LIBERTARIAN GOLD BUG

Op-ed: Bretton Woods principles without Bretton Woods politics

Erik Groves | January 31, 2026 

Stock image.

Long before modern states claimed monopoly control over money, international trade depended on trusted systems that operated outside sovereign authority.

In medieval Europe, merchants travelling between cities and kingdoms faced a familiar challenge. Transporting physical gold, much as today, was dangerous, inefficient, and vulnerable to theft, seizure, or political interference. In that environment, the Knights Templar emerged as an unexpected solution.

Stripped of modern lore and conspiracy, their rise was driven by practical economics. Acting as a trusted, non-state custodian of gold and silver, the Order allowed merchants to deposit bullion in one location and draw against it in another, even minting its own coins. In effect, the Templars built an early asset-backed settlement network beyond state control, enabling commerce across political boundaries.

As debate intensifies over the US dollar’s role as the global reserve currency and speculation grows about possible successors, a more fundamental question emerges. Instead of replacing one sovereign-controlled reserve currency with another, should the world revisit the idea of a gold-backed reserve system not controlled by any sovereign actor at all?

Sound principles, unsustainable solution

The postwar Bretton Woods system rested on a correct insight: global trade needs a stable monetary anchor, and gold performs that role better than any alternative. By tying the US dollar to gold and other currencies to the dollar, the system imposed discipline and predictability on international commerce. For a time, it worked.

What Bretton Woods failed to account for was political reality. The system required one nation to subordinate its domestic priorities indefinitely to the needs of the global economy. That was never sustainable, nor a moral failing of the United States. As fiscal pressures, geopolitical commitments, and internal demands accumulate, strict gold convertibility becomes untenable for any country.

The collapse of Bretton Woods is better understood not as a rejection of asset-backed money, but as recognition of immutable political limits. When monetary discipline collides with political imperatives, politics always wins.

Fiat dominance, false exits and a doomed BRICS proposal

More than 50 years after gold convertibility ended, the US dollar remains the world’s dominant reserve currency. Deep capital markets, unmatched liquidity, and relatively predictable legal institutions have made it the least bad option for global trade and settlement.

That dominance does not imply satisfaction. Inflation, sanctions, and geopolitical tension have repeatedly revived predictions of the dollar’s decline. While those forecasts have proven premature, they reflect real discomfort with a reserve system anchored to a fiat currency shaped by the domestic politics of a heavily indebted and increasingly unpredictable United States.

Proposed exits from the current system tend to fall into two camps: restoring a gold-backed US dollar or shifting to another sovereign currency. Both approaches share the same flaw. They assume the problem can be solved by choosing a better sovereign steward.

A re-gold-backed dollar would again require the United States to place monetary discipline above domestic politics indefinitely, a constraint that was unsustainable decades ago and is even less plausible today.

The latest alternative is a proposed gold-backed BRICS currency. The logic resembles replacing a biased referee with one hired by the opposing team. It changes who benefits from the bias without eliminating it. Replacing dollar dominance with BRICS dominance merely redistributes political influence over money.

That is why, despite loud rhetoric, the world is unlikely to settle trade in a BRICS currency anytime soon, just as it will not see the return of a gold-backed US dollar.

Tether’s gold accumulation is a signal

Tether has reported accumulating roughly 140 tons of physical gold, stored in secure Swiss vaults repurposed from underground nuclear shelters. Purchases often exceeding $1 billion a week show little sign of slowing, suggesting some sophisticated actors are preparing for continued erosion of confidence in fiat reserves.

This does not make Tether the heir to the global reserve currency. Its holdings remain far smaller than those of major central banks, and questions persist around governance, transparency, and regulation. The issuer matters less than the signal. Tether’s strategy highlights the convergence of two elements historically difficult to combine at scale: a politically neutral reserve asset and a modern, globally interoperable settlement system.

Gold offers unmatched credibility as a reserve asset but has long struggled as a medium of exchange. Stablecoins excel where gold falls short, providing speed, divisibility, and low-friction cross-border settlement. Tether’s move raises the possibility that a gold-backed stablecoin, independent of sovereign control, could eventually reappear in a modern form.

Bitcoin proponents argue that Bitcoin already solves this problem. While its non-sovereign, censorship-resistant design has appeal, reserve currencies are chosen for stability and institutional acceptance, not ideological purity. Price volatility, protocol-based governance, and limited central bank tolerance make Bitcoin ill-suited as a primary global reserve asset. Progress does not always require abandoning the past.

Seen this way, Tether’s gold accumulation functions less as a forecast than as a provocation. It forces a serious reconsideration of whether gold’s credibility and crypto’s infrastructure can be combined into a more durable global system.

Revival of rules-based order

At recent gatherings in Davos and elsewhere, leaders have warned of the breakdown of the rules-based international order. The debate often focuses on bad actors breaking rules or good actors failing to enforce them. That framing misses the deeper problem.

Rules that rely on political self-restraint are not rules but expectations, and expectations fail when incentives change. Bretton Woods collapsed not because its principles were flawed, but because it depended on a sovereign consistently acting against its own political interests.

If a rules-based order is to endure, its core functions must rest on constraints, not discretion. In global finance, that points to a system where trust is anchored in assets and architecture rather than national power or goodwill. Bretton Woods principles without Bretton Woods politics may sound ambitious, but in a world increasingly aware of the limits of discretion, it may be the only viable path forward.

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* Erik Groves is Corporate Strategy and In-House Counsel at Morgan Companies.The views and opinions expressed in this column are those of the author and do not necessarily reflect the official position of MINING.COM or The Northern Miner Group.

 MONOPOLY CAPITALI$M

Rio and Glencore set to extend deadline for talks on mega deal

Bloomberg News | January 30, 2026 | 

(Image courtesy of Rio Tinto.)

Rio Tinto Group and Glencore Plc are poised to seek more time to work on a deal to create the world’s biggest miner as they wrangle over the premium that Rio would need to pay, people familiar with the matter said.

The two sides have been in talks since at least the start of this month to form a behemoth that would be among the world’s largest copper producers. While both remain keen on a deal, more time will likely be needed to hash out a valuation — requiring the UK’s Takeover Panel to extend a deadline for talks — according to the people, who asked not to be identified as the negotiations are private.

The potential combination is the latest in a series of attempted mega mergers between the top miners as executives look to bulk up in copper and grow in size to gain more relevance with global investors. With Rio and its smaller rival Glencore having a combined market valuation of about $235 billion, a tie-up would represent the industry’s largest-ever deal.

For Rio, the attraction is clear. It would get to roughly double its existing copper output at a time when prices of the metal that’s crucial metal for the energy transition are near a record high. It would also add about 1 million tons of future copper growth into its portfolio. Mining bosses have long warned that future supplies will be tight as demand is forecast to grow amid a dearth of new mines.

There are also wider appeals. Glencore’s sprawling coal business — until recently a taboo commodity for most major miners — adds huge cashflows, while its marketing business will help Rio become more commercially minded, a key ambition for Rio chairman Dominic Barton.

Any deal faces potential hurdles from Rio’s shareholders, who want it to remain disciplined in M&A, while Glencore is pushing for a premium that reflects it being bought by a bigger peer, some of the people said.

Rio and Glencore declined to comment.

Copper business

A particular concern for Rio is how to value Glencore’s copper business, the people said. The part of the company has underperformed, with output falling for four straight years amid a series of missed goals and operational setbacks.

Glencore in December outlined plans to almost double copper output over the next decade though expanding existing mines and a new project in Argentina. Investors seemed to buy into that narrative, and combined with a surge in the copper price, that sparked fresh interest from Rio. The two also held discussions in 2024, but they were abandoned after failing to agree on valuation.

Copper’s surge continued this week, topping a record $14,500 a ton on Thursday on the back of a wave of buying from Chinese investors. Prices pulled back on Friday, but are still up about 45% over the past year.

Glencore has yet to appoint a bank to help with the deal but is talking with advisers, the people said. Potential advisers have met with the Swiss firm this week, according to some of the people.

Rio is working with Evercore Inc., JPMorgan Chase & Co. and Macquarie Group Ltd., Bloomberg has reported.

Clock ticking

The talks became public in early January, and UK takeover rules mean Rio has until Feb. 5 to confirm it will make an offer or walk away for six months — unless Glencore requests an extension. People close to the deal see an extension request as highly likely. However, the situation remains fluid and could still change, the people said.

A key priority for Rio is keeping its Australian shareholders — who own almost a fifth of the company — onside, some of the people said. They’re seen by the Rio as being more conservative than its other investors when it comes to deals.

Another important issue is whether both firms can demonstrate synergies to justify the size of the premium.

While people familiar with the matter said a combination of two huge companies is attractive to many senior people at Rio on a macro level, there are fewer direct synergies that normally make paying a takeover premium appealing to investors. For example, they have few operational overlaps — where neighboring mines can share infrastructure, logistics or combine ore bodies — the sort of factors that often drive deals.

Instead, people close to the talks see Rio trying to build a case for broader synergies, including operating Glencore’s mines more efficiently and better developing growth projects. Rio also sees synergies from leveraging Glencore’s marketing business, the people said.

(By Thomas Biesheuvel, Dinesh Nair, Paul-Alain Hunt and Aaron Kirchfeld)

AME: First Nations Chief calls for shared decision-making in British Columbia mining

Amanda Stutt | January 30, 2026 |

Amanda Campbell of the Tk̓emlúps te Secwépemc Nation sings a prayer song at the Reconciliation breakfast at Roundup. Credit: AME.

Delivering a keynote address at the AME Roundup conference in Vancouver this week, Chief Rosanne Casimir of the Tk̓emlúps te Secwépemc Nation said meaningful reconciliation in British Columbia’s mining sector must be grounded in shared decision-making, respect for Indigenous law, and early engagement with First Nations.

Tk̓emlúps te Secwépemc is part of the Stk̓emlúpsemc te Secwépemc Nation (SSN), a governance body formed in 2007 through a partnership between Tk̓emlúps te Secwépemc (formerly the Kamloops Indian Band) and the Skeetchestn Indian Band. SSN territory is among the most heavily mineralized — and historically mined — regions in the province.

Speaking against the backdrop of heightened industry attention on reconciliation following recent court rulings and the passage of British Columbia’s Declaration on the Rights of Indigenous Peoples Act (DRIPA), Casimir emphasized that industry, government and First Nations must move beyond transactional relationships.

The British Columbia Court of Appeal determined in a new ruling in December 2025 that DRIPA incorporates the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and creates legally enforceable obligations.

Tk̓emlúps te Secwépemc Chief Rosanne Casimir delivers keynote address at Reconciliation breakfast. Credit: AME.

The case was a partial appeal by the Gitxaala and Ehattesaht First Nations, following a 2023 BC Supreme Court decision that ruled the province’s automatic online mineral claim system breached its constitutional duty to consult, but had limited interpretation of DRIPA.

“It’s about resilience and how we get through it, and relying on our people, our community and our allies to achieve what is possible,” Casimir said.

Mineral tenure pressure and consent

SSN territory is heavily impacted by mineral tenures, and Casimir said this creates urgency, particularly as governments frame mining development within conversations about critical minerals and national security.

Pointing to maps of proposed and existing projects, Casimir noted that many mineral claims are issued by the province without First Nations’ consent or recognition of Indigenous authority.

“What the map makes clear is that a large portion of the SSN territory has already been staked, often without our consent and without recognition of our laws or authority to make decisions on our lands,” Casimir said.

She also highlighted crown reserves — areas where mineral staking has been restricted or withdrawn — noting that these often overlap with lands SSN identifies as culturally or environmentally sensitive.

Not anti-mining, but location matters

Casimir stressed that SSN is not opposed to mining itself, but to development in locations with environmentally and culturally sensitive ecosystems.

Within SSN territory, the Afton mine copper-gold mine, 100% owned and operated by New Gold, is currently the only major operating mine. In 2017, SSN issued a decision not to consent to the project following provincial, federal and SSN-led environmental assessment processes.

The nation also has dormant sites, such as the Bonaparte mine, and major proposals like the Ajax copper-gold project, which has not been approved but remains part of the region’s land-use history.

“While we worked against certain mines, we’re not against mining — it was always about the location,” Casimir said.

Indigenous law, stewardship and UNDRIP

Casimir said strong, rights-based decision-making — grounded in Secwépemc law and supported by UNDRIP — is essential to ensuring future development brings communities together rather than dividing them.

SSN has applied its own environmental assessment processes across multiple major projects, centering decisions on stewardship and caretaking responsibilities.

“Our responsibilities are to the land, the plants, the animals — everything that’s living and not living on those lands,” she said.

Casimir emphasized that stewardship extends beyond SSN territory, including regional impacts from projects and mines elsewhere in British Columbia.

Call for early engagement

Casimir urged mining companies with mineral claims staked to engage early and build genuine relationships with First Nations.

“Engaging early helps proponents understand cultural significance, environmental sensitivities and community interests — but just as importantly, it establishes a relationship.”

She extended an open invitation to companies holding claims in SSN territory to meet directly with the nation.

“Build trust rather than transactions. Projects move forward with stronger foundations,” Casimir said.

Casimir closed by reflecting on Secwépemc teachings about balance, drawing on ancestral practices tied to salmon stewardship.

“Our ancestors understood that taking too much risked losing an entire resource. Those teachings remind us that economic development and environmental stewardship are not opposing forces — they are shared responsibilities.”

 

Australian lithium miners plot expansions after price surge

Kristie Batten | January 30, 2026 |

Crusher at the Wodgina lithium mine in Western Australia. (Image courtesy of Mineral Resources.)

Australian hard rock lithium producers are gearing up to boost supply as spodumene prices have more than tripled since early December.

On Friday, Australian major PLS Group (ASX: PLS) reported a 57% increase in its average realized price to $1,161 per tonne on a 5.2% spodumene basis, or $1,336/t for 6% spodumene. Prices have continued to rise in January, reaching as high as $2,500/t this week, up from around $600/t in July 2025.

“A combination of factors are supporting this recovery, including constructive policy settings in China, particularly around energy storage deployment and EV adoption, as well as ongoing uncertainty on the supply side, including the timing and extent of potential restarts of high-cost sources,” PLS managing director Dale Henderson said during a conference call.

“Importantly, while we have long held the view that pricing needed to recover from the mid-25 lows, we’re not calling an end to volatility. The market remains sentiment driven, but pricing is continuing to respond sharply to policy signals and supply expectations.”

In mid-January, Australian investment bank Barrenjoey lifted its 2026 spodumene price forecast to $3,250/t, while noting it remained well ahead of consensus estimates.

Restarts under consideration 

PLS’ Pilgangoora operation in Western Australia has capacity to produce up to 1 million tonnes of spodumene, with 2026 financial year guidance of 820,000–870,000 tonnes. The operation’s 200,000t-a-year Ngungaju plant was placed on care and maintenance in December 2024 due to weak market conditions.

PLS confirmed it is considering a restart of Ngungaju amid strong inbound offtake interest and has completed early operational readiness work to enable a potential restart within four months. Henderson said at current prices Ngungaju would generate “very, very strong margins”, though the company would weigh the broader outlook before deciding.

“In terms of all of the indicators I’ve got access to, everything is looking very, very strong on a six- to nine-month basis,” he said. “The further you look out, it gets harder to take a view, but conversations across our customer base, including major chemicals groups, point to a very positive near-term outlook.”

This week, Mineral Resources (ASX: PLS) increased its 2026 financial year lithium guidance for the Wodgina and Mt Marion mines in WA to 450,000–490,000t from 380,000–420,000t and confirmed it is considering a restart of the Bald Hill mine, which was suspended in December 2024.

MinRes chief financial officer Mark Wilson told analysts the company needed to be comfortable with market conditions before proceeding, noting significant work would be required to mobilise the plant and that a restart could take up to four months from a final decision.

Copper producer Develop (ASX: DVP), which owns the Pioneer Dome lithium project in WA, said the re-emergence of the direct ship ore market had created an opportunity. Managing director Bill Beament said the fully permitted project could move into production within six months, with financing under way for the A$35–40 million ($25–28 million) development and offtake discussions progressing.

Longer dated supply

At the longer-dated end of the supply curve, the Greenbushes mine in WA, the world’s largest hard rock lithium operation, processed its first tonnes from the CGP3 expansion just before Christmas, adding 500,000tpa of capacity. IGO (ASX: IGO) managing director Ivan Vella said an optimisation review was under way, including consideration of a potential CGP4 expansion.

Meanwhile, Liontown (ASX: LTR) said it reached an “inflection point” in the ramp-up of its Kathleen Valley underground lithium mine during the December quarter and has begun a study to refresh the economics of a potential expansion to 4 million tonnes per annum, as outlined in its 2021 feasibility study.

Managing director Tony Ottaviano said the company would apply insights from 16 months of operating Kathleen Valley, describing the proposal as a brownfields expansion that would materially reduce execution risk and time to market. While he declined to comment on the sustainability of recent price gains, Ottaviano said customer interest was strong, with enquiries covering all potential expansion tonnes.

PLS is also studying a A$1.2 billion expansion of Pilgangoora to 2Mtpa and its Colina greenfields project in Brazil, with updates expected later this quarter. 

Henderson declined to comment on timing but said both developments were inevitable given projected demand growth.

“As you consider the expected growth rates of demand for the industry and project that forward, you need P2000, you need Colina, and you need more assets to come online to serve that growth demand,” he said.

Australia says US price floor backdown won’t derail its critical minerals strategy

Reuters | January 30, 2026 | 

Australian Minister for Resources Madeleine King. (Image by King’s press team, Twitter/X.)

Australia on Friday said it would support its critical mineral supply chains after the US stepped back from plans to guarantee a minimum price for such projects.

Shares of Australia’s rare earth miners fell sharply on Thursday after Reuters reported on the Trump administration’s retreat.

The sector was still in the red on Friday. Lynas, the world’s biggest producer of rare earths outside China, was down by more than 4%.

The backdown was communicated to US mining executives by Trump administration officials and indicated a lack of congressional funding for price floors and the complexity of setting market pricing, Reuters reported.

That “won’t stop Australia (from) pursuing our critical minerals strategic reserve program to make sure Australia has access to the resources it needs to build a future made in Australia,” Resources Minister Madeleine King told Sky News on Friday.

“We know from what we’ve seen in reports and we will let that play out … the US has introduced a price floor for one particular project and that’s the only one it has done it for, and that was a game-changer.”

Australia has been positioning itself as a critical minerals alternative to China, the world’s biggest producer, for use in the automotive and defence sectors.

It has said it would establish a A$1.2 billion ($840 million) strategic reserve of minerals that it believes is vulnerable to supply disruption.

The stockpile, which will prioritize antimony, gallium and rare earth elements, is expected to be ready by the second half of 2026.

The government is also considering setting a price floor to support local critical minerals projects as part of its strategy.

“We’ll have a number of mechanisms, a floor price will be one through offtake agreements,” King said. “We are determined to make sure there is value for taxpayer money in the reserve and in any floor price.”

($1 = 1.4278 Australian dollars)

(By Christine Chen; Editing by Thomas Derpinghaus)

Mozambique’s president opens Chinese-owned graphite processing plant

Reuters | January 30, 2026 | 

Mozambique President Daniel Chapo. Credit: Daniel Chapo | X

Mozambique’s President Daniel Chapo opened a 200,000 metric ton per year graphite processing plant at a Chinese-owned mine on Friday, as the south-east African country boosts output of the battery mineral.

Annual global mined graphite production is 1.6 million metric tons, the United State Geological Survey estimates and Mozambique is one of the world’s top producers of the mineral, which is an excellent conductor of heat and electricity and is used in batteries for electric vehicles and mobile phones.

China has the world’s largest graphite reserves and dominates its mining and processing as well.

Chapo said Mozambique, where French oil major TotalEnergies is resuming construction of a $20 billion liquefied natural gas project, was working to make the most of its natural resources.

“Today we are entering the world’s industrial map,” he said, adding: “We are no longer a supplier of raw materials, but a producer, processor and exporter of materials”.

Chinese company DH Mining, which started work on the graphite mine in Nipepe in 2014, said it had invested $200 million on mining and processing facilities.

DH Mining director Sang Shong said the venture, in Mozambique’s northern province of Niassa, currently employs 890 workers and this is set to rise to 2,000 in its second phase.

Australia’s Syrah Resources and Dutch metals firm AMG have graphite mining operations in neighbouring Cabo Delgado province. Another Australian group, Triton Minerals, is also advancing its Ancuabe project in Cabo Delgado.

(By Custodio Cossa and Nelson Banya; Editing by Alexander Smith)

From copper to selenium: Chile maps critical minerals

Cecilia Jamasmie | January 29, 2026 

Chile has grouped its critical minerals based on its current position in global markets. (AI generated image using PX Media’s illustration. as background)

Chile has published its National Critical Minerals Strategy, a plan to position the country as a reliable supplier amid surging global demand driven by artificial intelligence, new technologies and the energy transition.

Unveiled in the final weeks of President Gabriel Boric’s term, the strategy signals a shift beyond the country’s traditional reliance on copper toward a broader mix of resources aligned with a decarbonizing global economy. 

The framework identifies 14 critical minerals: copper, lithium, molybdenum, rhenium, cobalt, rare earth elements, antimony, selenium, tellurium, gold, silver, iron ore, boron and iodine.

Chile has grouped these minerals based on its current position in global markets. Copper, lithium, molybdenum and rhenium form the first group, where Chile already holds strong shares of global supply at 23%, 20.4%, 14.6% and 46.8%, respectively, and where other major economies also classify the minerals as critical. 

A second group covers minerals with no current production or only potential participation, including cobalt, rare earth elements, antimony, selenium and tellurium. 

A third group includes minerals already extracted domestically that offer opportunities to deepen Chile’s role in global value chains, such as gold, silver, iron ore, boron and iodine.

Industry verdict

Juan Ignacio Guzmán, head of Santiago-based mineral consulting firm GEM, said the way the strategy defines critical minerals reflects a balance between economic priorities and broader social expectations.

“Overall, the strategy reflects a good balance between Chile’s economic interests and legitimate environmental and social concerns, precisely in how it defines which minerals should be considered critical,” he said, adding that the challenges will vary sharply by category.

According to Guzmán, category A minerals, where Chile is already a major producer, are largely associated with brownfield developments.

“These are mines that are already established, and where there is a well-structured social and environmental framework that has developed over time,” he said. “That part is more straightforward.” The more complex test, he said, will come from category B minerals, where Chile has little or no production today. “In those cases, it basically requires breaking new ground socially and environmentally, and that is where the role of the State is most critical.”

Other analysts were more sceptical about the strategy’s practical impact. José Cabello, director of Mineralium Consulting Group, said the document does little to signal a near-term increase in production.

“There is nothing new in the wording of the strategy that would imply a definitive boost to Chile’s production of critical minerals,” he told MINING.COM.

Cabello said that while the strategy outlines ambitions, it stops short of committing to concrete action. “Although it is not explicitly stated in the text, the strategy lacks a decision to bring new critical mineral projects into production at an early stage in Chile, such as cobalt, tungsten or rare earths,” he said. “Practical short-term production proposals are notably absent.”

He attributed that gap to institutional weaknesses rather than geology. “This major shortcoming in a mining country is due to the fact that the current authorities of the state mining agencies lack direct experience in the mining industry,” Cabello said, adding that this “reflects an inability to resolve basic, concrete problems.”

He said the issue is visible in the document itself, “where commonplaces prevail and there are even several unnecessary repetitions.”

Daniel Weinstein, partner and head of the mining practice at Morales & Besa and president of the advisory council at the Ministry of Mining, told MINING.COM the strategy could still influence Chile’s mining outlook if it is followed by concrete action.

“It can, mainly because it gives Chile a clearer way to prioritize what ‘critical’ means for the country and it sets up an implementation framework that can be tracked,” he said.

“This is still a strategy, not a law, so it won’t change investment conditions by itself.” The impact, he added, will depend on whether the forthcoming action plan delivers clearer ownership, timelines and funding, and leads to faster, more predictable project execution.

Weinstein also noted that copper and lithium are likely to remain the main focus for investment over the next five years, given Chile’s scale and pipeline.

“Where the strategy adds an interesting angle is the attach-rate opportunity,” he said, pointing to minerals that can be developed through existing operations and processing streams, including molybdenum and rhenium, as well as selective by-product recovery such as selenium, tellurium and, in some cases, antimony.

“Cobalt and rare earths could also gain momentum, but that will be more project-specific and partner-dependent.”

On regulation, Weinstein said the strategy provides direction but not certainty. “Investors will still focus on permitting performance in practice,” he said. “The remaining uncertainty is execution: institutional capacity, consistency across agencies and regions, and whether timelines actually improve on real projects.”

Mirco Hilgers, partner in energy, mining and infrastructure and head of the environmental practice at Baker & McKenzie, in Santiago, said the strategy marks a new phase in Chile’s mining history by expanding its ambition beyond copper. He said it elevates resources such as lithium, cobalt and rare earth elements into the country’s official policy framework, positioning Chile as a key player in the global energy transition.

The document defines critical minerals as those essential to priorities including the energy transition, food security, defence and resilient supply chains. For mining countries like Chile, it also ties the designation to economic growth, local value creation, diversification and research and development.

Reliable partner 

The strategy seeks to reinforce Chile’s image as a diversified and responsible supplier by promoting value-added industries and strengthening international partnerships. Hilgers said the approach rests on both political and legal foundations, pointing to laws on citizen participation and public administration that embed transparency and inclusion. He added that the 30-day public consultation is central to the strategy’s credibility and designed to build public trust into resource policy.

Mining Minister Aurora Williams, Economy and Energy Minister Álvaro García, Corfo Vice President José Miguel Benavente and industry representatives attended the presentation of the plan. Boric said it sets out coordinated and gradual public action to boost competitiveness, develop value chains and build resilience across the mining sector.

Guzmán said the most difficult challenge will not be technical but political and social. “The main difficulty will be generating the conditions for companies to regain trust in the system and for real changes to occur,” he said. “This will require managing the political capital that exists to effectively convince society of the need to implement this strategy.” He added that, even with broad stakeholder agreement, the next step is public persuasion. “It is extremely important to convince society of the role Chile must play in the world’s critical minerals, as well as of the challenges and requirements we will face.”

Hilgers described the strategy as a geopolitical signal at a time when the United States, Europe and Asia have elevated critical mineral supply security to matters of national strategy. By articulating its own vision, he said, Chile places itself at the centre of the debate and could unlock access to financing, technology transfer and new industrial ecosystems. He cautioned that success will depend on execution, with water stress, community expectations and permitting delays remaining structural challenges.

Years in the making

The strategy emerged from a multi-year participatory process combining technical analysis and stakeholder engagement, including studies by the state copper commission, Cochilco, and mining regulator, Sernageomin. It also includes work funded by the Inter-American Development Bank between 2024 and 2025. A high-level advisory committee of 16 representatives, a technical committee of 120 specialists from 56 institutions, regional workshops and public consultation all fed into the final document.

Despite the hurdles, Hilgers said the potential upside is significant. Copper will remain the backbone of the sector, he said, but developing a wider set of critical minerals could redraw Chile’s industrial map and mark the start of a broader industrial reinvention.

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Latin America is heading into 2026 with resources at the centre of a growing global power struggle, as governments and investors focus on who controls critical minerals and the supply chains behind them. If the region matters to you, don’t miss MINING.COM’s new series tracking the geopolitical forces reshaping it and why markets are increasingly

Niger attack endangered uranium stockpile near main airport

Bloomberg News | January 30, 2026 | 

Niamey’s Diori Hamani International Airport. Credit: U.S. Department of Energy’s Atmospheric Radiation Measurement Program, under Public Domain licence.

Unidentified attackers who staged an assault on Niger’s capital came dangerously close to a stockpile of uranium removed from French company Orano SA’s mine.

Heavy gunfire and explosions erupted near Niamey’s Diori Hamani International Airport early Thursday. The facility is adjacent to an air force base where Agence France-Presse reported the concentrated uranium powder, known as yellowcake, was stored earlier this month.

At least 20 attackers died in the assault, with 11 others wounded and captured, Defense Minister Salifou Modi said in a statement read on state television. Four members of Niger’s security forces were injured, he said.

Islamic State claimed responsibility for the attack via Amaq News Agency, a media outlet linked to the group.

Niger’s military leadership took over Orano’s Somair mine in 2024, after accusing the French nuclear company of planning to halt operations and sell its shares without following proper procedures.

The West African nation later removed uranium from the site, despite an International Centre for Settlement of Investment Disputes arbitration tribunal’s ruling preventing it from taking any such steps. Its actions raised concerns about radioactive material being transported by road through jihadist-controlled regions.

Niger’s government “unilaterally decided to nationalize” the Somair mine in June 2025, leaving Orano without operational control, and the company is unable to comment on its activities, it said in an emailed response to questions.

This week’s attack targeted the airport area and an adjacent military base that involved gunmen on motorbikes and drone strikes. An Air Côte d’Ivoire aircraft parked on the tarmac was hit, the carrier said in a statement. Two Asky Airlines planes waiting on the tarmac were also damaged, according to a government statement.

AFP cited eyewitness as saying shooting began shortly after midnight on Thursday and streaks of light and flames were seen several meters high. Multiple cars were set alight, the news agency said.

A spokesperson for the state-owned Société du Patrimoine Minier du Niger, which manages the country’s interests in mining companies, didn’t respond to phone calls and a text message seeking comment. Phone calls to two government representatives and an army spokesman went unanswered.

Military ruler Abdourahamane Tiani has pivoted Niger toward Russia and cut security ties with former allies, including the US and France, since ousting President Mohamed Bazoum in a 2023 coup.

Niger also quit the regional bloc Ecowas and joined Mali and Burkina Faso in forming the Alliance of Sahel States, a military-led coalition that’s building economic and security cooperation as the three nations battle insurgents linked to Al-Qaeda and Islamic State, that have killed thousands and displaced hundreds of thousands across West Africa’s Sahel region.

Tiani thanked Niger’s Russian partners for “their prompt reaction, which allowed us to completely rout the enemy within 20 minutes.”

(By Katarina Höije and Kamailoudini Tagba)

Uranium entering multi-year structural bull market: report

Staff Writer | January 29, 2026 | 

Uranium concentrate at Kazatomprom’s uranium mining mine. (Stock image By Valdimir | AdobeStock.) AdobeStock image #641582779

The global uranium market is entering a “tipping point” where sustained demand for the energy fuel and supply constraints could lead to a significant rally in prices in the coming years, according to analysts at Teniz Capital.

In a research report published this week, the Abu Dhabi-based investment bank said the entire sector is undergoing what they call a “second nuclear renaissance” — where accelerating demand from tech giants for data centers and global energy policy are helping to form a multi-year demand cycle.

Credit: Teniz Capital

Meanwhile, the supply side has reached what analysts believe to be an “acute” structural deficit that’s incapable of meeting this demand due to the slow pace of mine development. This situation, as the report warns, would only worsen, with demand projected to rise 28% by the end of this decade and double by 2040.

Drawing historical parallels with the mid-2000s, analysts at Teniz Capital sees uranium as one of the “most promising plays” in the energy sector, forecasting prices to rise by three or even four-fold.

Meta, Sprott power nuclear revival

‘Structurally short’

According to the bank, the world’s supply of primary uranium is falling “structurally short” of nuclear reactor demand due to years of underinvestment. It is estimated that mines can only cover about 74-90% of current needs, and that deficit would likely grow as countries continue to vie for energy security.

In the past, that gap could be filled by secondary sources — commercial inventories and reprocessing — but now these have largely been depleted as well, Teniz Capital said.

This situation is that the current project pipeline is effectively exhausted and development of new mines could take at least 10 to 15 years, it added.

As such, analysts said that uranium has now entered a “long-duration structural bull market” that they believe is time-embedded rather than cyclical. This, as they point out in the report, is reflected in the rally in prices, which bottomed at around $18 per lb. in 2016–2017 then surged to a 17-year high of $106 in early 2024, before stabilizing in the $73–80 range by year-end.

“The supply deficit in the 2030s is already programmed. It cannot be eliminated by any political decisions or investments. The physical constraints of time are insurmountable,” the report said, warning that even higher uranium prices would not offer a quick fix.

“This uranium cycle differs materially from past commodity upswings because supply elasticity is structurally low while demand is policy-driven and non-discretionary,” Ben Elvidge, product lead at Uranium.io, said in an email to MINING.COM.

Kazatomprom uniquely positioned

Against this backdrop, Teniz Capital has identified Kazatomprom (LSE: KAP), the world’s largest producer and seller of natural uranium, as a key player that holds a “unique and effectively irreplaceable position” in the global supply chain.

In its report, the bank highlighted the Kazakh company as the industry’s single-largest resource holder, accounting for about 39-43% of the world’s production. In addition, the Central Asian nation has more than 65% of global reserves suitable for in-situ recovery (ISR), the world’s lowest-cost extraction method.

Credit: Teniz Capital

In addition, a review of the global development pipeline shows that no project in Canada, Africa or elsewhere approaches Kazatomprom’s scale or economic efficiency. The most advanced alternatives are either too small, too costly, or too early-stage to materially alter the supply outlook, according to the report.

The analysis also highlighted that the London-listed Kazatomprom offers diversification opportunities through its involvement in uranium projects with other major players, such as Cameco (TSX: CCO; NYSE: CCJ) and France’s Orano.

“Within this framework, Kazatomprom represents a rare example of a systemically critical producer for which no comparable global alternative exists over the next two decades,” analysts said.

Vizsla Silver says 10 employees abducted in Sinaloa, Mexico

Staff Writer | January 29, 2026 | 

Examining cores from the Panuco silver-gold project in Mexico. Credit: Vizsla Silver

Ten workers were abducted last week from a mining project in the Mexican state of Sinaloa, underscoring the ongoing security risks facing companies operating in regions affected by organized crime.

The incident occurred on January 23 at the Panuco silver-gold project near the town of Concordia, operated by Vancouver-based Vizsla Silver Corp. The company has suspended operations at the site.

Local news outlet Latinus reported armed men entered staff accommodations at the site and forcibly removed the workers, who included engineers, geologists, security personnel and administrative staff, the company said.

Vizsla Silver reported the abduction to local authorities the following day and has mobilized additional security and crisis-management resources. Mexican state and federal authorities have launched an investigation into the incident.

Sinaloa’s attorney general’s office confirmed that search operations are under way, though officials have released few details.

The abduction comes amid heightened violence in Sinaloa, where internal conflicts between rival factions of the Sinaloa cartel have escalated in recent months.

The region has seen an increase in armed confrontations, road blockades and targeted attacks.

 

More than 200 killed in coltan mine collapse in east Congo, official says

Reuters | January 30, 2026 |

The Luwowo coltan mine near Rubaya, DRC. Credit: Wikipedia

More than 200 people were killed this week in a collapse at the Rubaya coltan mine in eastern Democratic Republic of Congo, Lumumba Kambere Muyisa, spokesperson for the rebel-appointed governor of the province where the mine is located, told Reuters on Friday.

Rubaya produces around 15% of the world’s coltan, which is processed into tantalum, a heat-resistant metal that is in high demand by makers of mobile phones, computers, aerospace components and gas turbines. The site, where locals dig manually for a few dollars per day, has been under the control of the AFC/M23 rebel group since 2024.

The collapse occurred on Wednesday and the precise toll was still unclear as of Friday evening.

“More than 200 people were victims of this landslide, including miners, children and market women. Some people were rescued just in time and have serious injuries,” Muyisa said, adding that about 20 injured people were being treated in health facilities.

“We are in the rainy season. The ground is fragile. It was the ground that gave way while the victims were in the hole.”

An adviser to the governor said the number of confirmed dead was at least 227. He spoke on condition of anonymity because he was not authorized to brief the media.

The United Nations says AFC/M23 has plundered Rubaya’s riches to help fund its insurgency, backed by the government of neighboring Rwanda, an allegation Kigali denies.

The heavily-armed rebels, whose stated aim is to overthrow the government in Kinshasa and ensure the safety of the Congolese Tutsi minority, captured even more mineral-rich territory in eastern Congo during a lightning advance last year.

(By Clement Bonnerot and Robbie Corey-Boulet; Editing by Daniel Wallis)