Mining’s next two years will be dominated by mergers and acquisitions as producers with strengthened balance sheets but thin project pipelines move to buy reserves after a decade of underinvestment, veteran investor Rick Rule told The Northern Miner at the 2026 Rule Symposium in Boca Raton. Rule expects intensified takeover interest in copper, uranium and gold developers holding permitted or near-build assets, as long mine discovery-to-production timelines collide with tightening supply. Projects with genuine scale, robust economics and proven management teams are likely to command premium valuations.

China’s physical gold demand stayed near decade lows in June, with Shanghai Gold Exchange withdrawals at 87 tonnes, up 36% on May but still 27% below the 10-year average for H1 2026 as total withdrawals reached 598 tonnes. Jewellery demand weakness is keeping manufacturers from rebuilding inventories even as the gold price holds around $4,013/oz, roughly 8% lower year-to-date. In contrast, the People’s Bank of China added 15 tonnes in June, lifting reserves to 2,346 tonnes, while domestic gold ETFs saw record monthly outflows of RMB 15 billion and a 17-tonne holdings drop to 277 tonnes.

Gold is holding near $4,000/oz, with spot at $3,992 in New York and Comex futures back above $4,000, even after a 3% weekly drop and a 29% retreat from January’s ~$5,600 peak amid war-driven oil gains of almost 13% in five sessions and renewed Fed hike bets. Physical demand is weak, with Indian dealers quoting discounts up to $45/oz and Chinese premiums shrinking to par, while gold ETFs shed $8.9 billion in June. Equities are absorbing the real pain: the median leading US-traded gold and copper miner is ~38% below its 52‑week high, with Hecla 58%, Sibanye 62% and Equinox 54% off their peaks, signalling sustained funding and balance-sheet pressure for project pipelines.