Barrick Mining said that its Reko Diq copper-gold project in Pakistan still plans to achieve first production by the end of 2028.The project is a large-scale copper-gold project jointly developed by Barrick, the Pakistani government, and relevant joint venture partners, and is located in Balochistan, Pakistan. Although the company had previously warned that the capital budget previously disclosed for the project's two phases could face a significant increase, the 2028 production commencement target remained unchanged.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,286.5/mt and fluctuated downward in early trading to a low of $12,212/mt. Copper prices then fluctuated upward, with the center moving up to $12,408/mt, before falling back again to finally close at $12,348.5/mt, down 0.99%. Trading volume reached 20,000 lots, and open interest stood at 295,000 lots, an increase of 3,702 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,660 yuan/mt and dipped to 95,300 yuan/mt in early trading. Copper prices then fluctuated upward, with the center moving up to a high of 96,680 yuan/mt, before fluctuating downward to finally close at 96,150 yuan/mt, down 0.08%. Trading volume reached 36,500 lots, and open interest stood at 181,000 lots, a decrease of 1,608 lots from the previous trading day, mainly due to bulls reducing positions.

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(Washington, D.C. – February 10, 2026) After posting its strongest annual performance since 1979 last year, silver prices continued to set new highs in 2026, fueled by rising investor interest.

On June 13 (Friday), according to information disclosed by the International Finance Corporation (IFC) on Friday, it will provide a $400 million subordinated loan for the Reko Diq copper-gold mine in Pakistan. Previously, the IFC had already committed to financing $300 million for the copper-gold mine project, bringing the total financing scale for the project to $700 million. The estimated development cost for the mine is $6.6 billion. "The total estimated project cost is $6.6 billion, which will be financed through a combination of debt and equity." Other parallel lenders will provide the remaining debt financing. This type of loan, known as a subordinated loan, is typically repaid after other loans and helps absorb more risk. The Reko Diq copper concentrates, located in Balochistan, is one of the world's largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds a 50% stake in the mine, with the remaining shares held by the federal and local governments of Pakistan. The Reko Diq copper-gold mine is expected to commence production in 2028. Barrick estimates that the mine will generate free cash flow of up to $74 billion over its 37-year mining life.

According to a report on Mining.com, Dateline Resources (DR) has gained further political support. With the public endorsement of Interior Secretary Doug Burgum, the company will develop the second rare earth mine in the US. On the 8th, Burgum stated in an interview with Fox News that the resumption of production at Colosseum, California, is a "critical link" in expanding the US's critical minerals supply chain. The project owner, DR, said that this endorsement "highlights the strategic significance of Colosseum in reducing the US's reliance on overseas rare earths." Previously, the Interior Department had already approved the company's mining plan. Shortly after Burgum publicly expressed his support, the management team, led by company manager Stephen Baghdadi, met with Burgum at the Interior Department headquarters in Washington, D.C., to discuss the next steps for the project. In a press release, DR stated that the discussion affirmed the significance of the mine to the US's rare earth supply chain, which is crucial for advanced technologies and national security, and that it is a known deposit in the US with the potential for "faster development." The Australian miner said that with the support of high-level officials from the US Department of Energy (DOE) and the proposed National Energy Dominance Council by Trump, Burgum "reiterated his commitment to accelerating rare earth production in the US, reflecting his special concern for the Colosseum rare earth mine." The Colosseum project is located along the WLT (Walker Lane Trend) in California, 10 kilometers north of Mountain Pass, the only operating rare earth mine in the US. The project has a long history, having been mined as early as the California Gold Rush. In the late 1980s, LAC Minerals conducted large-scale gold mining activities here, producing a total of 344,000 ounces of gold from two pits. The mine was closed in 1993. Subsequently, Barrick Gold acquired the project but only carried out minimal work over the next 20 years. In 2021, DR purchased the Colosseum project, reviewed the work of the U.S. Geological Survey (USGS), and attempted to identify radioactive indications within the Colosseum-Mountain Pass corridor. Based on the evaluation results, the company's team believes that its geological setting is similar to that of Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a significant global rare earth producer from the 1960s to the 1990s. Technical evaluations indicate that rare earth-bearing ore is present within the boundaries of Colosseum. However, due to its proximity to the Mojave National Preserve, the mine has been on hold in recent years. Currently, Colossus has no rare earth resources, only gold resources compliant with the JORC 2012 standard, with two-thirds being measured and indicated resources. A 2024 scoping study indicates that the project has a mine life of over 8 years, with an annual gold production capacity of 75,000 ounces.