Rio Tinto Invests in Existing Mines
Rio Tinto is currently aligning its global strategy firmly with rising copper demand. As a result, the group faces the challenge that average ore grades at major mines worldwide have been declining steadily for years. The October 14 quarterly report shows how this works: the Mongolian mine Oyu Tolgoi increased copper production by 27% in the third quarter as underground mining ramps up. At the same time, Escondida in Chile delivered 29% less due to planned lower ore grades. On balance, Rio Tinto is maintaining its annual guidance of 800,000 to 870,000 tonnes.Glencore Seeks High-Grade New Discoveries
Commodities group Glencore is also feeling the pressure of a tight industrial metals market. In 2025, the group produced 11% less copper, weighed down by declining ore grades and water shortages at the Chilean Collahuasi mine. For 2026, Glencore expects 810,000 to 870,000 tonnes. By 2035, the group aims to increase production to 1.6 million tonnes, with new and restarted mines. To reliably serve industrial customers in the automotive sector, Glencore remains dependent on ongoing project acquisitions and strategic partnerships.Power Metallic Mines Defines High-Grade Copper Zones
In the resource-rich Eeyou Istchee James Bay region, Power Metallic Mines (80% stake), together with Critical Elements Lithium (20%), is advancing the development of the polymetallic Nisk project. Canada’s Critical Minerals Strategy and Western customers’ desire for supply chains outside China enhance the strategic value of projects in Québec. In September, management published an initial resource estimate for the high-grade Lion Zone, reporting 4.145 million tonnes grading 3.86% copper equivalent (CuEq) in the indicated resource category and 0.601 million tonnes grading 4.01% CuEq in the inferred category. Deeper drilling confirms the deposit continues at depth: drill hole PML-26-125 intersected 14.00% CuEq over 5.70 m at around 800 m depth. According to the company, geophysical data indicate that Lion extends to a depth of at least 1,200 m. Initial metallurgical tests by the independent testing institute SGS underpin the project’s economic potential. These tests yielded copper recovery rates of over 98%. All metals of value end up in a single copper concentrate. Power Metallic Mines also recently commissioned engineering firm BBA to prepare a preliminary economic assessment (PEA), with results expected in the first half of 2027.Solid Financing and US Listing in Focus
The upcoming drill programme is supported by a solid capital base. In June, Power Metallic raised CAD 28.2 million, including CAD 2.0 million from well-known commodities investor Eric Sprott. Management is targeting an uplisting to the US stock exchange Nasdaq in the second week of November, along with around USD 15 million in financing. The application is still being processed. With a market capitalisation of around CAD 300 million, the company has established a solid base. The financial structure allows it to advance the Nisk project steadily towards production.Power Metallic Mines: Exciting Months Ahead
Power Metallic Mines’ operational push comes at a time when the industry is seeking high-grade, geopolitically secure copper projects in North America. The current resource estimate and the economic assessment getting underway lay the foundation for future production. However, investors must account for sector-specific exploration risks when valuing the company, as it is not yet generating ongoing revenue. The final results of the economic assessment are still pending, and capital will be required in the coming years for future mine construction. Because the Nisk project remains at an advanced exploration and evaluation stage, Power Metallic Mines shares should currently be classified as a classic speculative exploration play, despite the recent financing.
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