran in a positive atmosphere.
The prime minister said Pakistan remained committed to diplomatic engagement and constructive dialogue to address regional challenges and strengthen cooperation among countries.
He stressed that Pakistan would continue playing its role in promoting peace, stability and regional cooperation while taking necessary measures to safeguard the country’s energy security ahead of winter.
https://minutemirror.com.pk/pm-shehbaz-assures-uninterrupted-lng-lpg-and-oil-supplies-656374/
MOSCOW, November 5. /TASS/. High rates of gas withdrawals from European underground gas storage (UGS) facilities at the beginning of the current heating season could lead to a decline in their daily deliverability during the winter, Gazprom said in a statement.
"The high rate of gas withdrawals from underground storage facilities at the beginning of the season creates conditions for a reduction in their maximum daily deliverability during the fall-winter period, particularly at times of peak winter demand. This increases risks to the reliability of gas supplies to consumers," the statement said.
According to data from Gas Infrastructure Europe cited by Gazprom, European underground gas storage facilities began the withdrawal season at a record-low filling level of 74.9%. This figure has been declining since October 28. Withdrawals on October 28-29 and November 1-2 reached the highest levels ever recorded for those respective dates.
"At the same time, several European countries with the largest gas storage capacities, including Germany, the Netherlands, and Austria, had storage filling levels significantly below 70% as of October 28. For the first time, Germany began the withdrawal season with gas reserves as low as 61.6%, setting a new record low," the company emphasized.
TASS previously reported that Europe had entered the heating season with record-low gas reserves. Just seven days have passed since underground gas storage facilities reached their peak filling level of 74.96% this fall, yet cumulative withdrawals have already been twice the average recorded over the previous five years. Moreover, record daily gas withdrawal volumes were registered on four of those seven days - October 28, October 29, November 1, and November 2.
Thus, since the start of the heating season on October 28, Europe has withdrawn 1.6 bln cubic meters of gas from storage facilities. Net withdrawals, representing the difference between gas withdrawals and injections, have also exceeded 1 bln cubic meters.
MOSCOW, November 5. /TASS/. Gazprom has broken its record for daily gas supplies to China via the Power of Siberia pipeline for the third time since the beginning of November 2026, the company announced.
"For the third time since the start of November, Gazprom has reached a new all-time high for daily gas supplies to China via the Power of Siberia pipeline. A new record was set on November 4," the statement reads. The previous high was achieved on November 3.
The company noted that Russian gas is being delivered under a long-term purchase and sale agreement between Gazprom and China’s CNPC.
Earlier, Russian Deputy Prime Minister Alexander Novak stated that Russia would supply 39 billion cubic meters of gas to China via the Power of Siberia pipeline this year.
In 2025, Gazprom became China's largest gas exporter. Supplies via the Power of Siberia pipeline reached 38.8 billion cubic meters, which is 800 million cubic meters above the initial contractual obligations.
Power of Siberia is the largest gas transmission system in eastern Russia, with an export capacity of 38 billion cubic meters of gas per year. The first pipeline shipments of Russian gas to China via the eastern route began in December 2019 under a 30-year contract signed in 2014 between Gazprom and China’s CNPC. The total supply volume over the entire term will exceed 1 trillion cubic meters of gas, with the contract valued at $400 billion.
E3 Lithium has joined a Canadian-Korean consortium to develop a made-in-Canada lithium-manganese rich (LMR) cathode for next-generation EV batteries.
The Alberta-based lithium brine developer said on November 3 it had signed up to a research agreement with partners including the National Research Council of Canada (NRC) and Posco America — a subsidiary of South Korean battery manufacturer Posco — under which E3 will be the exclusive lithium carbonate provider.
E3, which is receiving C$98,798 ($70,000) in funding from the NRC’s critical battery materials initiative for the project, will produce chemical precursors with Canadian mining firm Manganese X Energy and processing tech company NiVolt Technologies.
NRC will carry out downstream synthesis into cathode material and testing in coin cells, while Posco will provide industrial validation of CAM material.
E3 said last month it was nearing completion of a facility in Alberta aimed at proving the commercial viability of direct lithium extraction technology. The facility converts oilfield brine into battery-grade lithium carbonate at demonstration scale before the construction of a commercial facility.
Chris Doornbos, president and CEO of E3, said: “LMR batteries offer increased energy density and safety with significant cost savings, with LG, Ford, and GM currently pursuing this cathode as an option. We are excited to be working on the next-gen batteries with the NRC.”
Batteries International reported last June that Posco subsidiary Posco Future M had broken ground for an LFP cathode materials plant in South Korea targeting the ESS and EV batteries market.
CNP New Material Technology, backed by Posco, secondary batteries firm Pino and battery materials producer CNGR, expect to start production of the facility in 2027.
Meanwhile, Ontario launched a C$500 million critical minerals processing fund earlier this year to support investment in projects in the province including EV and battery manufacturing.
New IEA forecast sees renewable capacity increase in emerging and developing economies outside China matching that in advanced economies for the first time as Hormuz crisis sharpens focus on domestic energy sources
Renewables, already expanding at a record pace before the current energy crisis, are set to see strong growth across a wider range of countries around the world in the coming years as governments seek to strengthen energy security and reduce their exposure to imported fuels and volatile prices, according to the IEA’s latest report.
Renewables 2026, this year’s edition of the IEA’s annual report on the sector, sees global renewable power capacity increasing by almost 4 800 gigawatts (GW) in the 2026-2031 period, almost 60% more than was added in the previous six-year period. Solar PV is set to account for more than three-quarters of global renewable capacity growth to 2031, followed by onshore wind.
Amid unprecedented disruptions to global energy markets since the outbreak of the Iran war at the end of February, stronger policy support and intensified energy security concerns are driving faster deployment of renewable power across India, Southeast Asia, Africa and the Middle East. For the first time, the amount of renewable power capacity added in emerging and developing economies outside China is expected to match the amount added in advanced economies in the forecast period.
China will remain the largest contributor to the global increase in renewable power capacity, but its share is set to decline from over 60% in 2025 to an average of 53% over the forecast period amid changes to its renewable energy policies. India is emerging as the world’s second-largest growth market, with its total renewable capacity set to more than double by 2031. Growth is also increasing across Southeast Asia, the Middle East and North Africa, and sub-Saharan Africa. Across these regions, the amount of renewable capacity added in the 2026-2031 period is forecast to almost triple compared with the previous six-year period.
“Previously, environmental concerns were the policy priority behind the growth of renewables, whose falling costs have made them a competitive option in many markets – but today, it’s mainly energy security that is driving renewables’ expansion as more and more countries seek to reduce their exposure to imported fuels,” said IEA Executive Director Fatih Birol. “The new chapter of the renewables growth story is a truly global one as their deployment spreads well beyond major markets into every corner of the world. This is making them a key pillar of the global power sector. Today, they account for a third of global electricity generation; in the next five years, they will be getting closer to half of it.”
The growth in renewable power additions is not only the result of major installations by utilities and developers; it is also being driven directly by consumers in many countries. Faced with high fuel prices and unreliable electricity supplies in some markets, households and small businesses around the world are increasingly turning to more affordable rooftop solar PV systems that can be installed quickly. These small-scale installations have already helped improve electricity services for around 70 million households worldwide, the report finds.
The report forecasts that the use of renewable energy for transport will rise by more than 60% by 2031, by which point it will cover 6% of the transport sector’s energy demand worldwide. Renewable electricity used by electric vehicles accounts for around 45% of this increase, while biofuels are making the second-largest contribution. As an immediate response to high fuel prices and availability challenges, several countries, notably in Southeast Asia and Latin America, have raised blending mandates, which set the minimum proportion of biofuels that has to be blended into gasoline or diesel sold at the pump. Our forecast for biofuels is revised up by 40% compared with last year’s report.
The report also highlights the importance of secure and diversified supply chains as renewables take on a larger role in energy systems worldwide. India is emerging as an important alternative source of supply, with its share of global solar PV module manufacturing expected to almost double to 17% over the next five years, helping diversify a market that remains highly concentrated.
As solar PV and wind continue to expand rapidly around the world, enhancing power system flexibility becomes critically important for energy security, offering new opportunities in the process. The highest priority is for countries to ensure investment in electricity grids keeps pace with the growth of renewable capacity. This should be complemented by reforms to speed up the connection of new renewable power installations to electricity networks. The amount of advanced-stage renewable energy and storage projects waiting for grid connections worldwide increased by 60% over the past year to 3 000 GW, four times the wind and solar PV capacity connected to the grid last year.
Meanwhile, the deployment of battery storage has been accelerating in many countries, offering an important way to increase the flexibility of electricity systems rapidly. Measures to enable electricity demand to become more flexible are equally important and can be implemented quickly. Digital technologies, including artificial intelligence, can help shift demand towards periods when renewable power supply is abundant, allowing a better use of variable renewable generation sources. Together, these measures will be crucial to ensuring that the rapid expansion of renewables translates into more secure, affordable and reliable energy supplies worldwide.
Soybean futures suffered losses on Wednesday, pressured by a sharp decline in crude oil prices. Wheat futures finished modestly lower, while corn managed small gains.
Crude oil prices tumbled amid growing expectations that the U.S. could seek a diplomatic resolution to its conflict with Iran following Tuesday's U.S. midterm elections. Crude oil and gasoline prices both plummeted, with U.S. crude oil falling to a 4-week low The weakness spilled into soybean oil and the broader soybean market. Soybeans were also pressured by the advancing U.S. harvest. January beans lost 11 ¾ cents to $12.02 ¼, and November 2027 slipped 3 ¾ cents to $11.88 ¼.
Wheat remained under pressure from expectations of renewed Russia-Ukraine peace negotiations scheduled for Nov. 10-11. The prospect of reduced Black Sea shipping disruptions weighed on prices. December Chicago lost 1 ¼ cents to $5.98 ½, December Kansas City fell 3 ½ cents to $6.32 ¾, and December Minneapolis dropped 2 ¾ cents to $6.16 ¾.
Corn found some support from recent large U.S. export sales, including purchases by Mexico and South Korea. However, plentiful American supplies continued to limit the upside. December was up 1 ¾ cents at $4.44 ¼, and March gained 2 cents to $4.58 ¼.
https://www.syngenta.ca/market-news/chicago-close--soys-fall-amid-post-election-crude-losses
Posted on 5 Nov 2026
Rio Tinto has approved a $144 million investment by Resolution Copper (Rio Tinto share: $79 million) to advance the next phase of development at the project in Arizona, one of the world’s largest untapped copper deposits and a potential major new source of domestically produced copper for the US.
The investment builds on the completion of the historic land exchange in March 2026, which unlocked the project’s next phase. It is additional to approximately $500 million of preliminary spending announced at that time.
The program will fund feasibility studies and final design engineering for the installation of development and production-level material handling equipment in both shafts and new water treatment facilities. It will also support ongoing exploration drilling, the purchase of underground development and production equipment as well as long-lead electrical equipment, Rio Tinto says.
Approximately 50 additional roles will be created across mining, geotechnical and geological disciplines, engineering and project services.
Rio Tinto Copper Chief Executive, Katie Jackson, said: “Resolution Copper has the potential to supply up to 25% of America’s copper demand for decades, strengthen domestic supply chains and deliver significant economic benefits for Arizona.
“Following completion of the historic land exchange in March, this investment is another important step in advancing the project. These funds will accelerate underground development, create additional skilled roles and ensure Resolution Copper is well positioned for its next investment decision, while maintaining safe underground operations and construction.”
Located near Superior, Arizona, the deposit lies between 5,000 and 7,000 ft (1,524-2,134 m) underground. Resolution Copper has the potential to become one of the largest copper mines in the United States, create thousands of direct and indirect jobs and contribute approximately $1 billion annually to Arizona’s economy, Rio Tinto says.
Posted on 5 Nov 2026
Fluor Corporation says it has received full notice to proceed under its engineering, procurement and construction management (EPCM) contract with Sierra Gorda Sociedad Contractual Minera (SGSCM) for the Fourth Grinding Line Expansion Project in Chile.
Located approximately 60 km south of Calama in Chile’s Antofagasta Region, SGSCM operates a large-scale open-pit copper-molybdenum mine. The brownfield expansion will add a fourth process line, including a new primary crusher, a high-pressure grinding roll crusher, fine ore grinding, flotation and associated support facilities.
The project is designed to increase the concentrator’s ore-processing capacity from approximately 130,000 t/d to 165,000 t/d.
The Sierra Gorda joint venture partners, which includes KGHM Polska Miedź S.A and South32, approved execution of the fourth grinding line project earlier this year.
Following completion of the project, Sierra Gorda’s annual average payable production is expected to reach approximately 195,000 t of copper, 6,000 t of molybdenum, 58,000 oz of gold and 1.7 Moz of silver. This represents an approximate 30% increase in copper equivalent production relative to current levels.
“Fluor is proud to continue our long-standing relationship with SGSCM to support this important expansion of its copper operations in Chile,” Harish Jammula, President of Fluor’s Mining & Metals business, said. “Having supported the original development, we are pleased to bring our knowledge of the operation and global project delivery expertise to this next phase of growth. We look forward to safely delivering a reliable, capital-efficient solution for our client.”
Construction activities are expected to start in 2027.
Photo credit: KGHM Polska Miedź S.A
Southern Copper stock has moved sharply lower since the previous report. Investors are weighing expansion plans against project timing and cost risks.
Southern Copper stock traded at 145.78 euros on Lang & Schwarz at 5:00:50 p.m. CET on Thursday, November 5, 2026. That was 9.19 percent below the 160.53-euro indication reported on Wednesday, November 4, marking the latest shift in the stock's trading level since the previous update.
The investment debate remains focused on whether record quarterly earnings can support an ambitious expansion program. In a report published on October 28, Zacks said management maintained its 2026 copper production forecast at 918,000 tonnes, even after third-quarter mined copper output fell 1.1 percent year over year to 232,396 tonnes.
Project timing remains central
Southern Copper expects Tia Maria in Peru to begin operations in the first half of 2028. Zacks reported that management attributed the revised timetable to additional mechanical equipment assembly and engineering work, while spending projections are under review ahead of the January 2027 earnings call.
The company is also evaluating a Cuajone milling expansion from 90,000 to 120,000 tonnes per day, with an estimated investment of 680 million US dollars. A larger 150,000-tonne option is under review, but management indicated that the smaller expansion was more likely.
El Pilar in Mexico remains scheduled for the second half of 2029 and carries an estimated investment of 551 million US dollars. Together with Tia Maria, the project is expected to add about 156,000 tonnes of refined copper to annual production, supporting Southern Copper's goal of exceeding one million tonnes of annual output.
Record results face tougher scrutiny
The third quarter produced record sales of 4,696.6 million US dollars and net income attributable to Southern Copper of 1,801.8 million US dollars. Higher metal prices supported the result, but lower mined volumes and construction execution leave investors sensitive to copper prices, project costs and delivery schedules.
Lundin Mining Corporation reported third-quarter 2026 molybdenum production of 130 tonnes at the Caserones mine on a 100% mine basis. SMM calculations indicate declines of 65.6% quarter on quarter and 77.4% year on year. January–September output fell 29.5% to 1,097 tonnes. Molybdenum grade remained unchanged from the second quarter at 0.017%, but ore milled dropped 46.9% to 4.45 million tonnes. Two severe winter storms caused prolonged power outages and suspended operations for approximately 30 days in total. Lundin did not provide separate revised molybdenum guidance.
Definitive agreement secures strategic feedstock to support Solvay’s rare earth production in La Rochelle, France
Solvay today announced that it has signed a long-term supply agreement with Viridis Mining and Minerals for the strategic supply of rare earth feedstock, following the Letter of Intent announced in June 2026. The agreement strengthens and diversifies Solvay’s access to critical supply for its rare earth operations in La Rochelle, France, with shipments expected to start in 2028.
Under the agreement, which has an initial term through 2034, Viridis will supply a mixed rare earth feedstock from its Colossus project in Brazil to Solvay’s La Rochelle facility. Under a separately contemplated agreement, Solvay will license technology and provide technical support to Viridis to produce upgraded, premium carbonate from their Colossus project in Brazil to supply La Rochelle.
The feedstock includes key rare earths for permanent magnets, notably neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb), supporting increasing global demand. It also contains an important distribution of additional heavy rare earths, such as samarium (Sm), gadolinium (Gd) and yttrium (Y). Minimum committed volumes for the magnetic rare earths of Nd, Pr, Dy and Tb represent approximately 70% of the anticipated production capacity of the Colossus project during the initial term, where Solvay also holds the right of first offer on the remaining production.
Solvay’s La Rochelle site is one of the largest rare earth separation and purification facilities outside China and is capable of processing the full range of rare earth elements at industrial scale. Solvay will apply its separation, purification and product development expertise to transform the material into individual, high-purity rare earth oxides and formulations used in permanent magnets and other strategic applications, including electric mobility, renewable energy, advanced electronics and medical applications.
In September this year, Turkey's hot rolled coil (HRC) exports amounted to 202,369 metric tons, down by 21.6 percent compared to August and down by 32.9 percent year on year, according to the preliminary data provided by the Turkish Statistical Institute (TUIK). Meanwhile, the revenue generated by these exports totaled $122.24 million, decreasing by 22.7 percent compared to the previous month and down by 27.5 percent year on year.
In the first nine months of this year, Turkey's HRC exports amounted to 1.93 million mt, down 15.8 percent, while the value of these exports decreased by 13.7 percent to $1.15 billion, both year on year.
Turkey's hot rolled coil exports - last 12 months
In the given period, Turkey's largest HRC export destination was Italy with 450,376 mt, down by 36.2 percent year on year. Italy was followed by Spain with 240,052 mt, down by 37.6 percent, and Bulgaria with 124,584 mt, up by 397.5 percent year on year.
Overall, the data show that the losses in Turkey's traditional EU HRC export markets have deepened, while strong growth has been recorded in some alternative markets. However, the sharp month-on-month and year-on-year decline in September indicates that export momentum weakened again at the end of the third quarter.
Turkey's top 10 HRC export destinations in the January-September period:
Shares in Turkey's hot rolled coil exports - January-September 2026
