BASF has agreed to sell its global mining solutions business to France’s SNF. Today’s Daily also covers lithium financing in the United States, a proposed gold asset separation in Senegal,…

Geopolitical Mining Daily, November 13, 2026: BASF agrees to sell its mining solutions business to SNF, alongside five mining developments.
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Geopolitical Mining Daily · November 13, 2026

Signals in Motion

Germany and France: BASF Agrees to Sell Mining Solutions Business to SNF

BASF has agreed to sell its global mining solutions business to SNF, bringing mineral processing chemicals, a production site in Ireland and specialist technical capabilities into the French group.

Elsewhere, lithium financing advances in the United States, Senegal exploration assets move towards a separate company, Peru records a first concentrate shipment, Chile and India explore a copper partnership, and Mexico invests in equipment and tailings capacity.

By Marta Rivera Muñoz and Eduardo Zamanillo
Announcements and updates reported November 12, 2026. The Adani filing follows Codelco’s November 11 announcement.

The GM observation framework

The ten Signals

Each Daily uses the same ten strategic lenses. The highlighted dimensions classify the developments in this edition.

Active today · 02 · 03 · 06 · 07 · 10 Read the full framework →
01
Structural Demand and Supply Alignment
02
Profitability, Capital and the Financial GapActive today · Developments 02, 03
03
Regulatory Execution and ESG OutcomesActive today · Developments 02, 03
04
Talent and Skills
05
Reputation and Social Legitimacy
06
Technology Integration and Innovation DepthActive today · Developments 01
07
Geopolitical Concentration and Value Chain ControlActive today · Developments 01, 05
08
Illegal Mining and System Vulnerability
09
State Activation and Execution Capacity
10
Industrialisation and Midstream DeliveryActive today · Developments 01, 04, 06

Germany and France · Mining chemicals and industrial capabilities

Signal 07Geopolitical Concentration and Value Chain Control

Germany and France: BASF agrees to sell mining solutions business to SNF

Germany and FranceMining chemicalsSale agreement signed

What happened

BASF announced an agreement on November 12 to sell its global mining solutions business to France’s SNF. The transaction includes its production site in Cork, Ireland, and approximately 140 employees. Financial terms were not disclosed.

The business supplies chemicals used in flotation, leaching and solvent extraction. These processes help separate and recover metals from ore. Completion is expected in 2027, subject to merger control approvals and other closing conditions.

For SNF, the acquisition would broaden its capabilities in mineral processing. The agreement therefore concerns an important part of the mining supply chain: the specialist chemistry and technical knowledge that influence how mineral resources become saleable products.

United States · Lithium project finance

Signal 02Profitability, Capital and the Financial Gap

United States: Standard Lithium advances financing for Arkansas project

United StatesLithiumFinancing negotiations underway

What happened

Standard Lithium said on November 12 that financing remains the final major requirement before an investment decision on its South West Arkansas project. The company reported completion of the other three main requirements: execution contracts, federal environmental approval and customer offtake agreements.

It is working with export credit agencies EXIM in the United States, EDC in Canada and Eksfin in Norway. The target is now more than US$1.2 billion in senior secured project debt. However, binding financing agreements and credit approvals remain outstanding.

Management expects a final investment decision by the end of the first quarter of 2027, followed by construction. The update connects demand commitments and regulatory progress with the financing still needed to bring new lithium supply into development.

Senegal · Exploration assets and capital allocation

Signal 02Profitability, Capital and the Financial Gap

Senegal: Cora Gold proposes separate company for Madina Foulbé

SenegalGoldConditional demerger proposed

What happened

Cora Gold announced conditional agreements on November 12 to separate its Senegal exploration assets into Madina Minerals, a private company to be owned by Cora shareholders. The principal asset is the Madina Foulbé exploration permit in eastern Senegal.

Meanwhile, Cora would focus on developing its Sanankoro gold project in Mali. The proposed separation still requires approval from Senegal’s mining ministry for the permit transfer, alongside other conditions.

The structure would place exploration and mine development in separate companies, reflecting their different funding needs and timelines. It would also change how shareholders hold their exposure to the Senegal assets, which would move into a private vehicle.

Peru · Mine restart and first revenues

Signal 10Industrialisation and Midstream Delivery

Peru: Silver Mountain ships first concentrates from Reliquias

PeruSilver and base metalsFirst concentrate shipment

What happened

Silver Mountain announced its first concentrate sale and shipment from the Reliquias mine in Peru on November 12. The bulk and zinc concentrates have an estimated provisional sales value of US$2.7 million.

Following the September restart, the shipment marks the beginning of revenue generation as the operation builds towards commercial production. Silver Mountain aims to reach throughput of 800 tonnes a day in the second half of 2027, while moving from stockpiled material towards newly mined ore.

The first sale provides an early commercial milestone, rather than evidence that the planned operating rate has been reached. The company also notes that the production decision was not based on a prefeasibility or feasibility study establishing mineral reserves, which increases technical and economic uncertainty.

Chile / India · Copper exploration and industrial partnerships

Signal 07Geopolitical Concentration and Value Chain Control

Chile and India: Adani discloses Codelco copper exploration agreement

Chile / IndiaCopperMemorandum signed

What happened

Adani disclosed on November 12 a memorandum between its Kutch Copper subsidiary and Codelco covering a possible exploration partnership at Kaburkaala, in Chile’s Antofagasta region. Codelco had announced the agreement on November 11; the signing took place earlier, during LME Week in London.

The memorandum sets a basis for exploring cooperation rather than committing either party to mine construction or a copper supply contract. No investment amount, ownership split or production timetable was disclosed.

For Codelco, the proposed partnership offers a way to share exploration risk. For Adani, it connects an interest in upstream resources with its copper processing business in India. The commercial significance will depend on the partnership that develops from this initial agreement.

Mexico · Equipment and tailings capacity

Signal 10Industrialisation and Midstream Delivery

Mexico: Silverco advances fleet and tailings investments at La Negra

MexicoSilver and base metalsEquipment commissioning and works contracts

What happened

Silverco reported on November 12 that the first unit of its new Epiroc underground fleet had arrived at La Negra in Mexico and was undergoing commissioning. It also appointed M3 as construction manager for its tailings filtration project and awarded a civil works contract.

Detailed engineering for the filtration plant is approximately 90% complete. Civil works are expected to begin in late November, while construction and commissioning are targeted for completion by the end of the first half of 2027.

Together, the investments support a planned return to the mill’s nominal capacity of 2,500 tonnes a day. Filtered tailings are intended to ease the water management constraint on throughput. The update shows how equipment availability and tailings infrastructure can determine the use of existing processing capacity.

The Daily records verified changes. The Signals provide the classification map. The Weekly brings the developments together for the deeper system reading.

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