Ghana has announced a mining sector tax reform abolishing value-added tax (VAT) on mineral exploration and reconnaissance activities in a bid to attract greater investment. The move, revealed by the country’s Finance Minister, Cassiel Ato Forson, comes as Ghana, Africa’s leading bullion producer, seeks to reverse more than two decades of limited new mining development, reported Reuters. The 15% VAT was introduced 25 years ago as part of wider fiscal reforms, and was applied to exploration-related expense ...

Lithium prices in China spiked after one of the country’s major producers gave a bullish forecast https://t.co/GQ5l7bZWMr ...

Core Viewpoint - Vast Resources plc is progressing with a rough stone tender that includes a total of 126,677.50 carats, aiming to maximize revenues for shareholders through phased sales of higher quality stones [2][3]. Group 1: Tender Update - The initial parcel for the rough stone tender consists of 126,677.50 carats, which includes 12,591.77 carats of mixed-quality gem stones, 63,091.75 carats of low-grade gem stones, and 50,993.98 carats of industrial stones [2]. - The company plans to sell the remaining higher quality stones in a phased manner to maximize revenue [3]. Group 2: Company Overview - Vast Resources plc is an AIM quoted mining company with operations in Romania, Tajikistan, and Zimbabwe [6]. - In Romania, the company is focused on advancing high-quality projects, including the Baita Plai Polymetallic Mine, which has a JORC compliant resource report indicating a mine production life of approximately 3-4 years and a total mineral resource of 15,695 tonnes copper equivalent [7]. - The company also owns the Manaila Polymetallic Mine and is working to bring it back into production [8]. - In Tajikistan, Vast has a joint venture for the Takob Mine, which will provide a 12.25 percent royalty on sales of non-ferrous concentrate [10]. - Additionally, Vast is contracted to manage the Aprelevka gold mines, aiming to increase production towards historical peak levels of approximately 27,000 ounces of gold and 250,000 ounces of silver per year [11].

锌周报 2025 年 11 月 17 日 走势锚定宏观 锌价宽幅震荡 核心观点及策略 上周沪锌主力期价震荡回落。宏观面来看，美国政府结束停 摆，但美联储官员集中放鹰，因担忧通胀释放降息谨慎言论， 12 月降息预期回落，抑制市场风险偏好。国内 10 月经济全 面走弱，且新增信贷及社融低于预期且低于季节性，市场情 绪降温。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/ 8 基本面看，CZSPT 发布 2026Q1 进口锌矿加工费指导价 105-120 美元/吨，略高于当前现货加工费。国际铅锌周上市 场普遍预计 ...

Core Insights - Red Mountain Mining (ASX: RMX) has been approved for listing on the US OTCQB stock exchange, showing strong pre-listing market activity with high trading volumes and investor interest [1] - The new listing will enhance access for US retail and institutional investors, improving visibility within the US critical minerals network and positioning alongside US-listed peers [2] Company Developments - Red Mountain's antimony projects, including Yellow Pine, Utah, and Silver Dollar, are situated in Tier-1 mining districts near significant developments like Perpetua Resources' Stibnite project and Trigg Minerals' Antimony Canyon project [3] - The company is making progress at its Armidale antimony-gold project in New South Wales, Australia [3][4] Industry Context - The company aims to build a portfolio to address the "unprecedented critical shortage" of strategic metals supply from Western mining companies, engaging with strategic partners to advance its critical minerals assets [5] - A recent $355 million commitment from the US Department of Energy aims to enhance mining, processing, and manufacturing technologies in the sector [5] - The signing of a Critical Minerals Framework agreement between the US and Australia will see both nations invest at least $1 billion each in critical minerals projects over the next six months, providing momentum for the company's US expansion strategy [6]

Core Viewpoint - BHP Group Ltd faces legal liability for the 2025 Fundão dam failure as determined by the English High Court, leading to a decline in share price, with future compensation assessments expected in 2028 or 2029 [2][5]. Group 1: Legal and Financial Implications - The English High Court ruling found BHP liable under Brazilian law for the dam failure, with BHP planning to appeal the decision [2]. - BHP has already supported extensive remediation efforts, having spent US$1 billion in FY26 and expecting cash outflows of US$2.2 billion for FY26 and US$0.5 billion for FY27 [5][6]. - Since 2015, BHP, Vale, and Samarco have provided US$13.4 billion for reparations, with US$6.3 billion already disbursed [6]. Group 2: Compensation and Settlements - A US$32 billion agreement was reached for a "full and final" settlement of key claims related to the dam failure, with over 610,000 people compensated [3][4]. - BHP believes that releases from claimants should reduce the size and value of claims in the UK case, which it views as duplicative of prior remediation efforts [4][6]. Group 3: Future Legal Proceedings - A second stage trial is scheduled between October 2026 and March 2027 to determine if losses claimed were caused by the dam failure, with a potential third trial unlikely before 2028 [7]. - The market reaction to the news has been negative but not significant, as BHP has largely accounted for the compensation in its financials [8].

Public Safety Concerns - Police are investigating an underground location due to community anxiety about what they might find [1] - The investigation involves potential recovery of deceased individuals ("abantu abasishiyile abapha phansi") [1] - The scene is described as difficult and containing many dead people ("kunabantu abaningi abafileyo mara asikwazanga uba like inzima into engifike ngayibona laphaya") [1] Allegations of Criminal Activity - There are allegations of people eating human flesh ("Uyika inyama yomntu, ipheke") [1] - Individuals are described as missing children ("abantwana babantu bebehala") [1]

Group 1 - West Coast Silver (ASX: WCE) will participate in the 121 Mining Investment Conference in London, presenting recent and future activities [1][2] - The conference will host over 150 mining companies and more than 500 sophisticated investors for targeted 1-2-1 meetings [1][2] - The event is scheduled for November 17-18, 2025, and offers a curated schedule of pre-booked meetings and expert commentary on industry developments [2] Group 2 - 121 Mining Investment connects portfolio managers and analysts from institutional funds, private equity groups, and family offices with mining company management for private meetings [3] - The global event series includes locations such as London, New York, Cape Town, Dubai, and Singapore, with online editions throughout the year [3] Group 3 - West Coast Silver focuses on the exploration and development of the Elizabeth Hill Silver Project in the West Pilbara province, supported by complementary resource projects [4]

Core Insights - The Global X Silver Miners ETF (SIL) and the VanEck Gold Miners ETF (GDX) both focus on mining equities but differ significantly in their investment strategies and performance metrics [1][6] Cost & Size Comparison - GDX has a lower expense ratio of 0.51% compared to SIL's 0.65%, making it more cost-effective for investors [2] - As of November 14, 2025, GDX has a larger AUM of $22.21 billion, while SIL's AUM stands at $3.73 billion [2] - SIL offers a higher dividend yield of 1.17% compared to GDX's 0.53%, appealing to income-focused investors [2][7] Performance & Risk Analysis - Over the past year, GDX has outperformed SIL with a return of 114.6% versus SIL's 97.5% [2] - In terms of five-year performance, GDX has shown a growth of $2,007 from an initial investment of $1,000, while SIL has grown to $1,550 [3][8] - GDX has a smaller max drawdown of -49.79% compared to SIL's -56.79%, indicating lower price volatility [3][8] Portfolio Composition - GDX exclusively targets gold mining companies, holding 53 positions with top holdings in Agnico Eagle Mines Ltd, Newmont Corp, and Barrick Mining Corp [4] - SIL focuses on silver miners with 40 stocks, including top holdings like Wheaton Precious, Pan American Silver Corp, and Coeur Mining Inc [5] - The differing commodity focus introduces unique risk factors and drivers for each fund [5][6]

Core Viewpoint - Freeport-McMoRan Inc. is facing a class action lawsuit for securities fraud due to alleged false and misleading statements regarding safety practices at its Grasberg Block Cave mine in Indonesia, which heightened risks for mine workers [5]. Summary by Sections Class Action Lawsuit - The Schall Law Firm is reminding investors of a class action lawsuit against Freeport-McMoRan Inc. for violations of the Securities Exchange Act of 1934 [1]. - Investors who purchased securities between February 15, 2022, and September 24, 2025, are encouraged to contact the firm before January 12, 2026 [2]. Allegations - The complaint alleges that Freeport made false and misleading statements, failing to ensure appropriate safety practices at its Grasberg mine, which created risks for workers [5]. - The company's public statements were deemed false and materially misleading throughout the class period, leading to investor damages when the truth was revealed [5].