First Quantum Minerals’ updated NI 43-101 for the La Granja copper project in northern Peru outlines 4.8 billion tonnes of measured and indicated resources at 0.48% Cu (23.0 Mt contained), plus 5.2 billion tonnes inferred at 0.40% Cu (20.7 Mt), based on 832 diamond holes totalling 370,000 metres. The company plans pit-side comminution and slurry transport via a 7 km tunnel to a processing and tailings complex on a flatter Pacific coastal plain ~100 km away, using desalinated seawater as primary supply. Engineering focus centres on managing arsenic as discrete, “packageable” mineral phases to maintain saleable concentrate through a conventional flowsheet under Peru’s strict ESIA regime.

Copper prices, already up 40% in 2025 and hitting a record $14,500/t in January 2026, are being driven by AI-related demand, supply disruptions and looming cost pressures from energy and sulfuric acid shortages, with the ICSG now forecasting a 150,000 t deficit for 2026. The 10 largest copper mines produced 4.9 Mt in 2025, led by Escondida at 1,347.6 kt, while major assets such as Grasberg and Kamoa-Kakula face landslide, flooding and seismic-related constraints that could remove hundreds of thousands of tonnes from the market. For planners and project developers, the rankings emphasise concentration risk in a handful of long-lived operations and the growing influence of infrastructure bottlenecks, community blockades and state renegotiations on effective supply.

Brazil’s antitrust authority Cade has opened a competition probe into USA Rare Earth’s proposed $2.8 billion acquisition of Serra Verde Group, operator of the Pela Ema rare earth mine and processing plant in Goiás, including a 15‑year US offtake agreement for neodymium, praseodymium, dysprosium and terbium. The review will determine whether the deal is a notifiable “concentration act” and could lead to approval, conditions or a full administrative case. Serra Verde, backed by a recent $565 million DFC funding package, expects Pela Ema to supply about half of ex‑China heavy rare earth output by 2027.