Japanese companies increase investment in copper mines in order to seize the electric vehicle market

Emerita Resources has provided an update on the Preliminary Feasibility Study (PFS) for its Iberian Belt West polymetallic project in Spain, saying the study is well advanced but remains under final technical review.​ The company said the review process has been expanded to include additional technical and quality-assurance oversight before publication. As a result, Emerita now expects the PFS to be released in the coming weeks rather than within the previously indicated timeframe.​ Iberian Belt West hosts copper, zinc, lead, gold and silver mineralization and is one of Emerita’s principal development-stage assets in Spain. The PFS is expected to provide updated detail on the proposed mine plan, processing configuration, capital requirements, operating costs and project economics.​ Emerita said the additional review work is intended to ensure consistency and completeness across the technical disciplines contributing to the study before it is finalized.​ The company did not announce a revised specific publication date, and no new production, capital or economic figures were disclosed in the latest update.​ The extended review delays the next major technical milestone for Iberian Belt West, but the company continues to indicate that the PFS is nearing completion. For the copper market, the significance of the study will depend on the production profile and project economics ultimately disclosed, particularly the contribution of copper relative to the project’s other payable metals. Attention will therefore remain on the timing of the PFS release and whether the final study materially changes the project’s development outlook.

Cascadia Minerals has reported additional drill results from its 2026 exploration programme at the Carmacks copper-gold project in Yukon, Canada, with new step-out drilling extending mineralization at Zone 2000S beyond the boundaries of the existing Mineral Resource.​ Drill hole CD-26-058 returned 75.55 metres grading 1.19% copper, 0.97 g/t gold, 10.4 g/t silver and 335 ppm molybdenum, equivalent to 2.18% copper-equivalent. The interval included 48.66 metres grading 1.61% copper, 1.39 g/t gold, 15.1 g/t silver and 475 ppm molybdenum, equivalent to 3.03% CuEq.​ Within the same hole, a higher-grade interval of 14.50 metres returned 2.30% copper, 2.68 g/t gold, 29.5 g/t silver and 1,015 ppm molybdenum, equivalent to 5.08% CuEq.​ A second hole, CD-26-059, intersected 93.99 metres grading 0.96% copper, 0.70 g/t gold, 4.6 g/t silver and 919 ppm molybdenum, equivalent to 1.94% CuEq. This included 63.97 metres at 1.26% copper, 0.96 g/t gold, 6.3 g/t silver and 1,049 ppm molybdenum, equivalent to 2.52% CuEq.​ Cascadia said the latest results continue to expand mineralization at Zone 2000S beyond the limits of the current Mineral Resource and highlight the higher-grade nature of the extension. The reported drill intervals represent drilled thicknesses, with true widths estimated at approximately 60–70%.​ The latest step-out results indicate that copper-gold mineralization at Zone 2000S extends beyond the boundaries of the current Carmacks Mineral Resource. The broad intervals and higher-grade internal zones could support future resource expansion if additional drilling confirms continuity. However, the new intersections have not yet been incorporated into an updated Mineral Resource Estimate, meaning their ultimate impact on project scale and mine planning remains to be determined.

NexMetals Mining has reported a 72% increase in the Mineral Resource Estimate for the Selebi Main copper-nickel deposit in Botswana, with the updated resource now containing approximately 495,400 mt of copper.​ The 2026 Selebi Main Mineral Resource Estimate totals 32.47 million mt in the Inferred category, grading 1.53% copper, 0.98% nickel and 0.05% cobalt. This compares with 18.89 million mt grading 1.69% copper and 0.88% nickel in the company's 2024 estimate.​ Contained copper increased by 55% to 495,400 mt from 319,200 mt in the previous estimate, while contained nickel increased by 91% to 316,800 mt from 165,500 mt. Cobalt has also been included in the Selebi Main resource estimate for the first time, with approximately 16,200 mt of contained cobalt reported.​ NexMetals said 91% of the increase in resource tonnage was attributable to new drilling in the Flexure Zone. The updated estimate incorporates drilling completed by NexMetals alongside historical drilling from previous operator BCL Limited.​ The company said recent step-out drilling completed after the resource cut-off date intersected additional massive sulphide mineralisation, meaning those results are not included in the current estimate.​ The updated Mineral Resource Estimate for the separate Selebi North deposit remains in progress and will be reported separately once completed. NexMetals said the two estimates will provide a more comprehensive view of the scale of the broader Selebi Mines once the Selebi North update is finalized.​ The 72% increase in Selebi Main resource tonnage materially expands the scale of NexMetals’ copper-nickel resource base in Botswana, while the 55% increase in contained copper strengthens the project's potential relevance to future regional copper supply. However, the entire updated Selebi Main resource remains classified as Inferred, meaning further drilling and technical work will be required before its economic viability can be established. Attention will now turn to the pending Selebi North resource update and subsequent technical studies covering the broader Selebi Mines.