Canada’s first diamond mine, Ekati, 300 km northeast of Yellowknife, will shut after the Supreme Court of British Columbia placed owner Arctic Canadian Diamond Company, a Burgundy Diamond Mines subsidiary, into receivership despite a C$115 million federal loan in December 2025. The Northwest Territories government has applied to appoint PricewaterhouseCoopers as Receiver and will advance funds using the mine’s reclamation security to manage closure, site stability and environmental protection. Ekati’s closure follows Rio Tinto’s Diavik shutdown in March, leaving Gahcho Kué as Canada’s last diamond mine, currently expected to cease production by 2028.

Copper supply risks have “worsened considerably”, with the IEA warning that sulphuric acid shortages now threaten more than 15% of global primary output produced via SxEW, after the effective closure of the Strait of Hormuz cut roughly half of global seaborne sulphur trade and China banned acid exports through year-end. The DRC and Chile are most exposed, with about 1.5 Mt and 1.2 Mt of leached production and some sites down to 30–60 days of sulphur/acid inventory, while 2025 disruptions already removed 1.5 Mt of mined supply and pushed prices above $14,000/t. Despite project additions in the DRC, Zambia, Peru, Russia and Canada, the IEA still sees primary supply around 25% short of 2035 requirements, with ore grades down 40% since 1991 and copper needing roughly $310 billion of the $750+ billion mining and refining investment required to 2040.

BMI now projects widening structural copper deficits reaching nearly 1.5 million tonnes annually by 2035, pushing prices to $17,000/t, with its upgraded 2026 outlook still below market consensus but turning more bullish than most banks from 2028. The Fitch unit’s long-range view implies sustained pressure on new sulphide project approvals, brownfield expansions and higher-grade resource discovery to offset declining head grades and ageing pits. Mine planners and project financiers may need to stress-test cut-off grades, capex and permitting timelines against a markedly higher long-term price deck.