Resource nationalism and security stockpiles are reshaping metals markets, with Indonesia capping 2025 nickel ore output at about 200 million tonnes and the US launching Project Vault, a US$12 billion critical minerals stockpiling programme, while Canada commits C$2.5 billion under a Defence Production Act-style framework. China still refines roughly 60% of global lithium and cobalt and produces about 69% of rare earths and 83% of tungsten, pushing buyers to prioritise NATO alignment, energy reliability and governance over pure cost. Canada’s advantage in stability, tax incentives such as the Mineral Exploration Tax Credit (to March 2027) and deep mining finance is narrowing unless operators accelerate electrification, automation and digital operations.

Rio Tinto has secured a US$1.175 billion financing package from four international lenders to advance construction of its Rincon lithium brine project in Argentina’s Salta Province. The package combines loans from the International Finance Corporation, IDB Invest, Export Finance Australia and the Japan Bank for International Cooperation, signalling strong multilateral backing for large-scale lithium chemicals capacity. For project engineers and contractors, the funding de-risks early works, evaporation pond construction and processing plant delivery, and locks in capital for associated power, water and access infrastructure in the high-altitude Puna.

Chile’s new president José Antonio Kast has merged the Mining and Economy ministries under agronomist Daniel Mas, prompting concern from industry groups that a sector generating 11–12% of GDP is losing technical focus just as projects face “cursed” permitting processes requiring 500+ approvals. Copper output fell 2% in 2025 and Cochilco now sees production peaking mid-decade before sliding towards about 4.4 Mt by 2034 unless stalled projects advance. At the same time, Chile is pushing a 14‑mineral critical strategy and new lithium JVs such as Codelco–SQM’s Nova Andino Litio and Codelco–Rio Tinto at Maricunga amid tighter state control and volatile copper prices around $13,098/t.