The Skouries mine has been successfully connected to the Greek national power grid following final inspection, testing and approval by the Greek transmission authority. The permanent connection provides a reliable long term power source for the operation and supports the continued advancement of processing and mining activities at the site.

Skouries Mine Energization Supports Ramp Up

The mine energization gives Skouries access to the permanent power infrastructure required to continue commissioning and ramp up key systems across the operation. The development comes as the project transitions from construction and commissioning toward steady state operations. “Site energization is an important step in advancing Skouries toward ramp up to steady-state operations,” said George Burns, Chief Executive Officer of Eldorado Gold.

Burns added that the connection to permanent grid power supports the ongoing commissioning and ramp up of key systems while providing the long term power infrastructure required for the operation. He also linked the milestone with the recent achievement of first copper gold concentrate production at Skouries.

Mine Energization Builds on First Concentrate Production

The latest mine energization follows the recent production of first copper gold concentrate at Skouries, representing another step in Eldorado Gold’s progress toward the start of commercial operations.

The company said the national grid connection will provide a reliable long term power supply as processing and mining activities continue. The development is therefore expected to support the operation as it advances through commissioning and ramp up.

Skouries is expected to reach commercial production in the fourth quarter of 2026. Over the life of the mine, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually.

Eldorado Gold Moves Skouries Toward Commercial Production

The mine energization marks a key infrastructure milestone for Eldorado Gold as Skouries moves closer to commercial production. With permanent grid power now connected, the project can continue commissioning and ramp up activities while supporting the systems required for future operations.

Eldorado Gold operates mining, development and exploration assets in Canada, Türkiye and Greece. Skouries forms part of its portfolio of gold, copper and base metals operations and developments.

HVO is jointly owned by Yancoal, which holds a 51% stake, and Glencore, which holds the remaining 49%. The operation produces thermal and semi-soft steelmaking coal for export and is independently managed on behalf of its joint venture owners.

The approval marks a significant regulatory milestone for the coal extension, although the project still requires Federal Government environmental approval before operations can continue beyond the existing approvals.

Hunter Valley Operations Set for Extended Mine Life

The HVO Continuation Project is designed to recover additional coal resources within existing mining tenements and extend the operating life of both HVO North and HVO South.

Under the approved project:

• HVO North’s mine life would extend from 2026 to 2045
• HVO South’s mine life would extend from 2030 to 2042
• Additional coal resources would be recovered within existing mining areas

The coal extension follows a six-year regulatory assessment process involving changes to the project’s design. Glencore said the project was amended during the assessment to align with NSW and Federal Government legislative guidelines, environmental standards and climate change policies.

The IPC decision therefore provides approval at the state planning level for the proposed coal extension, while leaving a further federal environmental requirement outstanding.

Federal Approval Remains for Coal Extension

Glencore said the HVO Continuation Project remains subject to Federal Government environmental approval, which is required by the end of December 2026 for operations to continue.

The additional approval requirement means the coal extension has not yet received all necessary regulatory clearances. The NSW IPC approval represents the latest step following the project’s extended assessment process, but continued operations under the proposed timeline depend on the federal environmental decision.

The project is focused on extending production from an established mining complex rather than developing a new greenfield operation. By allowing further resources to be recovered from existing tenements, the coal extension is intended to maintain HVO’s production activity across both mining areas over the coming decades.

HVO remains an important part of Glencore’s Australian coal business, producing export thermal and semi-soft steelmaking coal. The proposed coal extension would keep the operations active for longer periods, subject to the remaining Federal Government environmental approval.

The iron ore mine acquisition includes an exclusive offtake arrangement that would give Vale the right to purchase 100% of Ligga’s sinter feed production. This sinter feed offtake component is a central element of the transaction, providing Vale with a dedicated supply channel tied directly to the expanded operations planned at the site.

Ferro Sul Expansion Targets Fourfold Output Increase

Under the terms of the agreement, the Ferro Sul expansion would see annual production grow from approximately 2 million tonnes to 8 million tonnes per year. This planned increase represents a fourfold jump in output and would bring substantial new volumes of high-quality Carajás iron ore into the supply chain. It is important to note that this expansion remains a future development rather than a reflection of current production levels at the mine.

The iron ore mine acquisition is designed to complement Vale’s existing portfolio by adding flexibility and volume without requiring entirely new infrastructure. The Ferro Sul mine sits in the Carajás region, an area already home to some of the world’s largest iron ore operations. The proximity of the site to established logistics networks is a key factor in the transaction’s commercial logic.

Expanded production from Ferro Sul is expected to be transported via the Carajás Railroad, which runs approximately 10 kilometres from the mine site, to the Ponta da Madeira Maritime Terminal located in São Luís, in the state of Maranhão. This planned logistics arrangement would allow the operation to leverage infrastructure already connected to Vale’s Northern System, reducing the capital intensity typically associated with greenfield expansions of this scale.

Strategic Access to High-Quality Iron Ore Supply

The iron ore mine acquisition gives Vale long-term access to additional volumes of high-quality ore sourced from one of the most established mining corridors in Brazil. By securing a sinter feed offtake agreement covering 100% of Ligga’s production, Vale positions itself to integrate these new tonnes into its broader supply commitments without building competing infrastructure.

Expanded operations at Ferro Sul are planned to commence around mid-2028, at which point the mine would be capable of exporting production globally through the Ponta da Madeira terminal. The Carajás iron ore produced at the site is expected to benefit from established demand for high-grade material in international markets.

The iron ore mine acquisition remains subject to customary corporate and regulatory approvals. Vale has not confirmed mineral reserve volumes at the Ferro Sul mine, nor has it disclosed details regarding additional future expansions or production of other ore types beyond what has been outlined in the current agreement. The transaction, once finalized, would mark a notable addition to Vale’s northern Brazilian operations, reinforcing its supply base through a lower capital intensity model built on existing rail and port connectivity.

Established Underground Copper Silver Mine with Significant Infrastructure

The Cozamin mine has operated continuously for approximately 20 years, making it one of the more durable underground copper silver mine operations in the region. The site includes established mining, processing and tailings infrastructure, with a processing capacity of 4,400 tonnes per day. The operation accesses ore through two ramp declines and a shaft, supported by surface infrastructure that was modernized in recent years with the completion of a paste backfill and filtered tailings system alongside an upgraded underground haulage loop.

This copper mine acquisition gives Luca Mining direct access to a productive belt of epithermal and mesothermal vein deposits. Mineralization at Cozamin remains open at depth and along strike across two principal structures, including the primary vein system with a mapped strike length of 5.5 kilometres and a higher-grade footwall zone discovered in 2010. Historical resource and reserve estimates previously disclosed for the mine remain subject to verification and are not currently being treated as current Mineral Resources or Mineral Reserves under NI 43-101 standards.

Planned Exploration and Potential Mine Life Extension Following Closing

The copper mine acquisition is expected to serve as a platform for expanded exploration activity. Following closing, Luca Mining plans to increase exploration investment at Cozamin beyond the site’s recent annual budget, with the objective of extending the mine’s operational life beyond the historical 2030 mine plan. Substantial portions of the mineralized systems at depth and along strike remain underexplored, and the company has identified this as a key area of focus going forward.

In addition to exploration, Luca Mining intends to evaluate the potential restart of an existing zinc flotation circuit at the Cozamin site. The circuit is currently inactive, and any restart decision would follow a full assessment of base metal market conditions and operational feasibility. This evaluation is planned for after the transaction closes and does not represent an operational change that has already taken place.

The Cozamin mine acquisition deal strengthens Luca Mining’s exposure to copper and silver production in Zacatecas Mexico and adds a proven producing asset to its portfolio. The copper mine acquisition, valued at up to US$385 million in total potential consideration, is one of the more significant recent transactions in Mexico’s mining sector. The closing of the deal remains contingent on regulatory approvals and customary conditions, with the fourth quarter of 2026 targeted for completion.

Five-Year Contract Covers Analyser Technology and Maintenance

The Metso analyser services agreement includes modernisation of existing analyser systems and the supply of new analysers and sampling equipment across the customer’s copper processing operations. Metso will also provide technical services, spare parts, digital support and operation and maintenance services throughout the five-year contract period.

The scope is designed to bring equipment, maintenance and technical support together rather than treating each requirement as a separate procurement activity. This includes continued support for analyser infrastructure as well as upgrades intended to maintain performance across processing operations.

On-stream analysers are used to measure material and process characteristics directly from production streams. In mineral processing plants, these measurements help operators monitor process conditions and make adjustments that support process control and optimisation. The technology can therefore play an important role in maintaining stable processing performance across large-scale copper operations. Consistent measurements can help processing teams identify changes in feed characteristics and process conditions, giving operators a basis for timely adjustments. Reliable sampling and analysis are particularly relevant where multiple processing stages need to be monitored continuously.

For the producer, the Metso analyser services agreement provides access to a combination of hardware, technical expertise and ongoing support over a defined period. The contract also reflects the use of integrated services to maintain specialised process-control equipment within mining operations.

Agreement Marks Milestone for Metso’s Analyser Services Business

Metso said the contract represents the largest analyser Life Cycle Services agreement it has secured so far. The Metso analyser services agreement therefore expands the company’s long-term services activity around analyser technology while reinforcing its role in supporting copper processing operations in South America.

The arrangement also combines analyser modernisation with new sampling systems, digital capabilities and operational support. Bringing these functions under one agreement provides a single service structure for equipment maintenance, parts management and technical assistance throughout the contract period.

The identity of the copper producer has not been disclosed. Metso will deliver the agreed technology and services over five years, supporting the customer’s existing copper processing operations in South America.

The Metso analyser services agreement highlights how mining technology contracts can extend beyond equipment supply to include longer-term maintenance, digital support and operational services. For copper producers, such arrangements can help maintain the availability and performance of analytical systems that contribute to day-to-day process management.

When combined with locomotive orders announced in 2024, the Wabtec Simandou services agreement brings the total value of Wabtec’s business related to the Simandou project to more than $1.2 billion. The scope of the contract reflects the long-term operational requirements of CTG’s railway infrastructure and the critical role that reliable locomotive performance plays in sustaining the movement of iron ore across a rail corridor stretching more than 600 kilometres.

Scope of the Wabtec Simandou Services Agreement

The services agreement covers a broad range of locomotive maintenance and support activities designed to keep CTG’s fleet operating at high levels of reliability. Under the terms of the Wabtec Simandou services agreement, the company will provide both scheduled and unscheduled maintenance, parts and component overhauls, parts management and logistics support. The contract also includes workforce training programs aimed at building local technical capacity, as well as advanced remote diagnostics that enable real-time monitoring of locomotive health and performance. Localisation activities form an additional part of the agreement, aligning with broader objectives to develop in-country capabilities around mining transportation infrastructure.

The locomotives supported under the agreement are Wabtec ES43AC Evolution Series units. These machines will operate on the CTG railway infrastructure that forms the backbone of the Simandou rail corridor, connecting the mining area with the Port of Morebaya. The railway is designed to transport iron ore while also supporting the movement of passengers and other non-mining goods, making it a multi-purpose transport link for the region.

Strategic Importance for Mining Transportation Infrastructure

The Simandou rail corridor is central to the logistics chain that connects one of the world’s largest undeveloped iron ore deposits with an export port facility. Spanning more than 600 km, the railway demands consistent locomotive availability and performance to handle the anticipated volumes of material movement. Long-term locomotive maintenance and support, of the kind covered by the Wabtec Simandou services agreement, are essential to sustaining the throughput and operational continuity that large-scale mining transportation infrastructure requires.

By securing this contract, Wabtec has positioned itself as a key partner in the ongoing operational readiness of the Simandou rail corridor. The agreement ensures that CTG’s locomotive fleet will benefit from sustained technical support, diagnostics capability and spare parts availability over the life of the contract, reducing the risk of unplanned downtime across the railway network.

The Wabtec Simandou services agreement, together with the previously announced locomotive orders, brings Wabtec’s combined commitments tied to the Simandou project to more than $1.2 billion, marking a substantial investment in the mining logistics infrastructure that will underpin the project’s transportation operations.

The binding term sheet positions the Nth Cycle Glencore offtake arrangement as one of the larger announced commercial frameworks in the domestic critical minerals refining sector. Reuters independently reported on the announcement, corroborating the key commercial terms disclosed by the companies.

Glencore to Supply Black Mass and Receive Refined Battery Materials

Under the terms of the binding term sheet, Glencore would provide 100 percent of the black mass supply for Project SHIELD through its commercial network and existing shredding assets in the United States. In return, Glencore would take Nth Cycle’s high-purity nickel mixed hydroxide product and battery-grade lithium carbonate produced at the planned South Carolina facility.

The Nth Cycle Glencore offtake structure effectively creates a closed-loop commercial arrangement where Glencore serves as both the sole feedstock supplier and the primary buyer of refined output. This supply and offtake framework is designed to support Project SHIELD’s planned operations once the facility reaches production. It is important to note that Project SHIELD remains planned infrastructure and is not yet operational or commercially producing.

The black mass supply arrangement is significant because it connects Glencore’s established US recycling and shredding operations directly to a domestic battery materials refining pathway. Battery-grade lithium carbonate and nickel mixed hydroxide product are both essential inputs for lithium-ion battery manufacturing, and securing a domestic refining source for these materials aligns with broader efforts to build critical minerals processing capacity within the United States.

Evaluation of Glencore US Site and OYSTER System Expansion

Beyond the core Nth Cycle Glencore offtake terms, the binding term sheet also includes assessment of an existing developed Glencore site in the United States that could potentially accelerate Project SHIELD’s facility build-out. If the site evaluation proceeds favourably, it could reduce development timelines for the planned battery materials refining complex.

Additionally, the companies disclosed that the arrangement encompasses evaluation of Nth Cycle’s proprietary OYSTER refining system for black mass processing, copper recovery and rare-earth recovery across European and other international markets. This evaluation signals interest in extending the commercial relationship beyond Project SHIELD and the US market, though no binding commitments for international deployment were announced as part of the September 22 disclosure.

The Nth Cycle Glencore offtake binding term sheet reflects growing commercial activity around domestic critical minerals refining capacity in the United States. The projected value above $1 billion over the 10-year term, while based on forecast pricing rather than contracted fixed pricing, underscores the scale of battery materials refining volumes anticipated through Project SHIELD once the facility becomes operational. The Nth Cycle Glencore offtake arrangement remains subject to the completion of definitive agreements and the successful development of the planned South Carolina facility.

Proposed Restart of the Choco Gold Mine

Among the most notable Venezuela mining deals announced is a proposed plan by Heeney Capital, working in partnership with Mercuria, to restart the Choco gold mine located in the Bolívar state. The partners have outlined a 30-year investment plan for the project, with an initial commitment of approximately US$1 billion directed toward gold mine development at the site.

The Choco mine sits within a larger industrial complex in the El Callao mining district, a region historically recognized for its gold mineral resources. The mine was previously operated by private interests before the Venezuelan government took control of the asset in 2011. Since that takeover, operations at the site have been significantly reduced, and the proposed restart represents an effort to bring the facility back toward productive capacity through structured mining investment.

It is important to note that the gold mine restart remains a proposal at this stage. The agreement establishes a framework for future development, but the project has not yet entered an operational phase. No production figures have been confirmed, and the timeline for any resumption of mining activity will depend on further planning and regulatory processes.

Aluminium Shipment Agreement from Venalum Smelter

In a separate component of the Venezuela mining deals, Heeney Capital and Mercuria have reportedly agreed to arrange the shipment of aluminium from Venezuela’s state-owned Venalum smelter to the United States. Reports indicate that around 15,000 tonnes of aluminium could be included in the planned shipment.

The Venalum smelter is Venezuela’s largest aluminium production facility and ranks among the largest such operations across Latin America. The plant carries an annual production capacity of approximately 430,000 tonnes, though output in recent years has reportedly operated well below that threshold. The planned aluminium shipment, if completed, would represent a commercial step toward reconnecting Venezuelan aluminium production with international markets.

The broader context surrounding these Venezuela mining deals includes increased Western interest in Venezuela’s resource sectors. While much of that interest has centered on energy, the gold mine development proposal and the aluminium arrangement suggest that mining and metals are also drawing commercial attention. Heeney Capital has positioned itself as an intermediary facilitating these agreements between Venezuelan state entities and international commodity firms such as Mercuria. The proposed Choco gold mine restart and the Venalum aluminium shipment plan remain the two concrete mining investment developments to emerge from recent discussions, and their progress will depend on the execution of the frameworks now reportedly in place.

The 88-kilometre power line connects Kurmuk to the Ethiopian electrical grid and is now supplying power needed to complete Kurmuk Mine commissioning and advance the site’s ramp-up. The connection includes associated substations and was completed by Ethiopian Electric Power under a 20-year power purchase agreement that provides electricity at a fixed rate of approximately US$0.04 per kilowatt-hour.

The infrastructure milestone comes as Allied Gold moves the project from construction into a series of operational readiness stages. The company said mining continues to advance, while ore stockpiles are being built to support plant feed as additional processing systems are commissioned.

Kurmuk Processing Systems Move Through Commissioning

First ore was fed through the crushing circuit earlier in September, with the handover of the circuit from the commissioning team to the operations team now under way. Allied Gold said the next stage will involve introducing ore to the grinding and downstream processing circuits as those systems are progressively completed and tested.

The company has established an ore stockpile of approximately one million tonnes and plans to increase that inventory to nearly 1.5 million tonnes, equivalent to around three months of planned ore feed ahead of full circuit commissioning. Initial mining is expected to come from the Dish Mountain and Ashashire open pits, which contain the project’s current mineral resources and reserves.

Across the site, individual systems are being completed, tested against design parameters and transferred from the construction and Kurmuk Mine commissioning team to operations. Electrical, instrumentation and other systems testing remains under way as the project progresses through its remaining commissioning activities.

Mine Moves Toward First Gold Production

Kurmuk is designed as a conventional truck-and-shovel open-pit operation with a carbon-in-leach processing plant. Allied Gold said the project contains 2.7 million ounces of Proven and Probable Mineral Reserves in the initial mining areas, with exploration continuing across the wider property to identify additional resources and extend the mine life.

The company expects to introduce first ore to the grinding circuit in the coming weeks, followed by first gold after further Kurmuk Mine commissioning is completed. Those milestones remain forward-looking and depend on the successful completion of the remaining work and testing at the site.

Allied Gold has identified Kurmuk as a major contributor to its production growth strategy, with initial full-year production guidance of 240,000 to 270,000 ounces and approximately 300,000 ounces in the following year. The mine is therefore progressing through Kurmuk Mine commissioning from infrastructure completion and processing tests toward the next stages of commissioning and eventual commercial operations.

The shares are being transferred by Bayan Resources President Director Low Tuck Kwong and his daughter Elaine Low, who together hold the largest shareholdings in the company. The purchase price for the 30 percent strategic stake has not been disclosed, and the transaction remains subject to conditions precedent that have not been publicly detailed. Because completion depends on those conditions, the Bayan Resources acquisition has not been finalized.

Earlier in September, it was reported that Andi Syamsuddin Arsyad had made a separate US$3 billion cash offer for a 62 percent stake in the coal producer. That earlier reported offer is distinct from the current conditional agreement covering 30 percent of shares, and no public confirmation has linked the two as parts of a single transaction.

Scale of the Businesses Involved

The conditional agreement brings together two significant operators in the Indonesian coal sector. Jhonlin Group, the broader business group controlled by Andi Syamsuddin Arsyad, requested a mining quota of 60 million tonnes for 2026. Bayan Resources, meanwhile, produced approximately 68 million tonnes in 2025, establishing it as a major thermal coal exporter. Those production figures illustrate the substantial scale of both businesses, though the current Bayan Resources acquisition agreement covers a 30 percent strategic stake rather than operational control or a merger of the two companies’ mining activities.

Bayan Resources was founded by Low Tuck Kwong, who built the company into one of Indonesia’s most prominent coal producers. The potential transfer of a significant portion of shares held by Low and his daughter to Jhonlin Baratama represents a notable development in coal ownership at one of the country’s leading exporters.

Regulatory Context and Industry Background

Indonesia is the world’s largest exporter of thermal coal, and developments among its top producers carry weight across the broader market. Earlier in 2026, the Indonesian government cut Bayan’s production quota, a decision that led the company to declare force majeure. Other major coal producers in the country were largely spared from those enforced output reductions. While that regulatory backdrop is relevant context for the operating environment Bayan faces, the current conditional agreement between Jhonlin Baratama and the Low family shareholders stands as a separate corporate development.

The Bayan Resources acquisition agreement, should it reach completion, would mark one of the more significant changes in coal ownership among top-tier Indonesian thermal coal producers. Market attention is expected to focus on the conditions attached to the share transfer and the final terms once they are disclosed. At this stage, the transaction remains conditional, and no further details on pricing or the specific conditions precedent have been made public.