Strabag and Group company Züblin have secured the design-and-build structural works for the ABS Gäubahn Nord/Pfaffensteig Tunnel in south-west Germany, centred on an 11km twin-bore rail tunnel linking Stuttgart Airport station directly to the Gäubahn line towards Switzerland. About 9.8km will be driven by two TBMs, with conventional tunnelling for the A8 motorway undercrossing and airport connection, plus a 240m cut-and-cover section, retaining structures, railway underpasses and a grade-separated crossing. A 3km surface section will be upgraded and partially realigned for 200km/h operation, delivered under an integrated project delivery model with Ed. Züblin, Wayss & Freytag and Strabag AG sharing tunnelling, structural and earthworks packages.

A 271.5‑tonne Herrenknecht Mixshield TBM, Caroline, has started driving a 2.2km electricity cable tunnel with a 4m internal diameter beneath the River Thames in Essex for National Grid’s Grain to Tilbury project, delivered by the Ferrovial BEMO joint venture. The drive will pass through variable Thames estuary ground conditions between 35m‑deep launch and reception shafts of 15m and 12m diameter, with tunnelling continuing into 2026 and overall scheme completion targeted for 2029. The new tunnel will replace the 1969 Thames Cable Tunnel and carry new high‑voltage circuits between Grain and Tilbury substations.

A 13.46m diameter Herrenknecht Mixshield TBM has broken through into the future Balboa station on Panama Metro Line 3 after completing the first-ever TBM undercrossing of the Panama Canal at depths exceeding 60m below sea level. The 5,600kW, 26,616kNm machine, fitted with an accessible cutterhead and more than 4,500 sensors linked via the Herrenknecht.Connected platform, has achieved peak advance of 150 segment rings (about 300m) per month through mixed sandstone, tuff, breccias and basalt. Around 1.5km of the 4.5km twin-track tunnel remains to final breakthrough.

Federal funding for New York’s US$16bn Hudson Tunnel Project has been frozen, forcing the Gateway Development Commission to suspend works from 6 February after spending over US$1bn and employing about 1,000 site workers. A Manhattan federal judge has issued a temporary restraining order, giving the administration until 5 p.m. on 12 February to restore reimbursements or appeal, while contractors warn that demobilisation, resequencing and remobilisation will add cost and delay. Sites are now in “safe-pause” mode, with dewatering, ground support and environmental monitoring maintained, and assembly of two Herrenknecht TBMs in New Jersey likely to slip beyond the planned spring 2026 launch without funding certainty.

Swiss Federal Railways has awarded an Implenia/Marti 50:50 joint venture five of six MehrSpur Zurich–Winterthur lots worth just under CHF 1.7 billion, including the 8.3 km Brüttener tunnel (Lot 240) with twin 10 m diameter single-track tubes and a 1 km spur to Zurich Airport. TBM excavation will start in August 2029, with a roughly ten-year construction phase using BIM for planning and execution and extensive special foundations, earthworks and embankments. Additional works cover full redevelopment of Dietlikon station, about 6 km of new track across Dietlikon and Wallisellen sections, multiple underpasses, bridges and the Neumühle railway bridge and Storchen underpass near Winterthur.

A sinkhole roughly 8–10 m wide and several metres deep has opened on the AJ Burkitt Reserve sporting oval in Heidelberg, directly adjacent to the North East Link tunnel alignment in Melbourne’s northeast. Victorian Infrastructure Delivery Authority has confirmed the “surface hole” is in the vicinity of active tunnelling operations, leading to a work pause while engineers and emergency crews carry out geotechnical investigations and monitoring. No injuries or structural damage have been reported, but the area remains fully cordoned off pending cause determination and stability assessment.

TBM Xihe, a 7.3m-diameter, 100m-long, 1,000-tonne Herrenknecht slurry machine, has completed the up-track drive to the future Tung Chung West Station and has begun boring the down-track tunnel towards Tung Chung Station for MTR’s Tung Chung Line Extension in Hong Kong. The Bouygues Travaux Publics–Dragages Hong Kong JV turned the TBM underground within the launch shaft using a push-pull method and self-propelled modular transporter, avoiding full disassembly and surface transport. About 1.3km of new twin-bore tunnels are being driven close to existing rail and urban structures, with commissioning targeted for 2029.

Fortescue has installed its first production-series Fortescue Zero battery-electric power system into a Liebherr T 264, a 240 t class haul truck, at Liebherr’s mining equipment proving grounds near Newport News, Virginia. The integration of the full battery system into the diesel-designed T 264 chassis marks a key step towards OEM-agnostic retrofits of large mining trucks, enabling mine operators to trial high-capacity battery haulage on existing fleets. Engineers will now focus on duty-cycle validation, thermal management and charging interface performance under proving-ground conditions.

CRCHI’s first mining tunnel boring machine has begun underground cutting at NFCA’s Chambishi copper mine in Zambia’s Copperbelt, with initial rotation of the cutterhead starting on 13 May. Developed in Changsha, Hunan, by China Railway Construction Heavy Industry Corporation, the TBM marks the debut of a China-designed unit specifically for mining applications rather than civil tunnelling. For mine planners and geotechnical teams, successful performance at Chambishi could open wider use of TBMs for long ore drives and access tunnels in hard-rock African operations.

Canadian steel exports to the US have fallen to roughly one-third of pre-tariff values, with PwC Canada’s Gemma Stanton-Hagan estimating monthly steel revenues are about C$500 million lower than before the duties, leaving the sector under deeper and longer pressure than aluminium. Ottawa’s response centres on a C$1‑billion loan facility to address liquidity and a C$500‑million regional tariff response initiative to push diversification, which she characterises as a short-term stopgap. With 85–90% of Canadian steel exports historically bound for the US and global oversupply limiting alternative markets, producers are reassessing investment while policymakers weigh risks to domestic supply for housing, transport, energy and defence projects.

MAX Power Mining has secured C$25 million from Eric Sprott via a private placement of 12.5 million units at C$2.00, each with a warrant at C$2.75, to accelerate drilling at its Lawson natural hydrogen system in Saskatchewan’s 475 km-long Genesis Trend. The company has selected three initial drill targets using 3D seismic to pinpoint structurally optimal zones for natural hydrogen and helium flow, volume and concentration, and will run a 2D seismic programme along the trend to refine additional prospects. For geoscientists and drilling engineers, the work aims to validate what MAX Power calls the world’s first large-scale commercial natural hydrogen discovery.

Testing of XCMG’s two super large battery electric prototypes for Fortescue – the XC9260BEWL wheel loader and XC9260BEWD wheel dozer – is continuing at the OEM’s Xuzhou proving grounds in China following their official unveiling in February 2026. The ultra-class units are undergoing performance and durability trials under load and duty cycles representative of Pilbara iron ore operations before being shipped to Western Australia. Results will inform battery pack configuration, thermal management and charging strategies for deployment in high-temperature, high-dust mine environments.

A Chilean environmental court has annulled the permit for Collahuasi’s $3.2 billion desalination plant, forcing a reassessment of the seawater system that pumps desalinated water nearly 200 km from the Pacific coast to the 4,600‑metre‑elevation mine, which produced over 404,000 tonnes of copper in 2025. The decision affects an expansion intended to add 20 years of mine life and cut reliance on continental water, even though contractor Techint completed the pumping system in April. Industry leaders, including Chilean Mining Chamber president Manuel Viera, cite the case as evidence of a “cursed” regime where a single project can need 500+ permits, raising schedule and cost risk for large‑scale desalination and water‑supply infrastructure.

McEwen has already received US$58.2 million in dividends from the San José gold-silver mine in Argentina, above its full-year US$40–50 million target, after a further US$49.4 million payment from 51% operator Hochschild Mining. The stronger balance sheet – including US$56.5 million cash, US$13.5 million in marketable securities and US$457 million invested in McEwen Copper – is expected to let the company fund growth with limited equity issuance. Management is targeting 250,000–300,000 gold-equivalent ounces per year by 2030, with San José contributing 59,000–64,000 GEOs in 2026 and new output from the Stock mine (H2 2026) and El Gallo (mid-2027).

Dyno Nobel and TesMan have formed a strategic partnership to combine commercial explosives expertise with underground mining robotics and product development. The collaboration targets automation of hazardous tasks around charging, blasting and post-blast inspection in confined headings, aiming to keep personnel further from faces while maintaining or improving cycle times. For mine operators, the move signals more integrated blast systems where detonator timing, explosive loading and robotic deployment can be engineered as a single package rather than separate technologies.

Americas Gold and Silver will issue 7.96 million shares at $5.57 each to Sprott Mining to cancel the remaining 592,000 oz silver delivery under the Galena complex stream, removing about $45 million in future variable debt and associated derivative earnings volatility. The move increases Sprott Mining’s equity stake to roughly 15% while freeing Galena’s multi-year turnaround—centred on long-hole stoping, fleet upgrades and shaft improvements—from encumbrances as it targets 3.2–3.6 million oz silver output in 2026. Galena’s role as the largest active US antimony producer and the planned integration of the nearby Crescent mine’s 22.9 million oz historical silver resources remain central to the asset strategy.

Potential “symbiotic” energy resilience relationships between data centres and airports are being explored, as both require N+1 or higher redundancy, dual grid feeds and on-site backup generation to keep 24/7 operations running. An airports strategy expert suggests co-locating hyperscale data halls with major hubs could justify shared high-voltage substations, large-scale battery storage and potentially hydrogen-ready CHP plant sized for peak aviation and IT loads. However, the expert warns that current demand projections for data centres may be a bubble, risking stranded electrical and civil infrastructure if growth stalls.

Regulation giving Parliament, rather than the courts, final authority to approve large low‑carbon energy schemes has been unveiled by chancellor Rachel Reeves, sharply narrowing the grounds for judicial review. The change is expected to accelerate nationally significant infrastructure projects such as offshore wind farms, grid reinforcement corridors and carbon capture clusters, where planning and consent can currently add years to programme schedules. Developers and designers will need to front‑load environmental impact assessments, land rights strategies and stakeholder engagement, as legal challenge windows and procedural arguments are curtailed.

Jacobs has been appointed by Great British Energy – Nuclear to deliver environmental consultancy and baselining at the Oldbury site in Gloucestershire, earmarked as a potential location for a new nuclear power station. The work will characterise existing ground, groundwater, ecological and radiological conditions to support future nuclear site licensing, environmental permits and design optioneering. Early baselining data will be critical for later geotechnical investigations, foundation design, flood and coastal risk assessments, and long-term monitoring strategies if the project proceeds.

Marr has installed 121t roof trusses for the Unit 2 turbine hall at EDF’s Hinkley Point C nuclear power station, using heavy-lift equipment to position the long-span steel members in a confined site. The timelapse footage shows sequential placement of the trusses over the turbine hall footprint, a critical step in closing the building envelope ahead of heavy mechanical and electrical fit-out. For civil and structural teams, the operation illustrates logistics and lift planning for multi-hundred-tonne steelwork on a congested nuclear construction platform.

BHP must, under a revised 78‑page Olympic Dam indenture agreement tabled in the South Australian parliament, assess within two years whether rare earths and other critical or strategic minerals such as neodymium and praseodymium can be commercially recovered from current waste streams. If BHP deems extraction technically or economically unviable, third parties must be given an opportunity to commercialise these minerals, while the framework also enables consideration of a A$4 billion copper refinery expansion and up to A$12.7 billion in further mine and concentrator upgrades by 2032. The pact additionally requires BHP to submit by May 2031 a plan to cease Great Artesian Basin groundwater extraction by May 2036, with a Port Augusta seawater desalination scheme being advanced to support a potential lift in South Australian copper output towards 650,000 tonnes per year by the mid‑2030s.

RKX Rock Extraction is set to unveil an electric pulse rock-breaking system at Hillhead 2026, targeting operations where explosives are restricted or supply-constrained and hydraulic hammers are slow, noisy and maintenance-intensive. The Lisburn-based company’s technology uses high-voltage electrical pulses to fracture rock in situ, eliminating on-site explosive storage and reducing flyrock, vibration and dust. For mines and quarries facing tight vibration limits near infrastructure or communities, the method could open additional extraction zones and simplify permitting for selective breakage and scaling.

Pilar Gold Inc has selected Resemin and Sotreq as strategic equipment partners to supply a new underground fleet for the restart and modernisation of its PGDM gold mining complex in Brazil. The ordered package includes Resemin jumbo drills and production rigs, paired with TEMPUS-branded underground support equipment, to mechanise drilling and production across the mine’s ramp-accessed stopes. The deal signals a shift from legacy fleets towards standardised, OEM-supported rigs, with implications for ground support design, development advance rates and maintenance planning at PGDM.

Greenland Resources has joined Luleå Tekniska Universitet’s BOREAS consortium, alongside 12 other partners, to develop autonomous robotic systems for its Malmbjerg molybdenum project in central-east Greenland. The collaboration targets robotic support for construction, operation and maintenance in remote, high-relief terrain, where steep slopes, ice, and limited access complicate conventional open-pit development. For mine planners and geotechnical teams, the work signals future deployment of field robots for tasks such as bench inspection, slope monitoring and infrastructure upkeep under Arctic conditions.

Sandvik Mining has launched a significantly upgraded Toro LH208L low-profile loader for 1.8 m headroom operations, pairing a high payload-to-weight ratio with an improved powertrain and a new Stage V diesel engine for lower emissions. The redesign targets higher productivity and reduced cost-per-tonne in narrow, low-seam stopes where conventional 2 m-class LHDs struggle with clearance and manoeuvrability. Added safety and operator comfort features are aimed at better ergonomics and reduced exposure in constrained underground environments.

Mineral Mining Services (MMS) has secured a contract expansion with Tennant Mines at the Nobles project in Tennant Creek, Northern Territory, extending its work into the Juno and Golden Forty box cuts plus the Golden Kangaroo area at the historic goldfield. The deal materially increases MMS’s open-cut mining scope, consolidating multiple adjacent pits under a single contractor. Geotechnical teams will need to manage legacy workings and variable ground conditions typical of Tennant Creek’s narrow, high-grade gold lodes as MMS deepens and widens existing box cuts.

Rider Levett Bucknall has appointed Matt Buntine as head of London and Europe project and programme management, drawing on his previous role as managing director at Lendlease Consulting (now Bovis). Buntine has led programmes across alternative energy, rail, aviation, heritage, commercial and education, and previously ran Lendlease’s European sustainability function, driving its Mission Zero strategy. He has overseen transformation and open-market sale processes while retaining major clients such as TfL, Network Rail, the Houses of Parliament, Chelsea Football Club and leading London museums, and is a chartered engineer with the Institute of Engineers Australia.

Wates Group has begun a two-phase build of a two-storey Welcome Hub at Isle of Wight College under the Department for Education’s £7bn schools construction framework, creating a new main entrance and vocational teaching centre. The hub will include industry-standard training kitchens, a training restaurant open to external customers, and flexible hybrid learning spaces for performing arts, hospitality, and travel and tourism. Sustainability measures include green roofs, rooftop solar panels, rain gardens, SuDS features and reuse of on-site materials, with completion scheduled for 2028.

Utilities contractor Falco has secured renewal of its groundworks framework with UK Power Networks across all three licence areas—London, Eastern and Southern Power Networks—covering nearly 30,000 km² and 8.5 million customers, for six years from February 2026 with two optional one‑year extensions. Falco reports a zero accident frequency rate over the past five years, supported by nearly 1,500 site audits in the last year and more than 3,000 toolbox talks since June 2025. The contractor is targeting net‑zero operations by 2035, including award‑winning trials of zero‑emission electric diggers on UKPN sites.

Doka’s Radius Top 50 timber-beam formwork has been used by TRS Formwork to construct a 12‑sided plinth with complex corbels and angles at SSE Renewables’ Lochay Hydro Power Station in Perthshire, which generates about 170GWh annually. A 3D-led design enabled Doka engineers to calculate precise radii and angles, develop a bespoke connecting plate for a WS10 formwork ring, and pre-assemble components off-site for final in situ adjustment to existing concrete. The approach cut cycle times to meet a 12‑week programme, improved material efficiency and kept the station operational during refurbishment.

Holcim UK subsidiary OCL Regeneration is dismantling the 250mm-thick concrete runway at Ford Airfield, West Sussex, and reprocessing it on-site for roads and foundations in Vistry’s 1,500-home Fordham development. A 6,000m² compound has already been stabilised in situ and surfaced using milled runway concrete mixed with cement and water to form Cement Bound Granular Material, supporting mobile plant and stockpiles. Subsequent phases will involve specialist treatment of hazardous asphalt base layers and production of Type 1 recycled aggregate and capping for the main spine road.

MEP engineering consultancy Wallace Whittle has acquired multi-utility infrastructure specialist Petrie Buchanan, founded in 2002 and focused on end‑to‑end utility design and management for housebuilders and developers. Petrie Buchanan will retain its brand, staff and directors, while Wallace Whittle plans office‑level “champions” to integrate workflows, upskill teams and coordinate with utilities companies and energy network operators. For project teams, the deal aims to create a single interface for MEP and multi‑utility design, potentially cutting programme delays linked to utility connections and diversions.

The British Geological Survey is advancing a national geotechnical data service to collate UK ground investigation records into a single, standardised digital platform for project teams. By aggregating borehole logs, in situ test results and laboratory data from multiple legacy sources, the system aims to give designers earlier visibility of variable strata, groundwater conditions and historical contamination. For geotechnical and civil engineers, this could reduce duplicate site investigations, refine ground models at concept stage and improve risk pricing for foundations, earthworks and underground structures.

Port of Southampton is expanding its partnership with Vestas to handle larger volumes of offshore wind components, reinforcing its role as a key hub in the UK’s renewable energy logistics. The collaboration focuses on port-side storage, heavy-lift handling and transport of oversized turbine blades, nacelles and towers, requiring specialised quayside cranage and strengthened laydown areas. For civil and port engineers, this signals continued demand for upgraded pavements, marshalling yards and deep-water berths capable of supporting high axle loads and complex heavy-lift operations.

Stockton Group managing director explains a major strategic restructure that integrates design, construction and asset management teams from project inception, aiming to stay embedded through the full lifecycle of large UK infrastructure schemes. The model pushes contractors to engage at RIBA Stages 1–2 rather than post-planning, aligning geotechnical investigations, value engineering and constructability reviews before key cost and risk decisions are locked in. For civil and ground engineering practitioners, this signals more early-stage partnering frameworks and longer-term performance-based contracts rather than traditional build-only appointments.

Tasmania’s Department of Justice has awarded Fairbrother an $86.5 million contract to construct the new Burnie Courts Complex, relocating and consolidating the Supreme and Magistrates Courts for the state’s North West. The project involves a full greenfield judicial facility rather than refurbishment, signalling substantial new foundations, secure custody transfer zones and blast-resistant detailing typical of modern court infrastructure. Civil and structural teams can expect tight CBD interfaces, staged utility diversions and stringent acoustic and security specifications around courtrooms and holding areas.

Victoria’s push to produce one million ounces of gold annually by 2035 is central to a broader critical minerals strategy outlined by Minerals Council of Australia regional director James Sorahan on the inaugural Australian Mining Podcast. Sorahan points to the state’s established orogenic goldfields and emerging antimony prospects as a dual focus, positioning Victoria for both bullion output and supply of a key battery and alloy element. For miners and explorers, the message is to leverage existing underground gold infrastructure while targeting polymetallic systems with critical mineral credits.

MMD Australia is targeting rare earth element projects with its next-generation HYD Sizer, redesigned for variable ore hardness, higher moisture contents and tighter product size control than earlier MMD sizers. The unit incorporates hydraulic drive and modular tooth configurations to handle both soft overburden and abrasive rare earth-bearing ores in a single machine, reducing the need for multiple crushing stages. For geometallurgy and plant designers, the HYD Sizer’s adaptability to changing feed characteristics offers flexibility for deposits with complex mineralogy and fluctuating throughput.

Arafura Rare Earths has approved construction of the Nolans rare earths project, 135km north of Alice Springs in the Northern Territory, after more than 20 years of exploration and feasibility work. Backed by federal funding and offtake support from international customers including Hyundai and Kia, Nolans is designed as an integrated mine and processing plant producing neodymium-praseodymium (NdPr) oxide for permanent magnets. The project strengthens non-Chinese supply options for magnet rare earths, with implications for long-term contracts, processing technology selection and downstream value-adding in Australia.

Saturn Metals has reported further strong reverse circulation results from 35 holes totalling 6820m at its 100 per cent owned Apollo Hill heap leach gold project near Leonora, Western Australia, supporting plans for a mineral resource upgrade. The drilling targets resource development within the existing Apollo Hill system, where previous work has already defined a large, low‑grade gold inventory amenable to heap leach processing. For mine planners and geotechnical teams, the results point to potential for expanded pit shells and leach pad capacity if continuity and grade are confirmed in the forthcoming resource update.

Upgrades have begun on the Barry’s Bay Rest Area on the Hume Freeway in Victoria, with a $2.6 million package jointly funded by the Federal and State governments. Works include new pedestrian walkways, upgraded lighting and toilet blocks, clearer segregation of heavy and light vehicle parking bays, and full road resurfacing within the rest area. For asset managers and designers, the project signals continued investment in heavy vehicle fatigue management infrastructure on one of Australia’s highest-volume interstate freight corridors.

Brightstar Resources is preparing to move into full-scale construction at its Goldfields gold project in Western Australia within weeks, with final regulatory approvals pending. Managing director Alex Rovira says the approvals will allow Brightstar to execute its development schedule and transition rapidly from pre-development to build and commissioning. For contractors and suppliers in the WA Goldfields, the timing signals imminent demand for earthworks, plant construction and supporting civil and geotechnical services once the approvals land.

Perpetua Resources has secured unanimous approval for a US Export-Import Bank $2.9 billion loan under the Make More in America Initiative to build the $1.3 billion Stibnite Gold project in Idaho, which hosts the only identified domestic antimony reserve. The financing, combined with existing cash, is expected to fully fund direct construction, supporting the US Army’s “ground-to-round” antimony trisulphide supply chain for ammunition and wider defence uses. The project, designated a FAST-41 Transparency Project, has completed extensive scientific and public review, while Perpetua’s market capitalisation sits at $3.34 billion.

Exploration momentum is building across Australia as Auravelle Metals, Terrain Minerals and Amara Minerals push gold and antimony projects forward via reverse circulation (RC) drilling, technical studies and early-stage resource work. Terrain is advancing its Lightning gold project towards a maiden resource while also running new RC drilling campaigns at Nuckulla Hill to test extensions to known mineralisation. Amara is reporting growing confidence in a deepening antimony system at Lauriston, signalling potential for larger-scale, higher-grade underground targets.

Metso has secured orders worth over €10 million to supply two Premier horizontal grinding mills to Emerald Resources’ Dingo Range Gold Project in Western Australia and Memot Gold Project in Cambodia, booked in Metso’s Minerals segment Q2 2026. The package includes a 12 ft x 18 ft, 1.6 MW Premier ball mill for Dingo Range and a 15 ft x 22 ft, 3 MW Premier SAG mill for Memot, both with Metso’s gear-driven technology. The mills are designed for gold ore grinding circuits, with Metso providing engineering support and spare parts to optimise throughput and availability.

South Australia’s River Torrens to Darlington (T2D) project has craned in the third and final tunnel boring machine (TBM) cutterhead at the Central North Precinct in Adelaide, completing installation of all units. Each cutterhead weighs more than 300 tonnes and will be used to construct what is set to be Australia’s first road tunnels driven by TBMs. The milestone signals imminent commencement of full-face mechanised excavation, with implications for settlement control, lining design and construction staging along this key urban corridor.

Komatsu is backing HEXhire’s expansion across Victoria and South Australia as the hire company scales its earthmoving fleet to service major road and civil infrastructure programmes. Founded in 2013 as a predominantly wet hire provider, HEXhire has pivoted towards dry hire to supply larger volumes of excavators and ancillary plant for long-duration packages on multi-billion-dollar transport corridors. The partnership gives contractors faster access to late-model Komatsu machinery, supporting tighter programme delivery and more consistent machine performance on high-utilisation sites.

Canada’s Supreme Court will hear British Columbia’s appeal of the Gitxaala v. British Columbia (Chief Gold Commissioner) ruling, which found the province’s Declaration on the Rights of Indigenous Peoples Act (DRIPA) incorporates UNDRIP and creates immediate, legally enforceable obligations. The case follows a 2023 BC Supreme Court decision that the province’s automatic online mineral claim staking system breached the constitutional duty to consult Indigenous nations. Mining executives say the evolving interpretation of DRIPA is injecting significant uncertainty into BC mineral tenure and project approval processes, with no hearing date yet set.

Copper’s record run to $6.667/lb ($14,700/t) now gives 75 operating copper mines nominal annual copper revenues above $1 billion based on 2025 mine-level production, up from 52 on the previous MINING.COM “unicorn” list. The analysis excludes byproduct credits, meaning several large Cu-Au or Cu-Mo operations would exceed $1 billion at effectively negative net copper cost once gold, molybdenum or cobalt are accounted for. With copper making up nearly 6% of initial capex for hyperscale data centres, the sector is positioned to capture a larger share of AI-driven infrastructure spending.

US Senators Catherine Cortez Masto and Jim Risch have introduced the bipartisan System Integrity through Licensed Vault Expansion and Resilience (SILVER) Act to amend the Commodity Exchange Act and mandate at least two licensed precious metal depositories in each US time zone, breaking the current concentration around New York City. The bill aims to cut systemic and national security risk, improve market liquidity and reduce storage and transport costs for miners and traders in Western states such as Nevada. Backers include Money Metals Depository, The Silver Institute, A‑Mark Precious Metals/Gold.com and Texas Precious Metals Depository, with a companion bill already filed in the House.