Core Viewpoint - Perpetua Resources (PPTA.US) has seen a significant stock increase of over 7%, reaching a historical high, and has surged 90% year-to-date, driven by plans to establish an antimony refining plant in the U.S. to boost domestic supply [1] Group 1: Company Developments - Perpetua Resources is in discussions with Glencore and Trafigura to collaborate on building an antimony refining facility in the U.S. [1] - The company has received U.S. government approval to begin construction of its antimony mine located approximately 138 miles (222 kilometers) north of Boise, Idaho, which will become the largest antimony supply source in the U.S. [1] - The CEO of Perpetua Resources, Jon Cherry, expressed optimism about expanding domestic mineral processing capabilities and emphasized the importance of making informed, market-based decisions when selecting partners [1] Group 2: Industry Context - Antimony is identified as a critical mineral used in the production of bullets, solar panels, and other products, highlighting its importance in various industries [1] - Currently, there are no domestic antimony mining resources in the U.S., indicating a significant opportunity for Perpetua Resources to fill this gap in the market [1]

Group 1 - Perpetua Resources is negotiating with companies like Glencore and Trafigura to establish an antimony refining plant in the U.S. as part of efforts to increase Western antimony supply [1] - The company has received U.S. government approval to begin construction of its antimony mine located approximately 138 miles (222 kilometers) north of Boise, Idaho, which is expected to become the largest antimony supply source in the U.S. [1] - The mine is estimated to have 148 million pounds of antimony reserves and 6 million ounces of gold reserves, but faces legal opposition from the Nez Perce Tribe due to concerns over potential impacts on local salmon populations [1] Group 2 - Perpetua Resources plans to mine antimony but not refine it, prompting the search for partners to complete the necessary refining process [1] - The company is in discussions with Glencore, Trafigura, Clarios, and Sunshine Silver regarding refining partnerships and aims to seek proposals in the coming weeks, with a decision expected by the end of the year [1] - United States Antimony Corporation, which operates two antimony refining plants in North America, recently secured a contract worth up to $245 million from the U.S. Defense Logistics Agency for antimony ingot supply [2]

Core Insights - Argentina is seeking to exploit its significant copper reserves, estimated at 75 million tons, as global copper demand is projected to increase by 70% by 2050, reaching over 50 million tons per year [1][2] - The country currently produces about 4,000 tons of copper annually, compared to Chile's 5.5 million tons, indicating a substantial gap in production potential [1] - The International Energy Agency (IEA) warns that by 2025, copper supply may fall 30% short of global demand if current project development rates continue [1][2] Industry Potential - Argentina's mining sector has a historical investment portfolio of approximately $30 billion, with over 100 projects, half of which are copper-related [1] - The government analysis suggests that eight copper projects could collectively contribute $15.4 billion in mining export value by 2030, more than tripling the export value expected in 2024 [2] - Major mining companies like Glencore are planning significant investments, with Glencore aiming to produce nearly 1 million tons of copper annually from its El Pachon and Agua Rica projects over the next 10-15 years [3][4] Government Initiatives - The introduction of the RIGI program offers investors substantial tax, trade, and foreign exchange benefits over 30 years, attracting over $30 billion in investments, primarily in mining [4] - The Argentine government is focusing on expanding the mining sector, particularly copper and lithium, as part of broader economic reforms [3][5] - However, the success of these initiatives depends on consistent policies and social acceptance, as past policy fluctuations have hindered investment levels [5]

Group 1: Cobalt Export Suspension and Market Impact - The cobalt export suspension from the Democratic Republic of Congo (DRC) will expire on October 15, having significantly impacted market prices, which have recovered over 60% since February [1] - The DRC, supplying over 70% of the world's cobalt, introduced the ban after prices fell to a nine-year low near $10 per pound in early 2025 due to oversupply and weaker demand from electric vehicle manufacturers [3] - Cobalt prices have rebounded sharply, with COMEX trading at around $16 per pound, and cobalt sulphate in China averaging $6,947 per ton in August, over 90% higher than at the start of the year [4] Group 2: New Quota-Based Export System - The DRC will replace the blanket ban with a quota-based system starting October 16, allowing miners to ship a maximum of 18,000 tons this year and 96,600 tons in each of 2026 and 2027 [2] - The DRC produced nearly 220,000 tons of cobalt in 2024, indicating a significant production capacity compared to the new quotas [2] Group 3: International Scrutiny and Political Context - The DRC's export strategy has drawn international scrutiny, with ongoing discussions about finalizing quotas among producers, complicated by the political situation and illegal mining funding rebel groups [6] - Glencore supports a quota system, while CMOC favors a full lifting of restrictions, highlighting differing interests among major producers [6] Group 4: Stockpiling and Strategic Moves - Both the US and China have been stockpiling cobalt, with China increasing reserves and the US Department of Defense securing 7,500 tons over five years to diversify supply sources [7] - The US Trade and Development Agency awarded funding for a feasibility study to expand the Kazozu copper-cobalt mine, potentially adding 25,000 tons of copper and cobalt concentrates annually [8] Group 5: Value of Cobalt in EV Batteries - The value of cobalt in electric vehicle batteries rose to $180 million in August, the highest since late 2022, with average cobalt content value per vehicle climbing back above $70, nearly double January levels [5]

Core Viewpoint - Orion Minerals' subsidiary, Prieska Copper Zinc Mine (PCZM), has entered a non-binding term sheet agreement with Glencore for financing and concentrate offtake, marking a significant step towards production [1][5]. Financing Structure - The financing agreement consists of two tranches: - Tranche A is A$40 million for construction and start-up of the Uppers at Prieska [1][3]. - Tranche B ranges from A$160 million to A$210 million for construction and start-up at the Deeps, with up to A$50 million available for early drawdown under certain conditions [2][6]. Conditions for Funding - Several conditions must be satisfied before funding can proceed, including Glencore's due diligence, an intercreditor agreement with current secured lenders, and finalization of binding legal documentation [2]. Drawdown and Repayment Terms - The initial drawdown for Tranche A is scheduled for November 2025, with interest payable quarterly and the option to capitalize interest for up to 18 months post-initial production [3]. - PCZM can repay the facilities early without penalties, and Glencore can offset amounts owed under the offtake agreement against amounts owed under the facilities agreement [3]. Offtake Agreement Details - The offtake agreement ensures competitive market pricing and terms, securing 100% of bulk concentrates from the Uppers for five years and 100% of copper and zinc concentrates from the Deeps for ten years [4]. Strategic Importance - The funding from Glencore is seen as a pivotal moment for Orion, enabling the transition to a producer and facilitating early works on the Deeps in line with the definitive feasibility study [5][6].

(Reuters) -Australia's Orion Minerals said on Wednesday it has signed a non-binding term sheet with a unit of global miner Glencore for $200 million–$250 million funding for its Prieska copper-zinc project in South Africa. The diversified metal developer said that the deal includes an offtake agreement with Glencore to sell 100% of zinc and copper concentrates, among others, from the mine for a period ranging between five and 10 years. Orion will receive the funding in two tranches for the construction a ...

Summary of Conference Call on Cobalt Sector Industry Overview - The cobalt sector is currently experiencing a price increase trend, supported by Glencore's backing of the Democratic Republic of Congo's (DRC) quota system to enhance cobalt prices, with a significant policy announcement expected on September 22, 2025 [1][2] - Cobalt intermediate prices have seen a slight increase since June 22, 2025, from $13 per pound to $13.7 per pound, but the price rise is limited due to high industry inventory levels [3] Key Points and Arguments - Glencore has ceased external sales of cobalt intermediates to control supply and drive prices up, indicating a potential favorable policy outcome for prices [2] - The DRC's extended export ban could prolong transportation cycles, potentially leading to a supply chain disruption if exports do not resume by late October or November 2025 [6] - Current domestic inventory levels are precarious, with an estimated 40,000 to 50,000 tons remaining by the end of 2025, concentrated in a few major companies [5][6] - The cobalt price trend for 2025 is optimistic, with companies like Huayou, Tengyuan, and Hanrui expected to perform well, particularly after the policy announcement [10] Company Performance - Huayou and Tengyuan are highlighted as reliable investments due to their strong earnings potential, with Huayou benefiting from its Indonesian MHP project [10][13] - Luoyang Molybdenum (Luomoly) is viewed as less favorable for cobalt investments compared to Huayou, Tengyuan, and Hanrui, as its price increase has been limited [11] - Rio Tinto Resources, listed in Hong Kong, achieved a profit of 1.4 billion yuan in the first half of 2025 despite low nickel prices, with an expected annual profit of 3 billion yuan, making it an attractive investment due to its low valuation [12] Additional Insights - The lack of significant price increases in cobalt is attributed to the absence of public news stimuli, despite expectations of an extended export ban [9] - The market is advised to closely monitor Glencore's sales policies as they will significantly influence price movements [7][8] - The overall recommendation is to invest in Huayou, Tengyuan, and Hanrui, while also considering Rio Tinto Resources for its low valuation and potential growth [13]

Mergers and Acquisitions - Teck Resources 创始人 Norman Keevil Jr 改变立场，支持与 Anglo 的交易 [1] - 两年前，Teck Resources 创始人 Norman Keevil Jr 拒绝了竞争对手 Glencore 的收购提议 [1] Strategic Considerations - Norman Keevil Jr 认为现在与 Anglo 达成协议为时未晚 [1]

矿业股在开盘交易中领涨富时100指数。黄金和白银开采商Fresnillo涨幅居前，股价上涨约4%。英美资 源、Endeavour Mining和嘉能可均上涨约2%。金价上涨0.5%，至每盎司3653美元；银价上涨1.3%，至 每盎司42.1美元。Swissquote Bank分析师Ipek Ozkardeskaya表示，金价受益于投资者押注美联储将开始 降息、美元走弱以及持续的地缘政治紧张局势。她补充称，美国周四公布的经济数据已为美联储下周降 息开了"绿灯"。 来源：滚动播报 ...

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...