Copper economics dominated the mining news flow, with Antofagasta's earnings beat overshadowed by a production downgrade tied to Chilean weather disruption, while Rio Tinto locked in long-term power security for its Australian smelter. Elsewhere, gold and critical-minerals explorers delivered a steady stream of drilling and metallurgical results, from Greenland to Morocco to Zambia.
Antofagasta lifts guidance despite copper output miss
Antofagasta (LSE:ANTO) reported first-half EBITDA of $2,840.5 million, up 27% year-on-year, as higher realised copper prices offset rising costs at the Chile-focused miner. The EBITDA margin widened five percentage points to 63.4%, keeping the company towards the top end of global pure-play copper producers, while cash flow from operations rose 53% to $2,772.9 million. The shares fell 5.709% to 3799.0p despite the financial beat.
Net debt to EBITDA rose to 0.68x from 0.53x at December but remains what the company calls resilient. Copper production fell 9% year-on-year to 285,000 tonnes, hurt by lower grades at Centinela and Los Pelambres and a maintenance-driven inventory build; Los Pelambres had also suffered a precautionary shutdown after severe weather prompted Chile's government to declare a state of catastrophe in the Coquimbo Region. Full-year guidance now sits at 625,000-655,000 tonnes, and the board declared an interim dividend of 30.1 cents per share, a 35% payout of underlying earnings. Growth projects at Centinela and Los Pelambres, expected to lift production by 30%, remain on track for 2027 commissioning.
"Having passed peak levels of capital expenditure for our current phase of growth, we remain well positioned for the future with a resilient balance sheet and low levels of net debt," said Iván Arriagada, chief executive of Antofagasta.
Adam Vettese, analyst at eToro, said the production shortfall and guidance cut have overshadowed the financial beats, and expects the shares to trade more on sequential volume recovery and copper price direction near term. The weather disruption at Los Pelambres underscores physical risk embedded in Chilean mining even as management insists the growth pipeline remains intact, a reminder that balance-sheet strength and margin expansion count for little with investors if tonnes in the ground can't be delivered on schedule.
Xtract Resources reports positive Amghas antimony metallurgy results
Xtract Resources (AIM:XTR) said Phase 2 metallurgical test work at its Amghas antimony mine in Morocco has confirmed the project can routinely produce concentrate grading more than 55% antimony. The work, carried out by 80%-owned venture Wildstone SARL through Moroccan specialist Afrilab Group, used alkaline leaching with sodium sulphide to dissolve antimony while removing more than 99% of lead from the leach residue. Shares in Xtract rose 6.122% to 1.3p.
The lead removal matters commercially, since lead contamination in the host mineralisation would otherwise risk penalties on the final concentrate; instead the trial converted it into a separate saleable product. Antimony recovery also proved independent of grind size, with no material difference between 160-micron and 100-micron grinds, pointing to potential savings on grinding costs in commercial production. Further work will focus on pH studies, additional desliming and longer trials.
"The ability to routinely produce a concentrate above 55% Sb, together with the successful removal of lead from the antimony stream, is a highly positive technical and commercial outcome," Colin Bird, executive chairman of Xtract, who, added that the results represent "a further important step in de-risking the Amghas antimony mine development."
Amaroq beats H1 gold guidance as flotation circuit comes online
Amaroq (LSE:AMRQ) reported first-half 2026 gold production of approximately 9,000 ounces at its Nalunaq mine in Greenland, ahead of the midpoint of its 7,000 to 10,000 ounce guidance range. The independent mine developer generated second-quarter revenue of $37.3 million from gold sales of 5,640 ounces at an average price of $4,678 per ounce, taking first-half revenue to $56.2 million; the shares slipped 1.04% to 106.8797p.
Net profit reached $11.1 million in the quarter, bringing first-half net profit to $13.6 million, while the cash balance climbed to $28.5 million at the end of June from $8.8 million three months earlier. Amaroq completed and commissioned the flotation circuit at Nalunaq in June.
Chief executive Eldur Olafsson called it an "important step-change in the mine's operating capability and recoveries", with recoveries already reaching around 90% in July, up from a historical 50-70% range under gravity-only processing. That recovery jump, landing just as cash reserves triple, gives Amaroq materially more operating leverage into the second half than the headline production beat alone suggests.
Elizabeth Hill drilling extends silver zone west of resource
Alien Metals (AIM:UFO) said joint venture partner West Coast Silver has reported fresh diamond drilling assays from the Elizabeth Hill Silver Project in Western Australia, where Alien holds a 30% project interest plus a stake in West Coast Silver itself. Hole 26WCDD036 returned 67.1 metres at 19 g/t silver from surface, including higher-grade intervals of 12.3 metres at 22 g/t and 10.9 metres at 24 g/t; shares in Alien rose 5.882% to 0.09p.
Further holes added to the picture: 26WCDD035 returned 48.5 metres at 19 g/t silver, and 26WCDD033 returned 24 metres at 14 g/t, confirming broad low-to-moderate grade mineralisation extending west of the April 2026 resource estimate of 2.8 million ounces, with the zone remaining open. At Elizabeth Hill Deeps, hole 26WCDD030 returned only minor mineralisation but helped constrain the northern boundary of a newly identified high-grade zone that stays open to the east and south.
"The footprint of lower grade mineralisation north and west of the existing MRE has been expanded and infilled but not closed out," said Sergei Smolonogov, director of Alien Metals. With the resource boundary still undefined in multiple directions, the drilling points toward a materially larger deposit than the maiden estimate captured, ahead of any updated resource calculation.
Rio Tinto secures Tomago smelter's power supply to 2038
Rio Tinto (LSE:RIO) has agreed a 10-year power deal for its Tomago Aluminium smelter, backed by government support and underpinned by A$1.1 billion of investment through to 2038. Shares in Rio Tinto fell 4.811% to 7163.0p on a day of broader weakness across major diversified miners.
The long-dated power arrangement removes a key overhang for one of Australia's largest aluminium smelters, giving Tomago cost certainty over a period when energy security has weighed heavily on the economics of energy-intensive smelting operations nationally.
NeoTerra hits 85% gallium extraction rate in test work
Initial metallurgical testing at NeoTerra Group (AIM:TERA)'s Monte Muambe project in Mozambique has validated both a pre-concentration route and an acid-leaching process for gallium recovery, achieving extraction rates of up to 85%. The shares jumped 12.821% to 2.2p on the update.
The dual-pathway validation gives NeoTerra flexibility in designing a commercial flowsheet for the critical-minerals project, with gallium's status as a strategically sensitive material likely to keep the project on investors' radar as test work progresses.
Shuka Minerals finds new orebody at Kabwe zinc mine
A ninth drill hole south of previously mined zones at Shuka Minerals (AIM:SKA)'s Kabwe Project in Zambia has revealed a near-surface orebody carrying zinc, lead, copper and vanadium. The shares rose 5.455% to 2.9p.
The multi-metal discovery outside the historically mined footprint extends the exploration potential at Kabwe beyond the zones already targeted for redevelopment, adding a fresh vector for resource growth at the legacy site.
GreenRoc advances Amitsoq graphite project and Denmark pilot plant
Greenroc Strategic Materials (AIM:GROC) reported progress on three fronts: purification equipment is shipping to its Danish pilot plant, further graphite intersections have been logged at the Amitsoq project in Greenland, and the European Investment Bank has begun advisory work on the company's business case. Shares rose 5.357% to 2.95p.
The simultaneous movement on processing infrastructure, resource definition and financing advisory signals GreenRoc is pushing toward a bankable project on multiple tracks at once, rather than waiting for one workstream to complete before advancing the next.
Richmond Hill confirms high-grade gold at Sakoose and New Church Lake
Surface sampling at Richmond Hill Resources (AIM:RHR)'s Martello property has returned assays up to 25.9g/t gold, with the shares climbing 4.167% to 1.25p. Drilling is now targeted for the fourth quarter.
The high-grade surface results give the company a defined target ahead of its planned drill programme, positioning Sakoose and New Church Lake as the near-term focus for the Martello exploration effort.
Bezant completes first blast at Hope & Gorob copper project
Bezant Resources (AIM:BZT) completed the first blast at its Hope & Gorob copper project, with executive chairman Colin Bird saying "the blast was successful with excellent fragmentation and extremely well positioned relative to ore." Shares dipped 1.408% to 0.14p despite the operational milestone.
The clean fragmentation result marks a practical step forward in moving the project from development into active mining operations.
Marula Mining still awaits Kilifi export and Kinusi copper sales
Marula Mining pushed back its first manganese shipment from Kenya's Kilifi project and delayed copper deliveries to trading partner Traxys, even as site works restarted at its South African manganese mines.
The repeated slippage on export timelines underscores the logistical hurdles the African-focused miner continues to face in converting ground-level restarts into actual shipped and paid-for tonnes.
First Tin's Taronga reserves upgrade promises longer mine life
First Tin (AIM:1SN) shares stood at 12.5p after the company upgraded ore reserves at its Taronga tin project, alongside a lower strip ratio. Chief executive Bill Scotting said "the combination of increased Ore Reserves, a lower strip ratio and the potential for a materially longer mine life provides further support for the development of Taronga."
The reserves upgrade strengthens the economic case for Taronga just as the company works toward a development decision on the project.
Hamak Strategy hires consultant Akoko gold study
Hamak Gold (AIM:HAMA), the West Africa-focused explorer, has appointed Snowden Optiro to run a Preliminary Economic Assessment on its Akoko oxide gold project in southwest Ghana, with findings due within three months. Shares traded at 0.65p.
The appointment moves Akoko a step closer to a defined development case, with the PEA timeline giving investors a concrete near-term catalyst to watch for.
