United States and Colombia Sign Critical Minerals Framework

What happened

On September 8, United States Secretary of State Marco Rubio and Colombian Foreign Minister Omar Bula signed arrangements in Barranquilla covering a Critical Minerals Framework and civil nuclear cooperation. Colombia’s Foreign Ministry describes the two instruments as part of a wider bilateral agenda intended to support economic, energy and productive development, together with security, sovereignty and mutual respect.

The Critical Minerals Framework establishes a bilateral structure for resilient, diversified and fair supply chains for critical minerals and rare earths. It commits both governments to mobilize government and private sector support through guarantees, loans, equity, offtake arrangements, insurance and regulatory facilitation. The stated objective is to identify and finance mining and processing projects jointly within six months of signature.

The framework also calls for streamlined permitting, pricing mechanisms such as price floors, national security review tools for sales of critical mineral assets, investment in recycling technology and cooperation on geological mapping. The public statements do not name individual projects, participating financial agencies, budgets, approved credit facilities or committed capital. Those elements remain to be defined during implementation.

Signal reading

The agreement is consequential because it assembles project selection, finance, market support, permitting, ownership review, recycling and geological knowledge inside one bilateral mineral framework. Colombia is being positioned as a potential source of projects and processing capacity within a United States aligned system. The signature establishes direction and a six month work horizon, while actual strategic capacity will depend on whether the two governments convert the framework into named projects, accountable institutions and binding commercial instruments.

Next proof point: publication of the project list, identification of responsible agencies, defined budgets or facilities, binding financing and offtake terms, permitting milestones and evidence that at least one mining or processing project advances under the framework.

What happened

Ivanhoe Mines reported that drilling since its May 2025 estimate increased contained copper at the Western Forelands discoveries by approximately 30% to about 12 million tonnes. On a 100% project basis, the updated Western Forelands estimates comprise 42 million tonnes of Indicated Mineral Resources grading 2.66% copper and 612 million tonnes of Inferred Mineral Resources grading 1.80% copper within mineable shapes at a 1% copper cut off.

The Makoko District accounts for 34 million tonnes of Indicated Resources at 2.66% copper, containing approximately 0.90 million tonnes of copper, and 612 million tonnes of Inferred Resources at 1.80% copper, containing approximately 11.0 million tonnes. Ivanhoe says approximately 64,000 metres of diamond drilling completed since the previous estimate supported the increase.

The company planned 94,500 metres of Western Forelands drilling during 2026 and reported that around 70% of the diamond program had been completed by August. Results received after the March 31 effective date were excluded from the current estimate. Ivanhoe expects another resource update during 2027 and a Makoko scoping study during the first quarter of that year. Mineral Resources are not Mineral Reserves, and the Inferred category carries lower geological confidence and cannot support detailed mine planning without further work.

Signal reading

The update expands the geological scale of a copper district beside Kamoa Kakula and gives future development studies a larger resource base. It does not establish a mine, production schedule or economic outcome. The strategic question now moves from discovery scale toward resource conversion, mining method, metallurgy, infrastructure, ownership arrangements and capital. Western Forelands becomes relevant to future supply only when those elements are assembled into a viable project configuration.

Next proof point: the Makoko scoping study, conversion of Inferred material, metallurgical and geotechnical programs, a development concept, infrastructure and power planning, ownership clarity and a credible capital pathway.

What happened

Core Lithium produced the first spodumene concentrate from the recommissioned processing plant at its Finniss Lithium Operation. The milestone follows the restart of mining at the Grants open pit in May and recommissioning of the crushing circuit in August. Core achieved first concentrate within six months of the final investment decision for the staged restart and within its September quarter target.

The plant remains in commissioning and optimization. Core completed targeted work on screens, the rolls crusher, the tails thickener, the ferrosilicon distribution system and the consolidation of crushing and dense media separation controls. The company expects these changes to improve liberation and recovery and increase throughput capacity by approximately 20% to 1.2 million tonnes a year.

Grants is providing initial ore while development of the BP33 underground mine continues in parallel. Core targets the first shipment of newly produced concentrate during the December quarter of 2026, with production and shipments expected to continue into 2027. First concentrate confirms that material has passed through the restarted circuit, while reliable production, product quality, recovery, throughput and commercial shipment remain separate proof points.

Signal reading

Finniss has crossed an important physical threshold from financed restart into product. The use of existing mine and plant infrastructure shortened the path from final investment decision to concentrate, while the upgraded circuit is intended to improve operating capacity. The project now enters the less visible but decisive phase of stabilizing the plant and demonstrating that output can be produced consistently, transported and accepted by customers.

Next proof point: repeatable throughput and recovery, concentrate specifications, the first December quarter shipment, customer acceptance, continuing production into 2027 and progress at BP33.

What happened

Aclara Resources entered a joint venture agreement with the Japan Organization for Metals and Energy Security to explore and advance ionic clay heavy rare earth deposits in Brazil. The venture will operate through a newly established Aclara subsidiary and will exclude the Carina Project, which remains wholly owned by Aclara.

JOGMEC will fund up to US$3.0 million of exploration expenditure during a three year earn in period. Subject to conditions, it may contribute another US$1.5 million and extend the period by one year. After satisfying its commitments, JOGMEC may acquire a 30% participating interest in one Brazilian exploration project. The partners would then fund work according to their respective interests.

After completing the earn in, JOGMEC would also have the right to purchase production equal to its participating interest plus another 10% of future output on commercial terms. It may assign its interest and related rights to Japanese companies or a consortium. Aclara will act as operator during the earn in period. The agreement provides capital and future market access, but no specific exploration project has yet been selected and no new Mineral Resource or development decision has been established.

Signal reading

Japan is placing state risk capital and future purchase rights at the exploration stage rather than waiting for a defined mine. The structure links geological discovery with a prospective Japanese route to market while leaving operational control with Aclara during the initial program. This is a separate development from the United States EXIM interest in Aclara’s Louisiana processing platform: the September 8 agreement concerns new Brazilian exploration, ownership and future purchase rights.

Next proof point: establishment of the Brazilian vehicle, selection of the exploration project, funded field programs, drilling results, a Mineral Resource estimate, JOGMEC’s earn in decision and definitive future purchase arrangements.

What happened

Seabridge Gold announced substantial completion and successful energization of the Treaty Creek Terminal on August 27. The terminal is located on Highway 37 approximately two kilometres north of the entrance to the KSM copper and gold project in northwestern British Columbia.

The facility forms part of the electrical infrastructure intended to support future construction and operations at KSM and is expected to be ready for service by November 2026. Seabridge says access to hydroelectric power could reduce the project’s operating costs and carbon footprint. The company also reports that more than $1.2 billion has been invested in advancing KSM to date.

Energization confirms that an external power node has reached a functioning state. It does not complete the project’s wider internal transmission system, establish full construction financing or constitute a decision to build the mine. Those elements remain separate from the terminal milestone.

Signal reading

Large mineral projects often depend on infrastructure that must be built before the mine itself can advance. Treaty Creek moves KSM closer to a reliable grid connection and converts prior spending into a physical asset. Its strategic value will be realized when power reaches construction and operating loads within a fully financed development plan.

Next proof point: readiness for service in November, completion of the project connection, delivery of remaining permits and engineering, a comprehensive financing structure, construction approval and evidence that power supports sustained project execution.

What happened

Liberty Gold completed a Feasibility Study for the Black Pine oxide gold project in southern Idaho. The study defines a 16 year mine life with average payable gold production of approximately 202,000 ounces a year during the first five years and 176,700 ounces a year over the life of mine. The plan is supported by a Probable Mineral Reserve containing 4.04 million ounces of gold in 433.3 million tonnes grading 0.29 grams per tonne.

The development concept is a conventional open pit, run of mine heap leach operation that does not require ore crushing, screening or agglomeration. Liberty estimates initial capital of US$411.4 million. At the company’s base case gold price of US$3,250 an ounce, the study estimates an after tax net present value at a 5% discount rate of US$2.397 billion, an after tax internal rate of return of 60.5% and payback of two years.

These results are projections rather than realized returns and are sensitive to gold prices, recoveries, operating costs, capital and schedule. Permitting remains in progress. Liberty states that the feasibility configuration is aligned with its 2026 Mine Plan of Operations, while the study does not replace the plan or the permit applications under regulatory review. The company is moving into detailed engineering, planning and execution readiness before any potential construction decision.

Signal reading

Black Pine now has a feasibility level design, a reserve base and a defined capital requirement. The simple processing route could reduce plant complexity, but the project still needs permits, financing and a formal construction decision. The current economics also reflect a high base case gold price, making cost control and downside performance important to the investment case.

Next proof point: filing of the technical report, permit decisions, detailed engineering, a binding capital package, a formal construction decision, construction performance and recovery against the feasibility assumptions.