Collections: Major Banks Cut 2015 Nickel Price Forecast

KGHM Polska Miedź has marked the start of Sierra Gorda’s US$725 million fourth grinding-line expansion in Chile. The project will add crushing, grinding, flotation and associated infrastructure, increasing annual ore-processing capacity from about 48 million tonnes to 60 million tonnes. Completion is scheduled for late 2029, with full production expected in H2 2030. On a 100% mine basis, post-expansion average payable molybdenum production is expected to reach approximately 6,000 tonnes per year. KGHM reported that Sierra Gorda produced more than 8 million lb, or about 3,629 tonnes, of molybdenum in 2025. SMM analysis: the project represents a material medium- to long-term overseas molybdenum supply increment, but it will not add near-term supply.

Codelco reported a fatal accident on October 1 in the crushing and material-handling area of its Radomiro Tomic operation. Activities in the affected area were immediately suspended and an investigation was launched. Codelco has identified Radomiro Tomic as one of its molybdenum-producing mines, with sulphide ore processed through the Chuquicamata concentrator. The company has not disclosed the duration or scope of the suspension or any impact on copper and molybdenum output. SMM analysis: a prolonged or wider suspension could disrupt the processing cadence of Mo-bearing sulphide ore, but there is currently insufficient evidence to conclude that molybdenum production has declined.

Glencore expects to submit the environmental impact assessment for its El Pachón copper-molybdenum project in San Juan, Argentina, in 2027, advancing permitting under the country's RIGI investment regime. El Pachón is a district-scale porphyry with roughly 6 billion tonnes of resources at 0.43% Cu, at the feasibility stage, designed for about 280,000 t/y of copper over a 30-year life with Phase 1 capex of US$8.5–10.5 billion (US$9.5 billion midpoint for the RIGI filing). Glencore pairs it with Agua Rica–MARA in Catamarca to build roughly 1 Mt/y of Argentine copper within 10–15 years, initially about 500,000 t/y. The EIA filing is a pivotal licensing step shaping South America's medium-term concentrate supply.