Mining news flowed thick across the sector, led by Anglo American's third-quarter update showing resilience in its copper division despite extreme Chilean weather, while smaller explorers delivered a run of assay and operational updates from Greece to Western Australia. Corporate reshuffling featured too, with Arkadian Strategic Metals exiting its Horse Hill oil stake even as it pursues legal action over a separate earn-in dispute, and Kenmare Resources moving to clarify Mozambican media speculation around its Moma licence.
Anglo American cuts copper cost guidance despite Chile weather hit
Anglo American (LSE:AAL), the London-listed diversified miner, reported third-quarter copper production of 174,900 tonnes, down 5% year-on-year, as record snowfall in Chile disrupted operations across its key assets. Despite the disruption, the group lowered its 2026 copper unit cost guidance to around 139 US cents per pound from a previous 145 cents, with shares ticking up 0.489% to 3902.0p as the market absorbed the mixed update.
The improvement was driven chiefly by Peru, where unit costs are now expected at about 50 cents per pound versus a prior forecast of 65 cents. Chilean copper production fell 6% to 94,200 tonnes, with weather and planned lower grades at Collahuasi and El Soldado offsetting a stronger showing at Los Bronces, where the restart of a second processing plant lifted throughput. Attributable output at Collahuasi dropped 11% to 42,000 tonnes amid severe weather in the Tarapacá region that has persisted into the fourth quarter, compounded by continued processing of lower-grade stockpile ore; the mine has since re-entered higher-grade phases of its Rosario pit. In Peru, Quellaveco produced 80,700 tonnes, down 3% on lower grades, though recoveries improved to 85.6% from 83.8%.
"Resilient across the business, continuing our momentum from the first half of the year despite extreme winter weather in Chile," said Duncan Wanblad, chief executive of Anglo American.
The cost downgrade matters because it shows Anglo extracting efficiency gains from Peru fast enough to mask a genuine operational setback in Chile, where Collahuasi's desalination plant remains hamstrung by a May tribunal ruling that partially set aside its environmental authorisation. With the operation still reliant on alternative water sources while authorities negotiate a restart, the Tarapacá weather disruption adds a further layer of uncertainty heading into year-end. Reiterating full-year guidance despite these headwinds signals management's confidence in a grade-led fourth-quarter recovery, but investors will want to see the Rosario high-grade phases and Los Bronces throughput gains actually land before treating the cost cut as durable rather than a one-off geographic offset.
Arkadian agrees Horse Hill exit, sues partner over Finnsbo earn-in
Arkadian Strategic Metals (AIM:AKN), the AIM-listed gold and strategic metals explorer, has signed a deal to sell its entire 18.1% stake in Horse Hill Developments to energy B, exiting its interest in the Horse Hill oil project in Surrey as shares rose 12.5% to 0.009p. The stake represents an effective 11.765% interest in Petroleum Exploration and Development Licence 137.
Arkadian will receive £137,386 in cash, of which a non-refundable £13,739 has already been paid, with the remaining £123,647 due on completion, plus 400,000 warrants exercisable at 12p over three years in exchange for releasing its shareholder loan to Horse Hill Developments, an investment currently carried at nil on Arkadian's books. Completion is conditional on energy B simultaneously completing its acquisition of the majority Horse Hill interest from UK Energy, tying Arkadian's exit to a wider consolidation of the licence.
Because the Horse Hill holding was already valued at nil, the cash and warrants represent a clean, largely incremental recovery for Arkadian rather than a disposal of a core asset, freeing management to focus on its gold and strategic metals exploration while unwinding a legacy, non-core oil position tied up in an unresolved ownership structure.
Tharisa receives first renewable power from Etana Energy deal
Tharisa (LSE:THS) told investors it has received its first wheeled renewable energy supply from Etana Energy in September, with shares edging up 0.407% to 123.5p. The initial delivery is expected to cover around 10% of the Tharisa Mine's current monthly electricity demand, a step the company described as material to its decarbonisation programme.
The power originates from an early tranche generated by a wind farm in Mpumalanga, ahead of the larger volumes due under the long-term power purchase agreement signed with Etana Energy in July 2024. That agreement is forecast to eventually supply around 70% of Tharisa Minerals' current electricity demand, with wheeled solar due to begin in the first quarter of calendar 2027 and further wheeled wind later that year. "We are therefore preparing to procure additional renewable energy supply to support the complete mine's future requirements and maintain progress towards the Group's decarbonisation targets," said Cosmas Chiteme.
Sourcing power through the grid rather than via direct supply lets Tharisa scale renewable procurement without building its own generation assets, a model that should lower energy costs and cut Scope 2 emissions as the solar and wind tranches ramp through 2027, strengthening the company's cost and ESG position relative to peers still reliant on grid coal power.
Rockfire hits record zinc grade at Molaoi drill hole
Rockfire Resources (AIM:ROCK), the AIM-listed base metal, critical mineral and precious metal explorer, reported laboratory results from hole HMO-021 at its wholly-owned Molaoi zinc deposit in Greece that include the highest individual zinc grade ever recorded in analysis at the site, even as shares fell 6.08% to 0.17p. A 0.34m interval within a broader 11m zone returned 51.1% zinc, 222g/t silver, 35.4g/t germanium and 2.4% lead, equivalent to a 72.3% zinc equivalent grade.
The wider 11m zone graded 5.0% zinc, 19g/t silver and 8g/t germanium from 238m downhole depth, equating to 7.7% zinc equivalent, while further intercepts included 3.1m at 6.0% zinc, 25g/t silver and 9.5g/t germanium from 271.86m, and 2m at 5.2% zinc, 19.2g/t silver and 18.6g/t germanium from 310m. "The interval of mineralisation drilled in hole HMO-021 is exceptional and we are very pleased to be getting such broad intervals of massive and semi-massive mineralisation," said David Price, chief executive of Rockfire. Molaoi already carries a JORC Inferred Resource of 15.0 Mt at 7.26% zinc, 1.75% lead and 39.50 g/t silver, among Europe's larger critical raw material deposits.
The record grade strengthens the geological case for Molaoi's higher-grade zones extending at depth, giving Rockfire fresh technical justification to pursue resource expansion drilling even as the share reaction lagged the news, a divergence that leaves the stock's re-rating dependent on follow-up assays confirming continuity.
Wishbone Gold reports wide gold and copper zones at Red Setter
Wishbone Gold (AIM:WSBN) shares fell 5.97% to 15.75p even as the company reported wide gold and copper mineralised zones at its Red Setter project, adding to the exploration portfolio chief executive Ed Mead has been building out.
The update extends Wishbone's run of exploration news as it works to delineate the scale of mineralisation at Red Setter, with the share price move running counter to the positive drilling news, underscoring the gap that can open between early-stage exploration results and investor sentiment.
Kenmare reacts to Mozambique media reports on Moma licence renewal
Kenmare Resources (LSE:KMR) moved to address media reports circulating in Mozambique concerning the renewal of its Moma licence, with shares falling 2.84% to 222.5p on the day.
The response underscores the sensitivity of Kenmare's licence position in Mozambique, where regulatory certainty over Moma is central to the investment case given the mine's status as the company's sole producing asset, leaving the market watching for formal confirmation from authorities rather than second-hand reporting.
ACG Metals publishes full report confirming Gediktepe value surge
ACG Metals (LSE:ACG), led by chief executive Artem Volynets alongside Dimitar Dimitrov and Peter Carter, published its full report confirming a surge in value at its Gediktepe project, with shares slipping 1.04% to 1900.0p despite the update.
The full report builds on earlier indications of Gediktepe's improved economics, giving investors a more detailed basis to assess the project's contribution to ACG's broader portfolio, even as the shares traded lower on the day.
First Development starts follow-up drilling at Lander West
First Development Resources (AIM:FDR), led by chief executive Tristan Pottas, has commenced follow-up drilling at its Lander West project, with shares trading at 1.6p.
The follow-up programme aims to build on earlier results at the site, with the company looking to confirm and extend prior intercepts as it advances the project toward a more defined resource picture.
