Nickel & Cobalt

SMS Equipment Inc. and Komatsu have been selected to supply the load, haul and mining support fleet equipment and associated autonomous technology for Canada Nickel Company's Crawford Nickel Project in northern Ontario. Crawford is the first mine to receive Impact Assessment Agency of Canada approval through the new Major Projects Office, and it is the world's second largest nickel resource and reserve, located approximately 40 kilometres north of Timmins, Ontario. SMS Equipment, the world's largest independent Komatsu dealer, has been working with Canada Nickel on an equipment strategy covering both conventional and autonomous operations, and its recent expansion in Timmins supports major mining projects in the region. SMS Equipment President and CEO Robin Heard said the partnership advances Canada Nickel's vision for safe, sustainable and low-carbon nickel production, while Canada Nickel CEO Mark Selby said SMS Equipment's experience implementing these technologies at other Canadian operations can substantially de-risk the project's start-up and ongoing operation. Komatsu North America CEO Rod Bull said the company looks forward to bringing its advanced mining equipment and technologies to support safe, efficient and productive operations at Crawford.

Toronto-Dominion Bank launched a five-year, $150B commitment to accelerate investment, growth, and innovation across sectors critical to Canada's economy. The commitment will support new lending, underwriting, advisory, and other financing activities across five key areas: energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure. TD will also focus on supporting small and mid-sized businesses, Indigenous economic participation, sustainable growth, workforce readiness and AI enablement.

Canadian Prime Minister Mark Carney announced that a new consensus on economic reform and future direction has taken hold across the country, ahead of the first-ever Canada Investment Summit, to be held in Toronto on September 14-15. The event aims to draw a total of 1 trillion Canadian dollars, or 720 billion US dollars, in investment over the next five years. The summit will present Canada's Deal Book, which compiles major projects in the energy, strategic minerals, advanced technology, and large-scale infrastructure sectors, in order to connect global capital with Canada's major projects, strengthen domestic supply chains, raise productivity, and reduce economic dependence on the United States. Carney told leading business figures that Canada is taking control of its own economic future, and will build more, trade more with one another, and trade more with the world.

Canadian Prime Minister Mark Carney has revealed that Canada is preparing to begin talks on building a special-form partnership with the European Union, but insisted it does not seek to become an EU member, after reports that the two sides are considering a new form of relationship that could include associate-member-like status. Earlier, the Wall Street Journal reported, citing Canadian and EU officials, that the EU is open to the idea of granting Canada an unprecedented associate-member status. The Globe and Mail reported separately that the idea of calling such a relationship associate membership came from the EU side, not from Carney. The move comes as Canada faces an escalating trade war with the United States, with President Donald Trump reiterating plans to impose a new round of tariffs on cars, trucks and auto parts from Canada starting January 1. On Canada-EU cooperation, the two sides are discussing ways to allow Canadian goods, services and workers tied to strategic supply chains to move more freely, covering energy, artificial intelligence, defence and critical minerals, as well as joint infrastructure projects ranging from undersea cables, data centres and satellite networks to energy transport infrastructure from Canada to Europe. Carney is scheduled to meet French President Emmanuel Macron on September 20 at Saint-Pierre and Miquelon, and will visit France and the United Kingdom next week, delivering a speech to the European Parliament in Strasbourg.

BMO announced it plans to mobilize up to $70 billion in new capital over 10 years for sectors critical to Canada's economic security and resilience. The commitment, described by the bank as Canada's first, targets electricity infrastructure including generation, transmission and distribution, energy infrastructure such as pipelines, transportation infrastructure including roads, airports and terminals, mining and critical minerals, AI computing, defence and security, and oil and gas. Chief Executive Officer Darryl White said the initiative builds on more than 200 years of financing Canadian growth, dating to 1817, and that the opportunities in these sectors represent the latest chapter in that story. The capital is expected to take the form of bank financing, debt capital markets activity and the raising of public equity, and reflects expected demand from initiatives proposed to Canada's Major Projects Office, projects supporting Canada's National Electricity Strategy, the Trilateral MOU among the Federal Government, the Province of Alberta and the Oil Sands Alliance, Canadian Sovereign AI initiatives, and proprietary BMO analysis for the defence and oil and gas sectors. BMO said it authorized nearly $300 billion in lending to over 270,000 Canadian businesses and organizations in 2025, invested approximately $3.4 billion in Canadian companies and innovation ecosystems, and has more than 30,000 employees across Canada.

Eramet announced that mining operations at PT Weda Bay Nickel are restarting after receiving authorization from the Indonesian authorities, following four months of Care and Maintenance. The restart is progressive and is being carried out by PT WBN with the support of its contractors, with safety remaining the top priority throughout the process. The timing of the ramp-up will depend on PT WBN's capacity to remobilize contractors and equipment, redesign its yearly mining plan, and finalize the relevant administrative work. At this stage, PT WBN said it is not in a position to provide a reliable estimate of nickel ore production and sales volumes, or the grades it can achieve for the remainder of 2026, and Eramet will provide an update of its 2026 guidance for external nickel ore sales in due course. PT WBN said it continues its constructive dialogue with the Indonesian authorities and remains committed to the responsible and sustainable development of its operations in Indonesia and to its long-term contribution to the economy of North Maluku.

Talon Metals Corp. announced assay results from a record 46.43-meter intercept of massive sulphide mineralization at its Tamarack Nickel-Copper-Cobalt Project in Minnesota, grading 13.37% Ni, 16.54% Cu, 0.10% Co, 7.85 g/t Pd, 14.49 g/t Pt, and 8.56 g/t Au, equivalent to 27.39% NiEq or 54.78% CuEq. The intercept, in drill hole 25TK0562A, is the longest combined Massive Sulphide Unit and Mixed Massive Sulphide Unit interval reported to date at the project, and includes a higher-grade 26.22-meter section grading 14.95% Ni and 17.85% Cu. The hole was drilled about 50 meters southwest of the Vault Zone discovery hole 25TK0563, targeting a borehole electromagnetic anomaly, and extends known mineralization on the 778-meter level. Talon's CEO Darby Stacey highlighted the step-out distance and the project's potential as a future domestic source of critical minerals, while Chief Exploration Officer Brian Goldner noted the significance of having nickel, copper, cobalt, platinum, palladium, and gold concentrated in the same rock. The company also reported a 4.60-meter interval of disseminated chalcocite below the main intercept with significant platinum group element mineralization, and plans additional sampling to test its continuity.

African Rainbow Minerals reported a 19% increase in headline earnings to ZAR3.2 billion for fiscal 2026, with headline earnings per share up 20% to ZAR1,660. The company declared a final dividend of ZAR7 per share and improved net cash by 54% to ZAR10.2 billion. Within the diversified portfolio, ARM Ferrous headline earnings fell 42% to ZAR2 billion, while ARM Platinum surged 204% to ZAR1.345 billion, and ARM Coal posted a ZAR428 million loss. The board approved the Bokoni project, a world-class UG2 resource with an NPV of ZAR5.9 billion and an IRR of 28%, with capital expenditure of ZAR15.2 billion spread over seven years. Iron ore production decreased 9% to 13.2 million tonnes, while manganese ore production rose 5% to 3.9 million tonnes.

Shares of The Metals Company rose 34% in August, rebounding from a 19.6% decline in July, as investors welcomed its second-quarter 2026 financial results and a bullish analyst initiation. On August 13, the deep-sea mining specialist reported a narrower loss of $0.14 per share, compared to $0.20 in the same period last year, while CEO Gerard Barron expressed confidence that the necessary permits from NOAA will arrive well before offshore vessel commissioning by the end of 2027. Later in the month, Stifel initiated coverage with a buy rating and a $10 price target, implying about 96% upside from the August 26 closing price of $5.01. The company continues to progress toward certifications for commercial mining of copper and nickel, and expects to award contracts for several offshore system components through the second half of 2026. Despite these developments, the stock remains a speculative investment, as profitability may still be some time away.

Ecora Resources reported a strong first half of 2026, with total portfolio contribution rising 75% year over year to £31.3 million, driven by growth in its base-metals portfolio and higher commodity prices. Adjusted earnings grew more than fivefold, and the company declared a dividend of 1.9 pence per share, more than three times the comparable 2025 payment. Net debt fell to £75 million from £125 million a year earlier, with management targeting approximately £50 million by year-end. Key assets like Voisey's Bay and Mantos Blancos drove performance, benefiting from higher cobalt and copper prices and ongoing expansions. Ecora plans to continue deleveraging while using its £225 million total borrowing capacity to pursue acquisitions focused on copper and other critical minerals.

Boqian New Materials released its 2026 interim report on August 28. Leveraging its dual-engine strategy in nickel-based and copper-based powder materials, the company benefited from structural divergence in the global MLCC market and the accelerating trend toward silver reduction in photovoltaics, delivering significant performance growth during the reporting period. However, operating cash flow turned negative due to inventory buildup and capacity expansion investments. During the reporting period, the company achieved operating revenue of 890 million yuan, up 71.60% year on year; net profit attributable to shareholders of 136 million yuan, up 28.50%; and non-GAAP net profit of 129 million yuan, up 31.09%. Net cash flow from operating activities was negative 49.60 million yuan, swinging from a net inflow of 121 million yuan in the same period last year, mainly due to increased raw material purchases and employee compensation payments resulting from expanded production scale. Total assets reached 2.762 billion yuan, up 21.97% from the end of the previous year. Nickel-based products, as key materials for MLCC internal electrodes, benefited from the shift of mid-to-high capacitance consumer-grade MLCC production capacity to mainland China and Taiwan, with both sales volume and revenue growing. Copper-based products closely tracked the demand for reduced silver content in photovoltaic cells, with sales volume surging more than twofold year on year. Operating costs rose 83.42% year on year. Financial expenses surged 2,118.37% due to foreign exchange losses and increased borrowing interest. R&D expenses rose 37.01% year on year to 31.69 million yuan. Inventory increased sharply by 63.63% to 501 million yuan, warranting attention to impairment risks and capital occupation pressure.

Banpu Public Company Limited (BANPU) has announced a major corporate repositioning through its Energy Symphonics strategy to support the growth of hyperscalers and data centers for AI. The strategy leverages the strengths of its four core business groups: natural gas business in the U.S. through its subsidiary BKV, which targets production capacity of 960 million cubic feet equivalent per day by 2026 and will install CCUS technology to capture 1.5 million tons of carbon per year by 2028; modern mining business focusing on strategic minerals such as nickel and bauxite; integrated power business combining CCGT power plants with renewable energy and energy storage systems; and future technology business investing through corporate venture capital in AI startups and net-zero solutions. This strategy aims to lay the foundation to address the energy transition and the growth of the digital world.

Banpu has announced its Energy Symphonics strategy following the merger with BPP, aiming to elevate itself into an integrated energy platform through four core business groups: a full-cycle natural gas business in the United States, next-generation mining, power and related businesses, and future technologies. The company targets natural gas production of 960 million cubic feet equivalent per day in 2026, up from 836 million cubic feet equivalent per day in the previous year. It is also developing the Temple I and II gas-fired power plants with a combined capacity of 1.5 gigawatts, along with a new project in Jack County, Texas, on more than 6,000 acres. Banpu aims to sequester 1.5 million tonnes of carbon dioxide equivalent per year by 2028 through BKV. Meanwhile, the company has a total of 10 battery energy storage system projects with combined capacity of 2,340 megawatt-hours by 2029, including the Megamount project with 200 megawatt-hours of capacity as its first BESS project in the United States, and the Woori project with 1,400 megawatt-hours in Australia. Chief Executive Officer Sinnamon Vongkusolkit said Banpu is ready to design and connect energy systems that support demand from hyperscalers and the AI economy, while extending investments in strategic minerals such as nickel and bauxite, and AI technologies through corporate venture capital.

The US Department of Energy has awarded $500 million to seven companies developing domestic critical minerals processing, battery recycling and advanced battery-material projects. Lilac Solutions, Jervois and Nth Cycle will each receive $100 million, while Princeton NuEnergy, Coreshell Technologies, Arcanum Ventures and Elevated Materials will each receive $50 million. The funding, announced on 20 August, is the third round of grants under the DoE's Battery Materials Processing and Battery Manufacturing and Recycling programmes. The selected projects aim to expand US processing and recycling capacity and reduce reliance on foreign sources, particularly China. The awards add to around $40 billion in provisional US Government funding for mineral projects since 2022.

The global high-nickel NMC cathode market was valued at 3.2 billion dollars in 2025 and is projected to grow at a compound annual growth rate of 19.8 percent to reach 19.9 billion dollars by 2035, according to a new report from ResearchAndMarkets.com. The NMC 811 segment accounted for a 73 percent share, generating 2.34 billion dollars in 2025, while the energy storage systems segment held a 3 percent share and is projected to grow at a 19.8 percent CAGR through 2035. The North American market held an 11 percent share in 2025 and is expected to grow at a 17.2 percent CAGR through 2035, driven by manufacturing incentives and supply chain localization. Key companies profiled include POSCO Future M, EcoPro BM, LG Chem, Umicore, Ningbo Ronbay New Energy Technology, Sumitomo Metal Mining, Beijing Easpring Material Technology, Huayou Cobalt, Hunan Shanshan Advanced Materials, and BASF.

CNGR Advanced Materials released its 2026 half-year report. First-half net profit attributable to the parent was 1.3 billion yuan, up 77.8% year on year. Operating revenue was 33.58 billion yuan, up 57.5% year on year. Net profit attributable to the parent excluding non-recurring items was 1.26 billion yuan, up 92.1% year on year. Net operating cash flow was 1.596 billion yuan, up 8.1% year on year. Second-quarter operating revenue was 17.83 billion yuan, up 69.3% year on year, and net profit attributable to the parent was 748 million yuan, up 75.8% year on year. The company focuses on nickel-based, cobalt-based, phosphorus-based and sodium-based new materials, and has established ten major industrial bases worldwide.

Tengyuan Cobalt announced that the company plans to invest in the construction of a 160,000-tonne sulfuric acid plant with supporting 5,000 tonnes of sulfur dioxide and a 5.3-megawatt steam turbine power generation project within the factory area of Hechuang New Energy Mining Company in Kolwezi, Lualaba Province, Democratic Republic of the Congo. The project investment amount is 18 million US dollars, with a construction period of about 13 months. The sulfuric acid unit is expected to start production in 11 months, and the power generation unit in 13 months. Sulfuric acid production is expected in August 2027, and power generation in October 2027. After the project is completed, the company will achieve partial or full self-supply of key auxiliary materials such as sulfuric acid and sulfur dioxide, significantly reducing procurement costs and transportation expenses, and will improve power self-sufficiency through waste heat power generation, reducing dependence on diesel power generation.

CMOC released its 2026 interim report, with net profit attributable to the parent up 86.3% year on year to 16.15 billion yuan. The company's first-half operating revenue was 135.32 billion yuan, up 42.8% year on year; non-GAAP net profit attributable to the parent was 15.61 billion yuan, up 78.9% year on year; and net operating cash flow was 16.334 billion yuan, up 36.0% year on year. Second-quarter net profit attributable to the parent was 8.39 billion yuan, up 77.6% year on year. In the first half, the company completed the transfer of 100% equity interests in four Brazilian gold mines, moving toward an annual gold production target of more than 20 tonnes, and successfully issued 1.2 billion US dollars in zero-coupon convertible bonds for overseas project expansion and operational optimization.

XTC New Energy Materials disclosed its 2026 semi-annual report and a revised restricted stock incentive plan. In the first half, it achieved operating revenue of 14.488 billion yuan, up 91.09 percent year on year, with net profit attributable to the parent of 491 million yuan, up 46.62 percent, and net profit attributable to the parent excluding non-recurring items of 488 million yuan, up 67.90 percent. The company sold 29,200 tonnes of lithium cobalt oxide materials, maintaining the top global market share, and 37,300 tonnes of power battery cathode materials, up 17.08 percent year on year. Second-quarter net profit attributable to the parent was about 271 million yuan, up about 23 percent quarter on quarter. The revised equity incentive plan changes the third assessment indicator from the number of patent applications to the growth rate of research and development investment, requiring R&D expenses from 2026 to 2028 to grow by no less than 10 percent, 21 percent, and 33.1 percent respectively compared with 2025, while the grant price remains unchanged at 42.35 yuan per share, adjusted down by only 0.3 yuan per share to 42.05 yuan per share due to dividend ex-rights. In June, the company announced plans to invest in a project in Malaysia with annual production capacity of 10,000 tonnes of lithium-ion cathode materials, further improving its global production capacity layout.

BGE has released its 2026 interim report. In the first half, the company achieved operating revenue of 10.319 billion yuan, up 54.02% year on year. Net profit attributable to the parent company reached 1.022 billion yuan, up 103.37% year on year. Basic earnings per share stood at 0.679 yuan. The company plans to distribute a cash dividend of 1.4 yuan, tax included, for every 10 shares. During the reporting period, production capacity in its metal resource recycling business continued to expand, and the company seized the opportunity of rising metal prices to achieve rapid growth in both revenue and profit.