BHP and Ioneer: This Week's Top 5 Mining Stories
G7 leaders have committed to reducing dependence on any single non-G7 supplier of rare earths and permanent magnets to below 60% by 2030, during talks at the Évian summit in France.
Member states agreed to establish a new coordination platform led by the International Energy Agency (IEA), alongside piloting stockpiling mechanisms for critical minerals. Lithium and nickel will be the two pilot metals, with more to be added later.
According to the IEA, China currently accounts for more than 90% of global rare earth refining capacity. The Évian agreement is the West's strongest attempt yet to loosen that dependence.
How BHP is Guarding Against Potash Price Volatility
BHP has warned of cost overruns at its Jansen Stage 2 potash mine in Canada of US$2bn, but still predicts strong EBITDA margins above 65% and an internal rate of return of 11%.
The Melbourne-based operator projects a 41% total cost rise from US$4.9bn to US$6.9bn, driven by additional construction and materials costs, plus escalation. The company also expects to recognise a US$2.3bn impairment charge against the broader Jansen asset base at 30 June 2026.
This is not the first time Jansen Stage 2 progress has been disrupted. In August 2025 BHP announced a two-year extension, pushing the completion date back from FY2029 to late FY2031.
UK Invests £50m to Build Critical Minerals Supply Chain
The UK has committed £50m (US$66m) to boost the production of critical minerals in an effort to reduce its reliance on foreign supply chains, according to an announcement by Industry Minister Chris McDonald.
The investment will go towards mineral extraction, processing and recycling, and builds on the more than £200m (US$264m) already committed to the mining sector by the UK government. According to the UK Government website, the funding will support high value jobs and reduce the UK’s reliance on overseas imports.
The announcement follows an agreement between G7 leaders to reduce dependence on any single non-G7 supplier of rare earths and permanent magnets to below 60% by 2030. According to the International Energy Agency (IEA), China currently accounts for 70% of rare earth extraction, and 90% of the world’s processing capabilities.
Zimbabwe Uses Lithium to Fund China Infrastructure Deal
Zimbabwe is exploring mineral-backed loans with China to fund road and railway construction, with finance minister Mthuli Ncube opening talks with China Railway during the World Economic Forum in Dalian.
Under the potential deal being discussed, Zimbabwe would pledge future revenue from natural resources against loans tied to specific infrastructure projects. Mthuli says the government needs to decide which roads to prioritise, what they will cost, and how much of the repayment can be covered by toll fees before it commits to a deal.
The African Development Bank estimates Zimbabwe needs around US$34bn to modernise its logistics networks, due to years of economic mismanagement that have left roads and railways in a poor state.
KIND and Hyundai Engineering Back Ioneer Lithium Mine
Australian operator ioneer has secured the backing of the Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Hyundai Engineering at its Rhyolite Ridge lithium-boron mine in Esmeralda County, Nevada.
According to a statement from ioneer, the agreements cover cooperation in engineering, procurement and infrastructure planning. The partnerships effectively reduce execution risk at Rhyolite Ridge ahead of a final investment decision (FID), slated for the second half of 2026.
According to commodities researchers Fastmarkets, China controls approximately 70% of global lithium refining and battery component manufacturing capacity.
