Gold prices slipped to a one-week low as spot gold fell 0.4% to $4,271.16/oz in New York and December futures eased 0.3% to $4,306 amid a stronger US dollar and expectations of more hawkish US Federal Reserve rate moves. The dollar hit a two-month high and US 10-year Treasury yields hovered near a 20-year peak, sharply raising the opportunity cost of holding non-yielding bullion. Oil gained about 1% on stalled US–Iran talks over the war, while spot silver dropped 1.8% to $63.29/oz, platinum 0.2% to $1,746.44, and palladium rose 0.5% to $1,266.40.

Kinross Gold has cut its 2026–27 production outlook by about 8% to 1.84–1.86 million attributable gold-equivalent oz. a year and raised 2024 AISC guidance to $1,850–$1,900/oz after winter storms, copper-rich sulphide ore and poor recoveries at La Coipa in Chile, plus weaker mining rates, grades and recoveries at Round Mountain Phase S in Nevada. The company is stockpiling high-copper material, studying a new flotation circuit for deeper sulphide mineralisation that may overlie a copper porphyry system, and using a smaller shovel at Round Mountain to cut dilution. Despite the operational hit and a Q3 output cut to about 425,000 oz., Kinross has lifted its 2026 shareholder return target to 50% of free cash flow and has already returned about $800 million this year, mainly via $655 million in buybacks.

Rainbow Rare Earths has secured an offtake and processing memorandum with Neo Performance Materials covering 40% of Phalaborwa’s separated NdPr oxide and 65% of its mixed SEG+ heavy rare earth carbonate, enabling a prefeasibility study in Q4 and pushing the definitive feasibility study to the first half of 2027. Neo will supply solvent extraction design and technical support, with test work on phosphogypsum-derived feed under way in Estonia and an integrated pilot planned in Johannesburg, de-risking the complex separation of dysprosium, terbium and yttrium. The $326 million project would recover magnet rare earths from legacy fertiliser gypsum stacks, potentially feeding Neo’s Estonian separation and sintered magnet plant and offering a non-Chinese supply route linked to European capacity.