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JPMorgan unleashes $1.5T push for US critical minerals
mining.com/jpmorgan-unleashe…
Lithium demand is forecast to more than triple by 2050, which would require the equivalent of 134 new mines and more than $100 billion in investment, according to Benchmark Mineral Intelligence.
That is one new mine every two months for the next 24 years.
Demand would climb to nearly 7 million metric tons of lithium carbonate equivalent from 2.11 million this year, with each new mine averaging 36,000 metric tons of annual capacity.
Benchmark says the biggest challenge is sustaining that investment through price cycles, while competing for capital with AI, defense and the wider energy transition.
Source: Benchmark Mineral Intelligence
Mining Forum video: Majors are waking up to discoveries, fund manager says mining.com/mining-forum-vide…
India’s copper demand grew 12% to 2.1 million metric tons in the year to March 2026, outpacing the country’s 7.7% GDP growth.
Data centers made up less than 1% of it, according to the International Copper Association India.
Infrastructure led instead, rising 29% and accounting for 22% of domestic consumption. Automotive demand rose 14% after a sluggish FY2025.
Growth accelerated from 9.3% the year before.
Source: ICA India via The Economic Times
Boroo signs $100M deal for Yukon Eagle gold mine mining.com/boroo-signs-100m-…
Apple will commit up to $100 million over three years to a Pennsylvania titanium producer supplying its first foldable iPhone.
The deal with Perryman Company, a family-owned specialty titanium maker, falls under Apple’s American Manufacturing Program.
At its site in Houston, Pennsylvania, Perryman melts, forges and rolls the grade 5 titanium for the iPhone Duo enclosure, with a minimum of 80% recycled content.
The program is part of Apple’s $600 billion, four-year commitment to US manufacturing.
Source: Apple
Vivox AI, beSirius partner on mining supply chain compliance mining.com/vivox-ai-besirius…
CIBC Capital Markets cut its 2027 average gold forecast to $5,200 an ounce from $6,500.
• 2028, $5,500 (from $6,000)
• Q4 2026, about $4,500 (from $6,500 at the start of the year)
CIBC says geopolitical uncertainty, government debt, central bank diversification and strong investment demand remain the long-term drivers.
It noted a record $30.7 billion of Q3 gold ETF inflows, about 211 metric tons.
Source: CIBC Capital Markets via GuruFocus
Gold price targets in USD — major banks (May vs July 2026 updates):
• Wells Fargo → $6,100–$6,300 (Unchanged)
• J.P. Morgan → $6,300↘️ $6,000
• Bank of America → $6,000 (Unchanged)
• UBS → $6,200 ↘️ $5,500
• Goldman Sachs → $5,400 ↘️ $4,900
• Morgan Stanley → $4,800 ↗️ ~$5,200
• BMO Markets → $6,500 (2027) ↘️ $4,625 (H2 avg)
• RBC Markets → $5,723 (avg) ↘️ $4,800
• Commerzbank → $5,000 (Unchanged)
• ING → $5,000 ↘️ $4,300–$4,600
Gold is trading ~$4,180 as of Friday morning.
The US Commerce Department plans to invest up to $389 million in chip materials and advanced power technologies.
The proposed awards would support four companies working on fusion energy, AI data center power systems and specialized materials for chip manufacturing.
• Helion, up to $175 million
• Commonwealth Fusion Systems, up to $85 million
• Vertical Semiconductor, up to $73 million
• Sibelco, up to $56 million for ultra-high-purity quartz processing
As a condition, the companies would give the US government minority, non-voting equity stakes.
The awards are preliminary letters of intent.
Full story below:
US targets critical materials boost with $389M funding plan mining.com/us-targets-critic…
MINING.COM retweeted
We're pleased to welcome @RobMcEwenMUX, Chairman and Chief Owner of @McEwenInc, as a keynote speaker at The Northern Miner's International Metals Symposium in London, UK, on November 29–30, 2026.
A prominent figure in the global mining industry, Rob founded @Goldcorp_Inc and grew the company from a $50 million market capitalization to over $8 billion. With decades of experience in mining and investment, he continues to play a major role in advancing gold and copper projects across the Americas.
An inductee of the @CdnMHF and a recipient of the @OrderofCanada, Rob brings extensive experience in building mining companies, financing projects, and creating long-term shareholder value.
Join us in London to hear his perspectives on the future of gold, copper, and mining investment.
🔗 Learn more: events.northernminer.com/lon…
🎟️ Register now: meetmax.com/sched/event_1353…
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US permitting: Environmental review overhaul could speed mine approvals, but hurdles remain mining.com/us-permitting-env…
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Copper held in LME warehouses in the United States has climbed to 169,475 metric tons, the most since April 2014.
That is about 62% of all LME copper inventory, most of it in New Orleans and Baltimore.
COMEX copper inventories have risen for 23 straight days to a record 720,712 metric tons.
The US Department of Commerce has proposed an additional 15% import tariff on refined copper from 2027, rising to 30% in 2028.
Washington has yet to announce whether the tariffs will go ahead.
Source: Reuters
Wood Mackenzie is tracking more than 250 GW of data center projects worldwide, over three times the pipeline a year ago.
AI-related electricity consumption is forecast to increase fivefold between 2025 and 2030 and exceed 1,000 TWh by 2035.
The metals demand extends beyond the data centers themselves. Transmission lines, substations and dedicated power generation can require three to four times more metal than the facilities they support.
Despite elevated commodity prices, project sanctioning remains below expectations, Wood Mackenzie says.
Source: Wood Mackenzie
US targets critical materials boost with $389M funding plan mining.com/us-targets-critic…
US copper stocks provide more than 170 days of cover, versus just 48 days elsewhere, according to Wood Mackenzie.
US stockpiling and trade policies are distorting global inventories, leaving markets outside the US facing a refined copper deficit of about 450,000 metric tons.
Meanwhile, Chilean mine output is forecast to fall 5.2% in 2026, before global mine supply grows more than 5% in 2027, ending three years of stagnant growth.
Over the next decade, miners will need to bring about 850,000 metric tons of new greenfield copper production online each year, Wood Mackenzie estimates.
Source: Wood Mackenzie
AI boom could overwhelm metals supply: WoodMac mining.com/ai-boom-could-ove…
China exported 6,165 metric tons of rare earth permanent magnets in September, its highest monthly total of 2026, according to Shanghai Metals Market.
Exports rose 23% from August and 6.7% year over year. January–September shipments reached 48,055 tonnes, up 20%.
SMM attributes much of September’s jump to delayed shipments clearing after China-US consultations in September.
New-order growth remained modest, while smaller manufacturers still face licensing constraints.
SMM forecasts monthly exports of about 5,700 tonnes in Q4.
Source: Shanghai Metals Market, China customs data
