Lundin Cuts Copper Guidance at Chile’s Caserones Mine After Severe Weather

What happened

Lundin Mining cut its 2026 copper production guidance for Caserones in Chile to 105,000 to 115,000 tonnes, from 120,000 to 130,000 tonnes. The November 4 quarterly update reported production of 15,015 tonnes in the third quarter, compared with 35,270 tonnes in the same period of 2025.

Storms and power outages in July and August suspended operations for approximately 30 days. Snowmelt subsequently hindered haulage. Together, these interruptions reduced the mine’s ability to move and process ore during the quarter.

The revised outlook brings the operational disruption into the annual supply forecast. Restoring power and reopening the site are only part of recovery when haulage also remains constrained. Caserones’ next operating results will show how quickly the mine can regain a steadier production rate after the affected quarter.

What happened

Denison Mines reported on November 4 that its Phoenix in situ recovery uranium project was 24% complete at September 30. Civil works were nearly 50% complete by the end of October. First production remains targeted for the second half of 2028.

The company now forecasts C$278.6 million of Phoenix project expenditure for 2026. This is the annual spending forecast, not the total project budget. Equipment and materials procurement brings some expenditure forward relative to physical completion.

The construction and civil works percentages describe different scopes and dates. Both help track delivery, but neither indicates that uranium output is imminent. The remaining work must bring construction, equipment installation and operating preparation together to support the 2028 production target.

What happened

NOVAGOLD reported on November 4 that shareholders had approved the transaction to acquire Paulson’s remaining 40% interest in Donlin Gold. The vote took place on November 3. Completion would give NOVAGOLD 100% ownership of the Alaska gold project.

Shareholder approval is one step in the transaction. Closing remains subject to court, stock exchange and regulatory approvals, together with other conditions. The announcement does not establish that the acquisition has closed.

Sole ownership would concentrate responsibility for Donlin’s development decisions and financing within NOVAGOLD. It would also remove the need to coordinate those decisions between two project owners. The immediate milestone is completion of the ownership transaction; advancing the mine will require separate technical, funding and execution decisions.

What happened

Petra Diamonds announced an agreement making at least US$20 million available through revolving advance payments for all future run-of-mine production at Cullinan. The November 4 update identifies the counterparty as a midstream diamantaire group. The arrangement provides access to advances; it does not establish that the full amount has been received.

Concurrent senior secured lender forbearance covers specified defaults. It lasts until the earlier of 12 months from the letter date or full repayment of amounts outstanding under the advance agreement, subject to ongoing conditions. Cullinan can terminate the advance arrangement without penalty once outstanding amounts are fully repaid.

The package supports immediate liquidity while Petra continues its review of refinancing and possible asset sales. Advances against future diamonds and temporary lender accommodation create room for that process, but do not complete the wider financial restructuring.

What happened

Aris Mining reported US$144 million of project capital expenditure in the third quarter, including US$86 million at Marmato and US$41 million at Segovia. Its November 4 results said commissioning of Marmato’s carbon-in-pulp plant was underway.

The spending figures identify where development capital was deployed during the quarter. Commissioning marks the testing and preparation of the new processing facilities; the update did not announce first gold from the Marmato plant.

The next delivery question is how the completed equipment performs as an integrated processing operation. Moving from construction expenditure to production requires systems to work together consistently. Commissioning progress and subsequent operating results will provide evidence of that transition, beyond the amount invested in the plant.

What happened

EACON and Tibet Julong Copper disclosed on November 4 that 60 autonomous battery-electric trucks were operating at the Zhibula mine in China, at an elevation of 5,400 metres. The fleet reached full operation at the end of September, before the announcement date.

The deployment combines autonomous driving and battery-electric haulage at the same mining operation. The reported milestone concerns a full fleet in service, rather than a proposed order or a trial involving a single vehicle.

Operating the combined system requires haulage scheduling, charging and vehicle control to function together under site conditions. Fleet deployment provides a basis for assessing that integration. Sustained availability, energy use and haulage performance over time will be more informative about its operating contribution than the number of trucks alone.