Marimaca Secures Grid Connection Authorization for Marimaca Oxide Deposit

Supervisors at BHP's Escondida copper mine in Chile have rejected the company's final collective bargaining offer, increasing the risk of a potential strike at the world's largest copper mine.​ According to foreign media reports, 95% of participating members of the 1,020-member supervisors' union voted in favour of strike action after rejecting BHP's latest contract proposal.​ Under Chilean labour law, the union and the company must now enter a mandatory five-day government-led mediation process before any legal work stoppage can begin. The mediation period can be extended by another five days if both parties agree.​ The union said BHP's offer did not represent a material improvement over the existing contract and criticised proposed requirements for supervisors to train in plant operating activities, including truck driving. BHP has said it plans to seek mediation through Chile's Labour Inspection Office in an effort to reach an agreement.​ The latest labour development comes shortly after a fatal maintenance-related accident at Escondida, which temporarily disrupted operations. The supervisors' union had previously rejected BHP's request to extend negotiations following the incident. Operations at Escondida have since been gradually resuming.​ The 95% vote in favour of strike action represents a significant escalation in collective bargaining negotiations at Escondida, although there has been no strike or reported production impact from the labour dispute at this stage. The mandatory mediation process provides an opportunity for BHP and the union to reach an agreement before industrial action begins. Given Escondida's position as the world's largest copper mine, any prolonged work stoppage could increase near-term copper supply uncertainty, making the outcome of the mediation period an important market focus.

Generation Mining has commenced construction at its 100%-owned Marathon copper-palladium project in northwestern Ontario, Canada, following the posting of financial assurance required for the construction phase of the project.​ Early works are now underway and are expected to continue through the fourth quarter of 2026 and into 2027. The programme includes upgrades to site access roads, clearing of the plant site and initial pit footprint, early water-management infrastructure, camp expansion, bulk earthworks, temporary power installation and environmental monitoring systems.​ Generation Mining has posted a C$6.5 million bond covering rehabilitation obligations associated with the construction phase. The phased financial-assurance structure allows the company to begin site works while matching financial assurance to the level of disturbance created during each stage of development.​ The company is also advancing procurement of critical equipment, including mining equipment, the primary crushing station, grinding and regrind mills, hydrocyclones, flotation equipment, thickeners and plant buildings. Generation Mining expects to make approximately C$30 million of initial payments to secure around C$150 million of equipment and infrastructure, subject to final contractual arrangements and required approvals.​ Generation Mining said the approximately C$150 million of planned critical purchases are, in aggregate, at or below the cost allowances included in the project's feasibility study and have expected delivery schedules within the project's baseline timetable.​ The Marathon project is planned as a 13-year copper-palladium operation. According to the company's feasibility study, the mine is expected to produce approximately 532 million lb of payable copper over its operating life, alongside palladium, platinum, gold and silver.​ The start of construction represents a significant development milestone for Marathon following Generation Mining's recent announcement that it had assembled the financing required for construction. Early site works and procurement of long-lead equipment reduce execution risk as the project moves from financing and permitting into physical development. With approximately 532 million lb of payable copper expected over the planned 13-year mine life, Marathon could become a new source of North American copper supply once construction and commissioning are completed.

Outokumpu’s October 2026 North American coil alloy surcharges edged lower across several molybdenum-bearing grades. The surcharge for 316L 2.5% Moly fell 0.5% MoM to $4,291.96/t, while 316L/4404 declined 0.7% to $3,886.31/t. Duplex 2205 was broadly flat at $4,225.83/t. Surcharges for 904L and 254 SMO fell 0.8% and 0.6% to $8,236.48/t and $8,914.62/t, respectively. These are alloy surcharges rather than full steel prices and reflect nickel, chromium and other alloy inputs as well as molybdenum.