February 11th, 2026 - The Mine Wire

METALS MARKET

^{**For our chart above we are taking prices from Tuesday 4pm EST to Tuesday 4pm EST, so not the typical week of Monday through Friday. This week however, we have done December 16th 4pm EST to January 13th 4pm EST.}

KEEPING AN EYE ON GOVERNMENT DECISIONS

Here are some of the notable government policy moves this week:

🇺🇸 The inaugural Critical Minerals Ministerial was held on February 4, 2026, in Washington, D.C., hosted by U.S. Secretary of State Marco Rubio with keynote remarks from Vice President J.D. Vance. The U.S. proposed a preferential trade zone for allied countries. This includes mechanisms like enforceable price floors and adjustable tariffs to stabilize markets and reduce global reliance on Chinese refining dominance. Canada’s Foreign Affairs Minister, Anita Anand, was quick to state that Canada will only decide whether to join this new critical minerals trading bloc as part of larger talks about the future of the United States-Mexico-Canada Agreement. (U.S. Department of State)

🇦🇺 The Government of Western Australia is touting a fixed 2.5% royalty rate for vanadium. Previously a variable charge was calculated. The government believes this will create certainty for miners, help improve project viability and incentivize production. (Western Australia)

🇨🇦 The British Columbia NDP government is swimming in a mess of its own making. The NDP passed the Declaration on the Rights of Indigenous Peoples Act (DRIPA) in 2019, making it the first province to align laws with the UN Declaration (UNDRIP). The Gitxaala First Nation took the province to court and on December 5th, 2025 the BC Court of Appeal released its judgment, affirming that BC’s DRIPA is legally enforceable. The decision was a big big deal as it found that BC has a legal duty to cooperate with First Nations and further ruled that BC’s mineral grant regime “is manifestly inconsistent” with UNDRIP’s Article 32(2), which guarantees Indigenous peoples the right to be consulted on projects that will affect them. Fast forward, BC is now appealing to the Supreme Court of Canada and will more likely have to amend its own legislation from 2019. (CBC)

🇧🇼 Botswana’s Mines Minister Bogolo Joy Kenewendo said the country will ramp up mining exploration by surveying roughly 70% of its territory. The country needs to diversify its economy beyond diamonds, which have historically provided one-third of national revenue. There is a specific push into "critical minerals" like copper, cobalt, lithium, and uranium with the United States expressing preliminary interest in partnering with Botswana on exploration and mining investment.

🇲🇱 Mali's military-led government officially approved the creation of a new state-owned company, Société de Patrimoine Minier du Mali (SOPAMIM). SOPAMIM will acquire and manage the state’s ownership stakes in various mining companies. It aims to shift the government from being a mere collector of fees and taxes to a direct shareholder, allowing for a larger share of profits. SOPAMIM will operate alongside SOREM (Société de Recherche et d’Exploitation des Ressources Minérales), established in 2022 to focus specifically on the exploration and development of new mineral resources.

🇨🇩 The Democratic Republic of Congo (DRC) has announced it will begin enforcing a previously dormant local ownership rule that mandates 5% of share capital in mining companies be held by Congolese employees. According to a directive from Mines Minister Louis Watum, major global producers must provide proof of compliance by July 31, 2026. The rule applies to all metal miners in the country, including giants like Glencore, CMOC Group, Ivanhoe Mines, Eurasian Resources Group, and Zijin Mining. This 5% employee stake is separate from the existing requirement for companies to cede a 10% interest to the Congolese state (which increases by 5% upon permit renewal). To prove compliance, companies must submit updated articles of association, shareholder agreements, or shareholder registers.

GROUNDUP is back — PDAC Edition.

The 9th Annual GROUNDUP Networking Reception & Charity Event returns on Sunday, March 1st, 2026 at the iconic Walrus Pub & Beer Hall, just steps from the PDAC conference centre. This year, we’re going back to our roots—high-quality networking with the leaders of mineral exploration and mining, focused on real conversations and authentic connections.

With 1,000+ industry professionals expected and 100% of ticket proceeds donated to support Toronto’s homeless community, this is one of PDAC week’s most meaningful and well-attended events.

Sponsorship inquiries: [email protected]

🎟 Tickets go on sale this Friday. The event has sold out every year—secure yours early via Eventbrite.

The GROUNDUP Networking Reception Tickets, Sun, Mar 1, 2026 at 4:00 PM | Eventbrite

MINING MATTERS FROM AROUND THE WORLD 🌎

🇲🇽 Our sincerest thoughts go out to Vizsla Silver Corp., their employees and families. At least 10 of the their team were kidnapped from a home rented by the company on January 23 in the city of Concordia. A number of those kidnapped have been reported dead, confirmed by their families and Mexican authorities. Michael Konnert, President & CEO of Vizsla, commented, “We are devastated by this outcome and the tragic loss of life. Our deepest condolences are with our colleagues’ families, friends and co-workers, and the entire community of Concordia. Our focus remains on the safe recovery of those who remain missing and on supporting all affected families and our people during this incredibly difficult time.” Really heartbreaking. (CBC)

🇨🇦 🇺🇸 🇩🇴 Barrick Mining has named Mark Hill as President & CEO and is moving forward with an initial public offering (IPO) of its North American gold assets. The new entity will include Barrick’s interests in the Nevada Gold Mines (a joint venture with Newmont), the Pueblo Viejo mine in the Dominican Republic, and the world-class Fourmile gold discovery in Nevada. Barrick intends to sell a minority stake of 10% to 15% in the new company while retaining significant controlling interest. Analysts at RBC Dominion Securities and Bloomberg Intelligence estimate the North American assets could be worth between US$62 billion and US$65 billion. Management stated the IPO is designed to "shine a light" on the value of these assets, which they believe are currently undervalued within Barrick's broader global portfolio.

🇺🇸 Not everyone is pleased with Barrick’s IPO ambitions. Newmont came out swinging, publicly criticizing Barrick’s management of their Nevada Gold Mines (NSM) joint venture, claiming the asset has suffered a "degradation in performance and subsequent asset value" over the past six years. Newmont is demanding that Barrick address these operational issues and reverse production declines before proceeding with the IPO, rather than allowing a financial transaction to mask the current trajectory. Newmont asserts that the IPO cannot proceed without its approval. It points to right of first refusal and transfer restriction requirements in their joint-venture agreement as potential legal blocks to any structural changes involving NGM. So what are Newmont’s motivations? NGM is a critical asset to both companies and it wouldn’t surprise us to see Newmont make a play for NGM, particularly given the leadership transition at Barrick and the entry of activist investor Elliott Investment Management. (Newmont)

🇦🇺 🇪🇸 Australian mining company Berkeley Energia has officially filed a US$1.25bn memorial of claim against the Kingdom of Spain with the the International Centre for Settlement of Investment Disputes (ICSID). This marks a significant escalation in a long-running dispute over the blocked Salamanca uranium project. Berkeley alleges that Spain’s repeated refusal to grant final approval for its uranium min, specifically at the Retortillo sit, violates multiple provisions of the Energy Charter Treaty. Despite the legal battle, Berkeley maintains it is committed to the Salamanca Project and remains open to constructive dialogue with Spanish authorities to find an amicable permitting resolution.

MINING BITS

🇩🇰 Denmark’s jewelry maker Pandora is feeling the cost impact of red hot silver and will now move to platinum plated products to reduce exposure. CEO Berta de Pablos-Barbier said, "We have to decouple the performance of the company and the share value from the commodity… We are a jewelry brand, we are not a silver trader."

🇨🇦 Johannes Botes, owner of JOPEBO Mining Inc., a placer mine operating in the Yukon territory was fined $5,000 and given 10 months probation after shooting a bear and her three cubs and then failing to report it to authorities. He appeared in court by video from Namibia where he resides with his family. This seems like a slap on the wrist to us. Bigger fine, a criminal charge and a ban from Canada would have been fine with us. The Yukon Territory has had a tough time with public trust post-Victoria Gold without adding these types of reckless actions. Rant over! (CBC) 

🍄 The BBC takes a look at mycomining, an innovative, sustainable, and eco-friendly technology that utilizes fungi (mycelium) to scavenge, extract, and concentrate valuable resources—such as metals, rare earth elements (REEs), and minerals—from contaminated or low-grade materials like soil, waste rock, and industrial effluents. (BBC)

Not Signed Up to The Mine Wire Yet? 

We do the hard work and curate news from around the globe related to mining and bring it to you once a week in a free and easy to read format. Whether you’re a seasoned industry professional or a curious enthusiast, our newsletter delivers the latest updates, cutting-edge trends, and expert analysis straight to your inbox in an exciting format once a week. Subscribe below!