Close to $11 billion a year in gold revenue is stuck in Canada's permitting queue. Fifteen projects, all with published reserves. They hold 36.6 million ounces and would add around 2.5 million ounces a year, a 35% to 40% increase on Canada's current output. On S&P Global's sample, Canada is among the slowest countries in the world for mine development, at 27 years from discovery to production. In five cases the only thing between the owner and a construction decision is one government signature. Two of the fifteen are on a fast track.

US warms to building Brazil critical minerals chain dlvr.it/TVgstT

Hudbay lifts Snow Lake gold output estimate by 60% dlvr.it/TVgrWw

NGOs warn Donlin mine spill could devastate region  dlvr.it/TVgNdF

People are turning to a trustless asset, Phair says dlvr.it/TVgKfT

China is buying at least twice as much gold as it reports, according to Scottsdale Mint CEO Josh Phair, who cites a recent Goldman Sachs report. Much of it is bought over the counter. China has reported purchases for 22 straight months, and Phair says it bought heavily as gold fell more than 20% from its January record. He says central banks with little or no gold are targeting 1% to 3% of reserves, those already at 1% to 3% are moving to 5% to 7%, and Poland is aiming for the upper 30s by year-end.

Russia's Finance Ministry has proposed a windfall tax on commodity producers, at 20% on revenue from gold and 30% for some base metals and fertilizer producers. The measures are aimed at narrowing a budget deficit widened by military spending and weaker oil revenue. The deficit ran at about 2.5% of GDP from January to August, against the 1.2% the government projected for 2026 last year. USGS puts Russian gold output at 310 tonnes last year, second only to China. Source: Bloomberg, USGS

North America is building rare earth plants faster than it is building rare earth engineers dlvr.it/TVfLQf

Op-Ed: Understanding LCT pegmatites – why context can make or break a lithium project dlvr.it/TVfKvN

Critical minerals boom risks second funding gap as governance support shrinks  dlvr.it/TVfJf1

AI boom fails to lift gold demand, WGC says dlvr.it/TVfC3t

Lundin Gold hits record 1035g in Ecuador dlvr.it/TVfByB

Close to $11 billion a year in gold revenue is stuck in Canada's permitting queue. Fifteen projects, all with published reserves. They hold 36.6 million ounces and would add around 2.5 million ounces a year, a 35% to 40% increase on Canada's current output. On S&P Global's sample, Canada is among the slowest countries in the world for mine development, at 27 years from discovery to production. In five cases the only thing between the owner and a construction decision is one government signature. Two of the fifteen are on a fast track.

Metals are stock puppets, Bloomberg strategist says dlvr.it/TVf95w

The World Gold Council says the AI boom has yet to lift gold demand. Technology use fell slightly last year, to 323 tonnes, even as AI chip demand exploded. Total technology demand remains well below its 2007 peak. Manufacturers have been reducing or eliminating gold from some components as prices rise, offsetting growth in AI applications. The WGC calls it a tug-of-war in which the two sides appear evenly matched. The council sees longer-term potential in co-packaged optics, which uses gold in lasers and high-frequency electrodes, and which Nvidia is investing in heavily. Source: World Gold Council

UBS expects the copper market deficit to widen from 219,000 tonnes this year to 379,000 tonnes in 2027, and sees prices reaching $15,500 a tonne next year. Copper treatment charges fell to a record low below minus $200 a tonne in September, from around minus $45 at the start of the year, which UBS says reflects insufficient mine output to meet smelter demand. Chilean production fell 10% month on month in July amid weather-related disruptions, with Escondida and Codelco accounting for most of the decline. Since early July, LME inventories have fallen by 69,750 tonnes and Shanghai by 79,650 tonnes, while COMEX stocks rose by more than 91,200 tonnes. Source: UBS

TD sees rhodium surplus ending four-year squeeze dlvr.it/TVf5jj

BHP’s Escondida restart eases tight copper market dlvr.it/TVf4Yq