According to foreign media reports, Lloyds Metals & Energy has been authorized to undertake preparatory works and feasibility activities aimed at assessing the potential redevelopment of the Panguna copper-gold mine in Bougainville, Papua New Guinea, nearly four decades after the operation was shut down. The Autonomous Bougainville Government granted the authorization on August 7, allowing Lloyds to carry out an approved programme of preparatory and feasibility work required to assess and plan the future redevelopment of the mine. Lloyds is acting as the approved development partner of government-owned Bougainville Minerals, which holds the mining lease covering Panguna. The project represents a potentially significant source of long-term copper supply. Panguna's remaining reserves are estimated at approximately 5.3 million tonnes of copper and 19.3 million oz of gold, while Lloyds plans to revalidate the project's resource base as part of the redevelopment process. The mine has remained closed since 1989. The latest authorization follows the granting of a 25-year mining lease to Bougainville Minerals in June, providing a framework for further evaluation of the dormant asset. However, the current approval does not permit construction or copper production to begin. Any progression into those stages will require additional approvals, meaning a potential restart remains subject to further technical, regulatory and development work. The renewed progress at Panguna is notable given the scale of the historical deposit and growing efforts globally to develop additional copper supply. The immediate impact on mine supply remains limited, but successful feasibility work and resource revalidation could provide greater clarity on whether one of the world's largest dormant copper assets can eventually return to production.

Thursday, August 13, 2026 Following a brutal 30% decline in the price of gold since the start of the year, there are signs the yellow metal is coming back to life with the bullion price up 8% since the beginning of August. The more volatile silver price is up around 16% since the middle of July. The sharp pullback at the start of the year should perhaps not have come as much of a surprise given gold had gained 60% in 2025 and another 30% in January 2026. A contributing factor to recent strength of gold and silver has been renewed weakness in the US dollar against a basket of major currencies in recent weeks. A weaker dollar makes precious metals cheaper for non-dollar buyers. It is the mirror image of the dollar strength which contributed to gold weakness in early 2026. Dollar strength was exacerbated by expectations for central banks to hike interest rates following the US-Iran war in late February as higher energy prices fed through to higher inflation. Since gold does not provide a yield, rising interest rates make gold less attractive compared to stocks and bonds , everything else being equal. Renewed Central Bank buying According to The World Gold Council (WGC), central banks and sovereign wealth funds purchased 289 tonnes of gold in the second quarter of 2026, up 62% year-over-year. Poland was the largest buyer, followed by China, which bought its largest quarterly addition since 2023, taking its reported holdings to 2,346 tonnes. Looking ahead, the WGC’s annual survey found 89% of central bank reserve managers expect central bank holdings to keep rising over the next 12-months, sending a message that demand remains in an upward trend. A separate survey across 76 institutions pointed to structural changes in how reserves were managed, with more than half of central banks running domestic purchase programmes which involved governments buying gold from smaller-scale gold miners within their own country. The WGC describes this as a shift away from holding gold as a legacy asset towards treating gold as an active, strategic allocation amid geopolitical uncertainty, rising currency volatility and reserve diversification . Gold as a hedge Kevin Smith, chief investment officer at Crescat Capital believes there is a scenario where gold could rise to $20,000 per ounce over the next few years. It is a long shot, but not unprecedented. One of Smiths arguments is that the gold price relative to the S&P 500 index is as low as it has been since 2009 and 1970, which reflects the fact that US valuations are at all-time highs, implying there is a small margin of error priced into investor's expectations. Prior peaks in the gold to S&P 500 ratio have coincided with market dislocations. In the current set up, Smith is looking at a scenario where the AI boom doesn’t provide the expected investment returns, leading to disappointment which could cause the stock market to drop in similar fashion to the declines seen in 2001 and 2008, when the S&P 500 halved in value. “A 50% lower S&P 500, combined with a 5.25 gold-to-S&P 500 multiple, which is well below its 1980 peak of 7.58, though slightly above its 1933 peak of 4.76, also gets us to our $20,000 price target for gold,” argues Smith. All bets are off if interest rates stay higher for longer With Federal Reserve chair Kevin Walsh seemingly intent on establishing his inflation-fighting credentials, central banks could hike interest rates to bring inflation back to target, after missing it for more than four years. This would create a headwind for precious metals, which tend to do better in low interest rate environments. Despite these concerns, markets are also cognisant of the other side of the Fed’s dual mandate, which is to keep the economy chugging along and the labour market healthy. The bull market in US stocks means households have a greater proportion of their wealth tied to stocks than ever before, while the national US debt relative to the size of the economy is forecast by the Congressional Budget Office to climb to its highest level since the second world war over the next decade. These factors suggest the central bank will not act hastily to risk failing to meet the other side of its mandate.

Published: Aug 11, 2026 - 11:44 PM (Kitco News) – China’s total gold consumption rose 1.23% in the first half of 2026, according to the latest data from the China Gold Association (CGA). Gold consumption in China came in at 511.41 tonnes in the first six months of the year, the CGA said, compared to 505.21 tonnes in H1 2025, with strong investment demand offsetting the still-sluggish jewelry sector. The association noted that the country's gold consumption patterns were in flux, as the combination of sharp price fluctuations above historically high levels and newly-implemented domestic gold tax policies impacted consumer purchasing habits. The impacts were most pronounced in jewelry and in investment, though for opposite reasons. Demand for gold jewelry plummeted 33.88% year-over-year to 132.13 tonnes, with consumers hesitant to make purchases amid soaring retail prices. On the other hand, burgeoning investment demand saw the consumption of gold bars and coins to 339.34 tonnes, an increase of 28.42%. The CGA said the periodic price pullbacks have served to repeatedly stimulate purchases of gold bars through domestic banking channels, even as persistently high gold prices have pushed up production costs for industrial enterprises, contributing to a 2.9% decline in industrial and other gold uses, which totaled 39.94% tonnes for the first six months of 2026. On the supply side, China's gold output from domestic raw materials dropped 14.62% year-over-year to 152.91 tonnes. The CGA attributed the decline to comprehensive safety inspections, rectifications and special environmental governance campaigns in key gold-producing provinces, which led to temporary production halts at some major gold mines. Gold produced from imported raw materials, however, rose 4.62% or 3.40 tonnes to 77.08 tonnes in H1. China produced a combined 229.99 tonnes of gold from both domestic and imported raw materials, a 9.01% decrease compared to the same period in 2025. In a recent interview with Kitco News, Willem Middelkoop, founder of the Commodity Discovery Fund and author of ‘The Big Reset’, said the government of China actually favors a lower gold price right now because it is still buying, and that the monetary "reset" he has forecast for over a decade is no longer a prediction but a process already underway. "A monetary reset is a more gradual process. It's not a binary event," Middelkoop said. "We're in the first innings." "China is a very active buyer of dips," Middelkoop said, adding that the same pattern holds in copper and oil. Asked about Chinese banks pulling retail access to the Shanghai Gold Exchange, Middelkoop said he read the move as China steering savers away from paper trading and toward physical metal, not as a crackdown. He said China has long run a dual strategy, citing a program he called "Storing Gold with the People" that he said appears in a Chinese publication from 2011 or 2012. "China understands it's all about owning the physical stuff in the end," he said. Major Chinese lenders including ICBC halted retail Shanghai Gold Exchange trading after the July 24 settlement, covering both spot and deferred contracts, according to bank notices and Chinese financial press. Source： https://www.kitco.com/news/article/2026-08-11/chinas-gold-consumption-rises-123-h1-jewelry-sales-slump-while-investment

According to foreign media reports, PT Freeport Indonesia is continuing development of the Kucing Liar underground copper-gold mine within the Grasberg minerals district in Central Papua, with initial mining targeted for 2029 and production expected to ramp up thereafter. The project is being developed as a long-term source of replacement supply as production from the Deep Mill Level Zone declines. Development of the underground deposit has been underway for several years and requires substantial investment in mine access and supporting underground infrastructure. Recent reports indicate that approximately $1.4 billion has already been invested, with a further roughly $4 billion expected through 2033 as development progresses. At full operating rates, Kucing Liar is expected to process approximately 130,000 tonnes of ore per day and produce around 750 million lb of copper annually, equivalent to roughly 340,000 tonnes, alongside approximately 735,000 oz of gold. Freeport-McMoRan currently estimates that the deposit could contribute more than 8 billion lb of copper through 2041. From a copper-market perspective, Kucing Liar represents a significant source of prospective long-term mine supply from the Grasberg district. Its development is particularly important because it is intended to help offset declining output from mature underground areas and sustain Freeport Indonesia's large-scale copper production over the longer term.

Perpetua Resources announced on the 6th that it has delineated multiple gold-antimony exploration targets at the Stibnite project in Idaho, potentially expanding the permitted pit boundaries, and has identified tungsten ore clues, according to Mining.com. Tungsten is a critical mineral with the highest melting point of all metals and extremely high density, making it an indispensable material for heavy industry, aerospace engineering, advanced electronics, and weapons such as armor-piercing projectiles. The US ceased tungsten production in 2015. The US had been mining tungsten ore, but low tungsten prices made it difficult to profit from continued mining. "Our focus is on drilling areas that align with the currently planned mining sequence and have the potential to directly add value," said Jon Cherry, CEO of Perpetua Resources. "Our priority target is to confirm higher-grade gold-antimony zones within the three permitted pits, supplement our current Stibnite gold project resources, and sustain or exceed our estimated annual target of 463,000 ounces after four years of production." The company stated that recent drilling between the Yellow Pine and West End pits continues to show significant indications of new ore bodies, including multiple high-grade gold intercepts and a new gold-tungsten discovery. Significant high-grade gold mineralization, including a gold-tungsten occurrence, was encountered at the Clark Tunnel Fault Zone (CTFZ) on the southeastern margin of the planned Yellow Pine pit. Perpetua Resources noted that drilling underway at the CTFZ also intersected the tungsten-bearing mineral scheelite. Huckleberry Fault Zone (HFZ) Gold mineralization was encountered in multiple wide-spaced drill holes and surface samples at the HFZ. Immediately adjacent to the Yellow Pine pit boundary, the HFZ is over 100 meters wide and has been traced along strike for 500 meters, with historical data suggesting the potential for high-grade lenses. At the Hangar Flats deposit, drilling of the NDMEA segment again discovered high-grade gold, while drilling at the Hangar Flats deposit targeting critical minerals encountered significant antimony and tungsten mineralization. Perpetua Resources indicated that these results collectively point to increased potential for expansion beyond the current resource envelope. The project currently hosts indicated and inferred gold resources of 3.1 million ounces and 99.8 million pounds of antimony. These targets are all based on previous drilling, historical mining activity, and recently delineated prospectivity areas across the entire property, and the company noted that any activities beyond the currently permitted footprint would be subject to additional regulatory review.

On August 10, Chifeng Gold's share price rose, closing up 3.9% at 43.73 yuan per share as of the end of trading. In news developments: On August 8, Chifeng Gold issued an announcement regarding its controlled subsidiary suspending operations at the Mengkang Rare Earth Ore Project in Laos. The announcement stated: In response to and in strict compliance with policy requirements for rare earth resource development, and to earnestly fulfill corporate social responsibility, on August 7, 2026, the 9th Board of Directors of Chifeng Jilong Gold Mining Group Co., Ltd. at its 9th session reviewed and approved the "Proposal on the Controlled Subsidiary Suspending Operations at the Mengkang Rare Earth Ore Project in Laos," agreeing that its controlled subsidiary, Xiamen Chijin Xiamen Tungsten Metal Resources Co., Ltd., shall suspend operations at the Mengkang Rare Earth Ore Project located in Mengkang County, Xieng Khouang Province, Lao People's Democratic Republic. The project overview provided in Chifeng Gold's announcement showed: In 2022, the company formed a joint venture with Xiamen Tungsten Co., Ltd. ("Xiamen Tungsten") named Shanghai Chijin Xiamen Tungsten Metal Resources Co., Ltd. (the company held 51%, Xiamen Tungsten held 49%, now renamed "Xiamen Chijin Xiamen Tungsten Metal Resources Co., Ltd."), aiming to leverage the strengths of both parties to build a cooperation platform for rare earth resource development and to advance the implementation and growth of the company's rare earth resource development business in Laos. On March 4, 2024, the company's controlled subsidiary Chijin Xiamen Tungsten and its wholly owned subsidiary CHIXIA Laos Holdings Limited ("CHIXIA Laos"), along with China Investment (Properties) Co., Ltd. ("CIP") and its wholly owned subsidiary China Investment Mining (Laos) Sole Co., Ltd. (now renamed "Chixia Mining (Laos) Co., Ltd.", the "Target Company"), entered into an Equity Transfer Agreement. CHIXIA Laos acquired 90% equity of the Target Company held by CIP through cash and debt assumption. As of March 25, 2025, all parties had confirmed in writing that the transaction was completed. The Target Company primarily operates the Mengkang Rare Earth Ore Project. Apart from this project, Chijin Xiamen Tungsten and its controlled subsidiaries do not operate any other rare earth projects. Since completion, the project has been in the trial production stage. The retained resource volume of the Mengkang Rare Earth Ore is as follows: Regarding the suspension of operations at the Mengkang Rare Earth Ore Project by Chijin Xiamen Tungsten, Chifeng Gold's announcement stated: As the national rare earth resource policy system becomes increasingly comprehensive, Chijin Xiamen Tungsten will comprehensively review and optimize its relevant operations to ensure all business activities are conducted in compliance with laws and regulations. In response to and in strict compliance with policy requirements for rare earth resource development, and to earnestly fulfill corporate social responsibility, after prudent study and assessment, Chijin Xiamen Tungsten has decided to suspend operations at the Mengkang Rare Earth Ore Project. It will continue the renewal process for mining rights and certificates, closely monitor relevant policy changes, and actively seek solutions. The board of directors of the company has approved the suspension of operations at the Chijin Xiamen Tungsten's Mongkhon rare earth project in Laos and authorized management-designated personnel to handle related matters within the board's purview, including but not limited to asset disposal, personnel settlement, and debt restructuring. Should any related matters exceed the board's decision-making authority, a separate shareholders' meeting will be convened for deliberation. When discussing the impact on the company, Chifeng Gold stated: The Mongkhon rare earth project is still in the trial mining phase. In 2025, Chijin Xiamen Tungsten produced 998.56 mt of rare earth products, with a net loss attributable to Chifeng Gold of -54.0637 million yuan, representing an absolute value of 1.75% of Chifeng Gold's consolidated net profit attributable to parent company shareholders for 2025. In Q1 2026, the company produced 63.6 mt of rare earth products, with a net profit attributable to Chifeng Gold of 372,800 yuan, representing 0.04% of its consolidated net profit attributable to parent company shareholders for Q1 2026. The suspension of operations is expected to have a relatively small overall impact on the company's operating performance. Specific details are subject to the company's audited financial reports. Currently, it remains uncertain when the project will resume operations, and the company will continue to monitor relevant policy changes and subsequent project developments. The company's main operations, such as gold and copper cathode, are performing well, with a sound and stable financial position and an asset-liability ratio at a relatively low industry level, providing a solid guarantee against various force majeure events. The company will actively respond and make its best effort to mitigate the adverse effects of the rare earth development suspension. Meanwhile, it will continue to focus on its main business, increase investment and accelerate project progress in resource exploration, technological transformation, and new expansion projects to lay a solid foundation for achieving its medium and long-term strategic goals. Chifeng Gold also announced on August 8: To ensure the production continuity and capacity utilization rate of its holding subsidiary, Lane Xang Minerals Limited Company (an indirectly held subsidiary operating the Sepon gold-copper mine in the Lao People's Democratic Republic, hereinafter referred to as "Laos," and referred to as "Lane Xang Minerals"), and to advance the development and mining of the Khanong project as planned, with primary ore mining commencing in Q2 2027 to ensure the designed capacity of 1.3 million mt/year reaches full production and to optimize the utilization rate of the newly commissioned 1.2 million mt/year mill, the company, following multiple rounds of tenders and technical and commercial evaluations, intends for Lane Xang Minerals to sign a Mine Development and Mining Services Contract as an independent contractor with China Railway 19th Bureau Group Laos Sole Co., Ltd. (hereinafter referred to as the "Contractor"). Under this contract, the Contractor will provide open-pit mining services (including ore mining and waste rock removal) and other mining services and activities related to Lane Xang Minerals' mining operations in Laos. Chifeng Gold stated that this contract constitutes a daily operational transaction, and its consideration makes it a disclosable transaction under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. On August 7, 2026, the company convened the ninth meeting of its ninth board of directors, which reviewed and approved the proposal regarding the signing of an overseas daily operational contract by the holding subsidiary, agreeing for Lane Xang Minerals to enter into the contract with the Contractor for an amount not exceeding $220,163,577 (excluding VAT), and authorized management to handle all subsequent contract-related matters based on project progress. This contract does not involve related-party transactions and, per the securities regulatory rules of the company's stock listing venues, this matter does not require shareholder meeting approval. Regarding the impact of the contract's execution on the listed company, Chifeng Gold announced that mining operations inherently involve various risks and uncertainties, including but not limited to geological changes, equipment failures, safety incidents, and cost fluctuations. Under the company's asset-light strategy, adopting an independent professional mining contractor model locks in unit mining costs for the contract period, effectively transferring cost risks related to fuel, labour, and consumables, which aligns with industry practice and allows the company to focus on ore processing and recovery rate optimization. To ensure smooth project progress, production continuity, and capacity utilization, the company invited qualified contractors to bid through a public tender process. After multiple rounds of technical and commercial reviews, this Contractor was ultimately selected as the bid winner due to its comprehensive strength and highly competitive bid. The Contractor's parent company is an experienced international mining services firm specializing in open-pit mine operations. Leveraging its experience and advanced knowledge, outsourcing part of the open-pit operations to the Contractor offers a more cost-effective solution for developing Lane Xang Minerals' Sepon gold-copper mine over the long term. The rates quoted by the Contractor were based on local materials, labour costs, and industry market price levels for the project. The contract price structure was determined through fair negotiation between the parties based on the project's specific scope, construction requirements, and market conditions, comprehensively considering factors such as project scale, quality standards, and mining operation pace. Based on these factors, the company believes the pricing adheres to general commercial practices, is fair and reasonable, aligns with the overall interests of the company and its shareholders, has a sufficient basis in commercial reasonableness, and represents the best interests of the company and its shareholders. (1) The above contract is a daily operational transaction. Its signing and smooth implementation will have a positive impact on the company's current and future performance, enhancing its ongoing profitability. (2) The transaction adheres to fair and equitable market pricing principles, without harming the interests of the company or its shareholders, and meets the company's actual operational development needs. (3) The contract's execution does not affect the company's business independence, nor will it create a dependency on the Contractor. In terms of performance, Chifeng Gold disclosed its H1 performance forecast on the evening of July 14, indicating that, based on preliminary financial estimates, the net profit attributable to shareholders of the publicly listed firm for H1 2026 is expected to be between 1.7 billion yuan and 1.78 billion yuan, an increase of 593.1 million yuan to 673.1 million yuan compared with 1,106.9 million yuan for the same period last year, up 54% to 61% YoY. The net profit attributable to shareholders of the publicly listed firm, excluding non-recurring gains and losses, is expected to be between 1.71 billion yuan and 1.79 billion yuan, an increase of 598.09 million yuan to 678.09 million yuan compared with 1,111.91 million yuan for the same period last year, up 54% to 61% YoY. For the primary reasons behind the performance changes for the period, Chifeng Gold explained that the substantial YoY increases in both net profit metrics were mainly driven by a significant rise in gold prices compared with the same period last year, with the average gold sales price up approximately 43% YoY, alongside the company's continuous efforts to strengthen production organization and operational management. Regarding its main business, Chifeng Gold introduced in its 2025 annual report that the company operates in the non-ferrous metal mining and beneficiation industry, with key products including precious metals like gold and non-ferrous metals like copper cathode. Its core main business is the mining, beneficiation, and sale of gold, while also engaging in multi-metal mining/beneficiation and comprehensive resource recovery. The company operates 6 gold mines and 1 multi-metal mine globally, with a business footprint covering China, Southeast Asia, and West Africa. Domestically, subsidiaries Jilong Mining, Wulong Mining, Huatai Mining, and Jintai Mining focus on gold mining and beneficiation, while Hanfeng Mining concentrates on zinc, lead, copper, and molybdenum multi-metal mining and beneficiation. Its holding subsidiary, Laos-based Lane Xang Minerals, focuses on gold mining/beneficiation and copper mining/smelting. Holding subsidiary Wassa in Ghana focuses on gold mining and beneficiation. Additionally, holding subsidiary Guangyuan Technology is engaged in comprehensive resource recovery, specializing in the dismantling of waste electrical and electronic products for environmental protection. A research report from Huaxin Securities on August 10 noted: On the data front, the US July ISM Manufacturing PMI was 55.6, versus a prior reading of 53.3 and expectations for 54. The US July ISM Services PMI was 54.1, versus a prior reading of 54 and expectations for 54.5. US initial jobless claims for the week ending August 1 were 199,000, versus a prior reading of 197,000 and expectations for 205,000. The US July unemployment rate was 4.1%, versus a prior reading of 4.2% and expectations for 4.2%. US nonfarm payrolls for July changed by -23,000, versus a prior reading of 57,000 and expectations for 80,000. A breakdown of the employment data shows that the private sector added a net 30,000 jobs, including a net gain of 25,000 in the goods-producing sector and a net gain of 5,000 in the service-providing sector, while the government sector had a net loss of 53,000 jobs. Overall, employment was mainly supported by the private sector, with the government sector declining. According to the CME FedWatch Tool, the probability of a 25bp rate hike by the US Fed in September 2026 fell to 43%, down from 67% a week ago (July 31). In summary, weakening expectations for US Fed interest rate hikes, combined with the PBOC’s continued gold purchases, which accelerated again in July, are expected to drive a continued rebound in gold prices. A Pacific Securities commentary on Chifeng Gold’s performance from May 7 indicated that multiple technological transformation projects, combined with scheduled maintenance, led to a YoY decline in gold production. In Q1 2026, the company's gold production was 2.98 mt, down 10.7% YoY and 21.7% QoQ, achieving 20% of the full-year target. The production decline was mainly due to these transformations and routine maintenance. Specifically, Jilong Mining's hoist upgrade from a single-rope to a multi-rope system and Wulong Mining's retrofitting of several blind shafts temporarily constrained ore extraction capacity. The Laos Sepon gold-copper mine's beneficiation plant underwent a large-scale annual maintenance shutdown, which, combined with a planned shutdown for one of its high-temperature autoclaves, led to a YoY decline in ore processing volume. A higher tax rate, coupled with the production decline, led to an increase in unit sales costs. Expense ratios were relatively stable, and the asset-liability ratio continued to decline. In Q1 2026, the company’s ROE was 6.9%, up 2.5 pct YoY; period expense ratio was 5.9%, down 0.6 pct YoY and up 0.1 pct QoQ. As of Q1 2026, the company’s asset-liability ratio was 29.4%, down 9.3 pct YoY and 4.5 pct QoQ. Risk warnings: price wild swings, cost side exceeding expectations, project progress falling short of expectations