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Construction at the Lumwana super pit copper expansion in Zambia continued to advance on time and on budget during first quarter of 2026, gold and copper mining company Barrick reported on Monday, 11 May.

The initial lift of the mill building wall in the central African country was completed in the period, with mill shells delivered to site and the first loads of structural steel expected in the three months ending June 30.

Capital expenditure for 2026 is expected to come in at the lower end of the $750-million to $850-million guidance range, with total project capital anticipated at $2-billion.

First copper production from the expansion remains on track for the end of the first quarter of 2028.

Overall, first-quarter copper production of an 11%-higher 49 000 t was in line with plan.

Copper cost of sales of $3.41/lb was up 17%, copper cash costs3 of $2.57/lb was up 14% and all-in sustaining costs of (AISC) of $3.67/lb was up 20%, with royalties tied to the higher realised copper price and increased site operating costs the cost drivers, Barrick stated in a press release to Mining Weekly.

Copper production guidance for 2026 remains unchanged at 190 000 t to 220 000 t at copper cost of sales of $3.05/lb to $3.35/lb, copper cash costs of $2.20/lb to $2.45lb, and AISC of $3.45/lb to $3.75/lb.

"Copper performed well and is an important part of the growth pipeline," Barrick president and CEO Mark Hill commented during the presentation of results.

First-quarter gold production of 719 000 oz beat guidance on the ramp-up at West Africa's Loulo-Gounkoto, as well as performances at NGM and Veladero.

New York- and Toronto-listed Barrick generated $5.22-billion in revenue, $2.55-billion in operating cash flow, $1.97-billion in attributable operating cash flow3, and $1.21-billion in attributable free cash flow.

"We started the year with another strong quarter. Building on momentum from the fourth quarter, we operated safely and outperformed our plan on both gold production and costs.

"Our performance allowed us to capture even more of the higher gold price, producing significantly higher earnings and cash flow compared to a year ago.

"Our growth pipeline advanced, with good progress at Lumwana and Fourmile. Most importantly, we continued to improve safety," said Hill.

Gold costs per ounce were better than plan, driven by efficiencies in mining and processing. Gold cost of sales for the quarter was $1 922/oz, total cash costs $1 327/oz, and AISC $1 708/oz.

Higher gold production, lower costs, and a supportive gold price drove year-on-year growth in earnings and cash generation.

Net earnings totalled $1.60-billion and adjusted net earnings $1.65-billion. Earnings before interest tax depreciation and amortisation (Ebitda) were $2.76-billion, an increase of 103% over the prior-year quarter, and the Ebitda margin was up 66%.

Gold production expected to increase sequentially throughout the year with second-quarter gold production of 730 000/oz to 770 000/oz.

Cost guidance for 2026 is based on an oil price assumption of $70/bbl. For every $10/bbl change in the oil price, the direct impact on costs associated with diesel consumption is $12/oz across gold operations, and $0.04/lb across copper sites.

A quarterly dividend of $0.175 per share has been declared amid Barrick's dividend policy targeting a total payout of 50% of attributable free cash flow on an annualised basis.

In addition to the quarterly dividend, the board authorised the repurchase of up to $3-billion of the company's outstanding common shares at prevailing market prices.

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ASX-listed Dateline Resources says the results of the bankable feasibility study (BFS) for its 100%-owned Colosseum gold and rare earth element (REE) project, in San Bernardino County, California, demonstrates a robust gold development, generating significant margins.

Highlights from the BFS, which indicate a technically simple restart with strong economics, include a $1.08-billion undiscounted pre-tax free cash flow, increasing to $1.36-billion using the gold spot price.

It also reveals a $785-million net present value (pre-tax), increasing to $999-million using the spot price.

There is a 49.5% internal rate of return (pre-tax) at a base model gold price of $4 200/oz, increasing to 59.5% using a spot price of $4 700/oz.

The project requires $249-million of startup capital (including $16-million of capitalised mining), as well as a $25-million contingency.

The BFS shows 75 000 oz/y average gold production of over the first six years, with 573 000 oz total gold production over the 10.4-year mine life.

Peak gold sales of 102 000 oz are expected in the sixth year.

An about $55-million increase in undiscounted pre-tax free cash flow is anticipated for every $100/oz increase in the gold price.

The BFS shows a $1 825/oz all-in sustaining cost based on current industry costs.

A low 3:1 strip ratio highlights Colosseum's strong mining efficiency, with reduced waste movement supporting lower operating costs.

There are 55 000 oz of inferred mineral resources within the pit shell that have not been included in the ore reserve.

There is also additional underground potential in the northeast of the North pit, that is open at depth and subject to ongoing drilling not included in ore reserve, including recently drilled holes.

"Since acquiring Colosseum in 2021, we have recognised the significant potential of the project. The near vertical nature of mineralisation associated with the breccia pipes demonstrates excellent continuity that continues with depth," says Dateline MD Stephen Baghdadi.

"Since the original scoping study was completed in October 2024, we have continued to see strength in the gold sector, with the project forecast to generate operating margins of greater than $2 500 /oz.

"With the BFS complete and the front-end engineering studies well under way, our engagement with project financiers is advance as we look to secure the funding required to commence production as soon as possible," he adds.

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The record first-quarter (Q1) free cash flow of $1.2-billion delivered by AngloGold Ashanti is almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price.

The company, headed by CEO Alberton Calderon, remains on track to meet its 2026 annual guidance.

The interim Q1 2026 dividend of $585 or $1.16 per share is also a new record, compared to $0.125 per share declared in Q1 2025.

On 7 May, the board approved a proposed share repurchase programme for AngloGold's ordinary shares of up to $2-billion, subject to shareholder approval.

"Our focus remains to control what we can control – managing underlying costs and ensuring safe, predictable operating results," Calderon stated.

"That has again enabled us to deliver record free cash flow and cash returns to our shareholders, while moving our organic growth projects forward," Calderon added in a release to Mining Weekly.

AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.

WORKPLACE FATALITY

At Obuasi, following the end of Q1 2026 on April 24, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.

"We're heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones. We will ensure we understand the root cause of this incident and apply every lesson learned," Calderon stated.

During Q1 2026, safety remained at the core of continuous improvement efforts. The total recordable injury frequency rate at the company's managed operations improved to 0.86 injuries per million hours worked in Q1 2026, compared with 0.97 injuries per million hours worked for 2025.

Net cash flow from operating activities was up 136% year-on-year to $1.7-billion and the average gold price received per ounce was 69% higher year-on-year on that of Q1 2025.

Earnings before interest, taxes, depreciation and amortisation increased 130% year-on-year to $2.3-billion in Q1 2026 and headline earnings rose 187% to $1.3-billion.

Capitalising on the robust balance sheet and strong liquidity position, on April 16, the company bought back $666-million principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

Mining Weekly Editor Martin Creamer discusses hydrogen mobility and platinum group metals being significant highlights for North-West University recently; China trailblazing in hydrogen with its new programme, which sees lowering costs as the main goal; and Sibanye-Stillwater’s 3

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Western governments just committed $12.1-billion in new mining project capital through 30 partnerships at the 2026 PDAC conference, while the US launched its FORGE coalition, pulling in 54 nations and locking down 11 bilateral supply agreements in a single day.

Canadian miner GoldHaven Resources says this spending is reactive and that a new Organisation for Economic Cooperation and Development (OECD) inventory confirms global export restrictions on critical raw materials have hit an all-time high, with supply concentration for cobalt, lithium, and rare earths now exceeding 90% among the top three producing nations.

The structural shift is pulling capital down the entire Western mineral pipeline, from early stage exploration to commercial production, and five companies are positioned directly in its path: GoldHaven, Almonty Industries, Brixton Metals, NioCorp Developments, and Energy Fuels.

Analysts now project the global critical minerals market will nearly double to $715-billion by 2035, with North American investment growing at the fastest rate as defence budgets, AI infrastructure, and electrification demand converge on the same finite set of inputs.

The OECD working paper on critical minerals and clean energy applications, published in April, reinforces the thesis: projects offering exposure to multiple designated critical minerals across defence, energy, and technology supply chains are now attracting the strongest institutional capital.

GoldHaven just announced the upsizing of its previously announced non-brokered financing to gross proceeds of up to $1.2-million owing to strong investor demand. The additional capital is set to further strengthen GoldHaven's fully funded 2026 exploration programme at its flagship Magno project in the Cassiar District of British Columbia, and it is expected to support an expanded drill campaign targeting a large-scale, multi-phase mineral system with significant and critical metals exposure, including tungsten and indium.

"The level of investor interest reflects growing recognition of the opportunity at Magno," says GoldHaven CEO Rob Birmingham.

"With drilling set to expand beyond our initial programme, we are entering a catalyst-rich phase where we can begin to test the scale of this system across multiple high-priority targets. We believe Magno has the characteristics of a large, multi-phase mineral system, and this programme is a key step in advancing that potential."

Magno is a district-scale polymetallic property spanning more than 37 200 ha, containing silver, tungsten, lead, zinc, and indium mineralization. Tungsten is classified as a critical mineral by both the Canadian and US governments, and Canada currently has no primary domestic tungsten production.

GoldHaven has already submitted its drill permit application at Magno and filed a technical report covering the polymetallic system, positioning the project for its first drill programme as the funding comes together.

"We are entering an exciting and highly strategic phase at Magno, where multiple high-grade zones and distinct mineralisation styles have now been defined across a large, consolidated land package. The combination of high-grade silver/lead/zinc mineralisation and growing exposure to critical minerals such as tungsten and indium continues to reinforce our view that Magno hosts the hallmarks, continues to reinforce our view that Magno is emerging as a compelling district-scale silver and critical minerals exploration opportunity in the Cassiar District," Birmingham states.

The company is also active in Brazil, where an independent geological review of its 100%-owned Copeçal gold project confirmed a large-scale, structurally controlled hydrothermal gold system. The review identified hig...