Mining Weekly

Intelligence and productivity platform GlobalData has revised upwards its forecasts for gold and silver prices after they surpassed the targets outlined in its previous outlook, as geopolitical uncertainty and continued investor demand continue to support the precious metals complex. GlobalData now expects gold to rise 30% to 45% from current levels to between $6 100/oz and $6 700/oz by year-end, with upside potential toward $7 000/oz in the event of sharper risk-off conditions.

Uranium miner Paladin Energy has reported a 16% quarter-on-quarter increase in uranium production at its Langer Heinrich mine (LHM) in Namibia, as operations continue to ramp up towards full mining and processing by the end of the 2026 financial year. Uranium oxide (U3O8) production in the second quarter of the 2026 financial year rose to 1.23-million pounds, from 1.07-million pounds in the previous quarter, driven by an uplift in ore feed grade as a higher proportion of mined ore was processed. Year-to-date production totalled 2.30-million pounds.

ASX-listed West Wits Mining has secured A$27.5-million through an equity placement, predominantly from institutional investors. The placement helps to strengthen the company’s balance sheet, provides capital to advance exploration and fully funds West Wits through to gold production at the Qala Shallows project, in South Africa’s Witwatersrand region.

In an announcement to Mining Weekly from Brussels on Tuesday January 20, South Africa’s Simon Baloyi, the CEO of Sasol, and South Africa's Craig Miller, the CEO of Valterra Platinum, featured prominently as board members of the Hydrogen Council, which is one of the world’s biggest CEOs-only alliances and which is now strongly emphasising the take-off of its next big delivery phase. In the words of Hydrogen Council co-chair Jaehoon Chang, who is also vice-chair of Hyundai Motor Group, “we stand at a pivotal moment for the scale-up of the hydrogen industry”, while second co-chair François Jackow, who is also CEO of Air Liquide, declared the words “lead, build, and deliver" as the council’s new mandate. 

Spot gold surged past the psychological milestone of $4 800/oz on Wednesday for the first time, as safe-haven demand kept bullion a favored asset.

Diversified miner Rio Tinto reported robust production results for 2025, highlighted by an 8% year-on-year increase in copper-equivalent output. The strong performance was driven by the company’s copper, bauxite, and lithium operations, complemented by a resurgent Pilbara iron ore system. CEO Simon Trott said the miner’s performance reflected the depth of its operating discipline and project delivery capability across the portfolio, with record production achieved in several commodities despite a year marked by extreme weather disruptions early on.

Global gold and copper producer Barrick Mining Corporation has chosen to use end-to-end mining solutions company Metso’s Concorde Cell flotation technology at its Lumwana expansion project, in Zambia. The Concorde Cell flotation cells will work in combination with the TankCell technology that Barrick previously selected for the project.

Global stocks slid and the dollar eased against the safe-haven yen and Swiss franc on Monday after US President Donald Trump threatened to slap extra tariffs on goods imported from eight European nations until the US was allowed to buy Greenland. Gold and silver prices jumped to all-time highs, while oil dipped on concerns about what a possible trade war between the US and Europe could mean for global growth and demand.

ASX- and TSX-listed Perseus Mining has confirmed the death of a second employee following an offsite vehicle accident, near its Bagoé gold mine, in Côte d’Ivoire, on January 15. The employee had been in hospital since the accident but succumbed to his injuries.

China, the world's largest iron-ore consumer, has received its first shipment of iron-ore from the Simandou mine in Guinea in West Africa, in which Beijing has heavily invested to increase supply security. China, which imports 80% of its iron-ore from Australia and Brazil, has been attempting to diversify its supply by expanding domestic output and investing in overseas mines.