Panama · Copper · Cobre Panamá Negotiations Recommended

What happened

On September 30, Panama’s Interministerial Commission delivered its final report on Cobre Panamá to President José Raúl Mulino. The report contains 17 recommendations and six criteria for any future solution concerning the mine site.

The Commission recommended evaluating the viability of an agreement that could resolve pending arbitration proceedings and establish conditions for an operating phase leading to an orderly closure of the site. The recommended framework includes compliance with the Supreme Court ruling, no extension and no cost to the national budget.

What happened

The U.S. Department of Energy selected 17 National Laboratory projects for US$29.5 million in funding through the Mine of the Future Initiative. The projects cover mining, mineral processing, ore sorting, in situ recovery, tailings reprocessing and real time sensing.

Examples include an Ames National Laboratory system for rare earth ore fragmentation and sorting and an Argonne National Laboratory process for continuous recovery of copper, nickel and cobalt from domestic mine tailings. Other selections address lithium, vanadium and rare earth recovery from unconventional or secondary materials.

What happened

Elmet Technologies announced an approximately US$36 million Defense Logistics Agency contract to supply high performance molybdenum and tungsten alloys and precision wire to the U.S. National Defense Stockpile. The materials include TZM products and specialized molybdenum and tungsten wire used in aerospace and defense applications.

The award was announced separately from Elmet’s earlier DLA tungsten stockpile contract. It extends federal procurement into processed molybdenum and tungsten products rather than ores and concentrates alone.

What happened

Osisko Gold completed a US$600 million offering of 9.250% senior secured notes due in 2031. Net proceeds were approximately US$578 million after discounts, commissions and estimated offering expenses.

Approximately US$120.8 million of the net proceeds was used to repay and terminate the existing Appian credit facility. After funding an interest reserve, the remaining proceeds were placed in a segregated disbursement account for advancement of the Cariboo Gold Project in British Columbia, where construction is underway.

What happened

Lithium Argentina announced a scoping study for a 45,000 tonne per year Stage 2 expansion at Cauchari Olaroz. The study would increase total site capacity from 40,000 to approximately 85,000 tonnes per year of lithium carbonate equivalent and estimates capital costs of about US$1.0 billion.

The company is also advancing an initial 10,000 tonne per year phase using adsorption direct lithium extraction technology. Engineering for the modular plant has started in China and early site work is underway in Argentina, subject to the applicable regulatory approvals and permits for equipment procurement and deployment.

What happened

Sibanye Stillwater announced that workers at the East Boulder mine in Montana ratified a new collective bargaining agreement with the United Steel Workers International Union. The agreement applies retroactively from August 1, 2026 through July 31, 2029.

The agreement provides a 4.5% wage increase in year one, followed by the greater of 3.5% or CPI in year two and the greater of 3.0% or CPI in year three. It also supports changes associated with the company’s plan to further mechanise the U.S. PGM operations.