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Hycroft Mining has drilled the highest gold grades yet at its Nevada mine, extending a high-grade zone that could support underground production. One hole, H26D-6175A, cut 19.6 metres grading 30.49 grams gold per tonne and 1,726.72 grams silver from 416.5 metres at the Vortex system. A narrower interval within the hole graded 347.07 grams gold and 9,526.36 grams silver over 1.7 metres, and visible gold was observed in the core. The true width of the interval was not reported.

The results extend high-grade mineralization west and south of earlier intercepts, and follow-up drilling is underway. Vortex and the nearby Brimstone system are the focus of underground studies, with measured and indicated resources of 18.1 million tonnes grading 154.71 grams silver and 0.512 gram gold per tonne. That equals 90.2 million ounces of silver and 299,000 ounces of gold. Underground mining could bring richer material into production before a much larger open-pit project is developed.

Hycroft has hired Respec to develop a conceptual underground mine plan and assess a ramp for drilling and possible future mining. Hatch is evaluating processing options, with metallurgical testing by Hazen Research. The underground concept would produce a concentrate for possible sale to third parties. BMO Capital Markets analyst Brian Quast sees the underground option as potential upside and estimates the larger milling project would cost about $3.4 billion. He has a $24 share-price target and a market perform rating.

A decision on restarting heap leaching could come by year-end, according to BMO, with about $10 million in refurbishment spending in the first half of next year and first production in the third quarter. Hycroft has not committed to that timetable. For the larger milling project, BMO models construction beginning in 2029 and first production in 2031, averaging about 200,000 ounces of gold and 6.7 million ounces of silver annually over a 51-year mine life. The company held $221 million in cash and no debt at June 30. Its New York-listed shares fell 7.2% to $16.30 on Wednesday afternoon and have traded between $6.48 and $58.73 over the past year, with a market capitalization of $1.5 billion.

Equinox Gold reported a 34% increase in third-quarter gold production after completing its merger with Orla Mining. Output rose to 237,019 oz from 176,836 oz in the previous three months, while gold sales climbed 39.6% to 248,484 oz. The merger, finished in late July, added two months of production from the Musselwhite mine in Canada and the Camino Rojo mine in Mexico. It created a larger North American gold producer with three Canadian mines and a pipeline of development projects.

The combined company is expected to produce 1.1 million oz annually, with growth potential exceeding 1.9 million oz. In the first nine months of the year, Equinox produced 611,483 oz, keeping it on track for full-year guidance of 870,000 to 920,000 oz. Meeting that target would require fourth-quarter output of about 258,500 to 308,500 oz. Canadian operations delivered solid results, led by strong performance at Musselwhite and improvements at Valentine and Greenstone. At Valentine, the average gold grade fed to the mill exceeded 1.8 grams per tonne.

The company also advanced its South Railroad gold project in Nevada, securing a federal record of decision and final federal permits while starting early construction. A feasibility study outlined average annual production of 130,000 oz during the first five years at all-in sustaining costs of about $1,500 per oz. The project is expected to produce more than 100,000 oz annually over an initial 10-year mine life, with first gold scheduled for 2028. The near-term challenge is to turn the enlarged asset base into higher production, with operational improvements at Valentine and Greenstone critical to meeting targets.

Copper prices slipped from a three-week high after stronger US inflation data increased expectations that the Federal Reserve could raise interest rates again this month. December Comex copper fell 0.8% to about $6.6695 a pound after touching $6.7890, while three-month London copper reached $14,700 a tonne before easing to $14,532. A preliminary deal to avoid a strike at BHP's Escondida mine, the world's largest copper mine, also removed some supply concern. Labor issues remain elsewhere: workers at Antofagasta's Centinela returned to talks after a week-long stoppage, and Codelco's El Teniente open pit stayed closed after a deadly landslide.

US consumer prices accelerated in September because of higher gasoline costs, and market odds for a quarter-point Fed hike at the late-October meeting doubled to about 44%. New York Fed President John Williams said he still expects one more increase this year. Meanwhile, Escondida supervisors were voting on a tentative agreement that a union leader described as nearly complete. LME copper inventories fell for a seventh straight session to 229,650 tonnes, and cash copper set records earlier in the week.

Forecasters are raising copper price outlooks. Macquarie sees near-term surpluses and warns that prices have disconnected from fundamentals, with US tariff decisions creating a binary outlook. BMO Capital Markets argues that a large US copper stockpile and lower Chinese imports reflect a geographic shift rather than a true surplus, and it expects long-term prices to reach $16,000 a tonne in real terms. BMI expects a deficit from 2027, while Deutsche Bank's Daniel Ghali warns the US and China could hold 71% of world supply by the end of the year and copper may be unavailable to other users by 2028, with prices potentially hitting $10 a pound in 2027.

Copper miners moved lower with prices but have posted strong yearly gains. Southern Copper, Glencore, BHP, Freeport-McMoRan, Teck Resources, and Anglo American are up sharply this year, while Lundin Mining, Antofagasta, and First Quantum have lagged. RBC Capital Markets calculates that North American producers' valuations imply a copper price near $5.03 a pound, below the futures price near $6.70. The main debate is whether US tariff policy will release or lock up metal, and how quickly new mine supply and demand from grids, electric vehicles, and data centers will balance the market.

President Donald Trump announced that Taiwan will buy between $70 billion and $80 billion worth of liquefied natural gas from Alaska over 20 years and invest $4.4 billion in the planned Alaska LNG project. Taiwan would take 30% of the project's output. Taiwan's Ministry of Economic Affairs later confirmed plans to buy about 6 million metric tons per year and invest up to $4.4 billion, but it did not confirm a binding agreement. Ownership stakes and commercial terms are still subject to negotiation, and deliveries could begin in 2032 if construction stays on schedule.

The Alaska LNG project is led by Glenfarne Group. It would move natural gas from Alaska's North Slope through a roughly 800-mile pipeline to a liquefaction terminal on the southern coast. The terminal is planned to export 20 million metric tons per year. Its location offers Asian buyers a Pacific shipping route that avoids the Strait of Hormuz, a chokepoint that has become more dangerous after the Iran war disrupted LNG shipments. Asian importers are increasingly focused on supply security rather than lowest cost.

However, Alaska's difficult terrain and high pipeline costs may weaken the project's advantage. Capital costs are approaching $2.7 billion per million tonnes of annual LNG capacity, and the total project price tag is estimated at $44 billion to $55 billion. On a capacity-adjusted basis, those costs could be more than double those of competing U.S. Gulf Coast projects. South Korea was earlier described by Trump as planning to invest $50 billion to $54 billion in Alaska LNG, but Seoul challenged that account. South Korea's industry minister, Kim Jung-kwan, said the country has not committed to the investment and that participation depends on commercial viability and domestic procedures.

The project still needs binding supply agreements, committed financing, and final investment decisions. Political momentum for the Alaska LNG vision is growing, but its commercial future remains uncertain. For Taiwan and South Korea, avoiding the Strait of Hormuz is a clear attraction. The central question is whether that geopolitical benefit justifies tens of billions of dollars in additional investment.

The International Council on Mining and Metals has chosen Froydis Cameron-Johansson as its next president and CEO. She becomes the first woman to lead the organization. She will take over on Nov. 23 from Rohitesh Dhawan, who has led for five years and will help with the transition.

Cameron-Johansson brings experience from senior roles at Rio Tinto and Anglo American and began her career at Shell. The council said she was selected after a competitive process. Its chair, Iván Arriagada, called her an outstanding candidate with passion for mining, sustainability and delivery.

The organization focuses on responsible production and value chains for critical metals and minerals. It works to strengthen mining standards and show the industry's contribution to economic development while addressing environmental and social concerns. During Dhawan's tenure, efforts advanced to create the Global Tailings Management Institute and the Consolidated Mining Standard Initiative.

Cameron-Johansson said responsible mining and metals have never mattered more. She aims to build trust, improve performance, and show how responsible mining can contribute. Dhawan will support the leadership change until the end of the year.

Plans to allow more oil and gas drilling at two North Sea sites, Jackdaw and Rosebank, have been delayed. The delay stems from government procedures and lengthy bureaucracy, according to Prime Minister Andy Burnham. The sites were blocked by Scottish courts in 2024 on environmental grounds, and energy companies have been waiting for a decision.

Energy secretary Miatta Fahnbulleh is expected to decide within weeks whether to approve drilling. The projects would be run mainly by Shell and Equinor. The decision must balance economic growth against environmental promises. The former Conservative government had approved both fields, but the current Labour government had promised not to issue new oil and gas licences.

At Prime Minister's Questions, Conservative leader Kemi Badenoch urged Burnham to stop delaying and let energy bosses proceed. Burnham said the government process had to be fixed after courts struck down the previous approval, and he would take a pragmatic approach. Equinor chief executive Anders Opedal warned that rejecting the projects would hurt the UK's attractiveness to investors.

A report by Public First, commissioned by Adura, a joint venture between Shell and Equinor, says the two projects could add £35bn in value to the UK economy between 2026 and 2035. They could also generate £12.1bn in extra tax revenues over the next decade. Jackdaw could start production this winter if approved, because much of its infrastructure is already in place.

Gold producers are not receiving full credit from investors despite stronger profits and tighter spending discipline. Sprott Asset Management says the NYSE Arca Gold Miners Index traded at 5.7 times expected operating earnings at Sept. 30, about 22% below its roughly 7.3-times average over the past 20 years. The index’s forward earnings-per-share measure has climbed to more than four times its level at the end of 2023. Net debt levels have fallen to their lowest point in 20 years, even as return on capital rises and shareholder distributions increase. This disconnect tests whether producers have broken the spending habits that disappointed shareholders after the 2011 gold boom.

Stronger finances support the argument that miners are undervalued, but pressure to replace depleted deposits could require more construction spending and acquisitions. BMO Capital Markets reports that cash held by its producer universe exceeded debt by about $19.6 billion. Agnico Eagle Mines had about $3.3 billion in net cash, while Barrick Mining had about $1.2 billion. Valuations differ within the sector: Agnico traded at 7.3 times forecast 2026 EBITDA, compared with 3.5 times for Barrick. John Ing favors Agnico’s growth prospects and Barrick’s asset portfolio but cautions that reserve replacement is key and few miners have been successful, suggesting continued M&A activity.

Production forecasts vary considerably. Agnico’s gold-equivalent production is expected to fall about 3% next year to 3.2 million ounces, while Barrick’s is expected to rise about 13% to 4.3 million ounces. Agnico’s Radisson investment supports underground exploration at the O’Brien gold project in Quebec. John Hathaway urges producers to put reserve replacement first and avoid diluting shareholders. Sprott says the data do not currently suggest a broad return to excessive risk-taking.

Gold’s investment case also depends on central bank demand and reserve diversification. Central bank net purchases totaled 345 tonnes in the first half, the lowest first-half total since 2022, despite a sharp second-quarter rebound. Ing maintains an interim bullion target of $6,000 per ounce, citing U.S. fiscal deficits and geopolitical uncertainty. For miners, the key question is whether stronger earnings and balance sheets can survive both bullion-price volatility and the investment needed to sustain production.

The global refined copper market is expected to have a much larger surplus by 2027. The International Copper Study Group forecasts a surplus of 368,000 tonnes in 2027, up from 104,000 tonnes in 2026. The 2026 surplus estimate was slightly above the 96,000 tonnes projected in April, while the 2027 outlook was unchanged.

The wider surplus is mainly due to refined copper production recovering after concentrate shortages limited smelter output in 2026. Refined output is expected to rise by just 0.4% in 2026 before accelerating by 3.4% in 2027. The rebound depends on smelter and refinery expansions in Indonesia, India and the European Union, better operating rates in Chile, and more production from scrap. Mine supply is also recovering, though the 2026 growth forecast was cut to 1.3% from 1.6% because of lower output in Chile, China and Indonesia. New or expanded mines such as Oyu Tolgoi, Batu Hijau, Malmyz, Julong, Svyatogor, Antamina and Cobre Panama are helping, while Grasberg and Kamoa-Kakula remain constrained after 2025 incidents.

Demand is growing more slowly than supply. Global refined copper use is projected to increase by 1.5% in 2026 and 2.5% in 2027, with Asia driving most of the growth. China, which consumes 59% of the world's refined copper, is expected to raise apparent usage by 2.5% in 2026, while demand elsewhere is broadly unchanged. The 2026 consumption outlook was lowered slightly because of weaker expectations for the Middle East, North America and the European Union, and Japanese demand is expected to stay subdued. Longer-term demand should be supported by the energy transition, urbanization, digitalization and AI infrastructure.

The forecasts remain exposed to supply disruptions and geopolitical risks, especially the conflict in the Middle East. The group also warned that its measure of Chinese apparent demand does not include changes in unreported inventories held by state agencies, producers, consumers and traders, and such stock movements can materially change the global supply-demand balance.

Iran has sharply increased attacks on commercial ships in the Strait of Hormuz, aiming to create uncertainty and economic damage ahead of US midterm elections. The attacks have disrupted a recent recovery in oil shipments from the Persian Gulf.

Between October 5 and 11, twelve vessels were attacked, including six in one day. On Tuesday, a tanker and a container ship were hit by projectiles. Iran state media showed a container ship sinking. Iran's security official Mohsen Rezaei said the Revolutionary Guard strikes five or six vessels every night and claimed the strait is under Iran's control.

The US says its naval escort mission has helped move more tankers through the strait, but Iran says the US is using small boats to smuggle Iranian oil to larger ships for ship-to-ship transfers. Iran also claims US naval ships stay away from its shores.

In October, at least 24 foreign vessels have been targeted, including a container ship with 2,500 containers that Iran says hit a naval mine and sank. If the attacks continue, oil prices could rise sharply by the end of the month.

The Commonwealth of Independent States was created in 1991 as the Soviet Union was breaking apart. Since then, it has largely failed to live up to its founding goals and often appears inactive or dysfunctional. A recent CIS summit in Turkmenistan, held at the Avaza resort on the Caspian coast, produced familiar rhetoric about the group's importance and future, with Russian leader Vladimir Putin praising it as an influential regional integration association.

Putin's support for the CIS is driven less by economics than by geopolitics. He wants to use the group to slow the loss of Russia's cultural and historical influence in Central Asia and the South Caucasus. The Russian language is facing growing competition from English and local languages, especially among younger people in cities such as Almaty, Astana, and Tashkent. Governments in the region have also changed language and alphabet policies, and some are revising Soviet-era history to emphasize oppression rather than Russian-led civilization.

At the summit, one signed document stood out for calling for the preservation of historical memory, specifically the memory of the Soviet victory in the 1941–1945 war. The Kremlin highlighted this effort as part of its broader push to protect Russian-language and cultural legacies. Yet it remains unclear whether such measures can restore Russia's influence, recalling former Russian prime minister Viktor Chernomyrdin's famous remark: 'We wanted the best, but it turned out as usual.'