South32 has lifted the Sierra Gorda ore reserve in Chile by 61% to 1.1 billion tonnes at 0.39% total copper, 0.016% molybdenum and 0.06 g/t gold (0.46% CuEq), extending reserve life by about five years to 2045 after 85,000 metres of infill drilling from 200 holes. The updated MRE now stands at 1.87 billion tonnes at 0.37% copper (0.44% CuEq), with the orebody remaining open at depth and additional potential at the Catabela Northeast target. A fourth grinding line, approved in July, is expected to lift copper output by roughly 30% from 2031, reinforcing long-term concentrator planning and infrastructure requirements.

Otavio (Tavi) Costa, founder and CEO of Azuria Capital, argues that mining equities are currently the cheapest way to gain AI exposure, as sovereign funds and governments re-rate the sector and mid-tier producers move to secure “strategic reserves” by acquiring high-quality junior assets. He links this to a macro backdrop where global debt has returned to World War II levels but only about 3% of the US Treasury market is now backed by gold, versus roughly 50% then. With spot gold at $4,673.20/oz, Costa expects reserve depletion, weak discoveries and a “global monetary race towards gold” to drive prices substantially higher.

Gold climbed 1.2% to around $4,719/oz in New York, near a four‑month high, after reports that US Treasury Secretary Scott Bessent may tap the $935 billion Treasury General Account to fund a “Treasury Twist” bond‑buyback scheme targeting higher‑yielding long‑dated securities. The 10‑year yield slipped to about 4.69% and the 30‑year to roughly 5.215%, still close to last week’s 19‑year high above 5.27% that triggered expanded buybacks from $2 billion to at least $4 billion. Silver fell about 1% to consolidate below $70/oz resistance, while copper added 0.46% and trades just under record levels.