Eldorado Evaluates 43% Mill Expansion at McIlvenna Bay as Mine Nears Commercial Production

As EV, renewable energy, battery energy storage, and power grid scale expand, global demand for energy transition metals is expected to continue growing. However, supply risks vary by commodity, with some markets facing potential shortages while others may encounter oversupply.The Transition Metals Outlook 2026 released by the institution highlights these diverging trends: copper faces the greatest long-term supply challenge, while lithium demand could triple by 2050. That said, the release of new mine capacity is expected to ease the lithium shortage in the near term and put pressure on prices as supply expands.

Canadian miner Teck Resources announced in a press release on October 21 that it has received a strike notice from United Steelworkers Local 7619 at its Highland Valley Copper operations in British Columbia. Teck Resources said the notice means the union could initiate a strike as early as 8:00 a.m. Pacific Time on October 24 (23:00 Beijing time on October 24). The company added that it has contingency plans in place to ensure safe production and environmental management during any labor action. The collective agreement at Highland Valley Copper expired on September 30.

Southern Copper is evaluating a $680 million expansion of its Cuajone operation in Peru. The proposal would increase milling capacity by 33%, from 90,000 to 120,000 tonnes per day. Current estimates envisage average annual production of 55,000 tonnes of copper and 1,400 tonnes of molybdenum. The company is also studying whether capacity could eventually reach 150,000 tonnes per day. The project remains under evaluation, with no final investment decision or production schedule disclosed; its projected molybdenum output therefore cannot yet be treated as committed new supply.