Freeport Approves US$4.5 Billion Bagdad Expansion
Freeport's Bagdad approval targets added copper from mid-2030, with a multiyear construction bill arriving before the new production.
Nov 4, 2026 · 2 min read
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News
The day's news on gold, silver, the miners, copper, uranium, oil and the policy that moves them, in the Equedia Letter's voice.
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- 2026
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- Nov 4, 2026
Articles
Macklem Says Fiscal Policy Is Not Hindering Inflation Fight
The Bank of Canada governor says fiscal policy is not obstructing the inflation fight, while keeping further rate increases in play.
Nov 3, 2026 · 3 min read
Central Banks Buy Gold as Global Demand Slips
WGC estimates official gold buying at 321 tonnes in Q3, while weaker Indian demand shows the pressure on buyers facing elevated prices.
Nov 3, 2026 · 3 min read
GFG Outlines Barrick’s Proposed Pen Gold Program
Barrick’s proposed Pen Gold program gives GFG holders a survey and sampling timetable, with diamond drilling tentatively planned for late 2027.
Nov 2, 2026 · 3 min read
Brent Prices Fall After OPEC+ Holds Targets
Brent falls to around US$110 as traders weigh Iran talks. We test what cheaper crude could change for producers' cash flow and miners' fuel bills.
Nov 2, 2026 · 3 min read
US Gas Stocks Rise as Seasonal Surplus Widens
EIA reports an 80 Bcf build and a slightly wider seasonal surplus. South Central's remaining deficit keeps winter price risk in view.
Oct 29, 2026 · 2 min read
US PCE Inflation Rises in September
September PCE inflation picked up while monthly core gains held steady. For gold holders, persistent price pressure complicates the case for Fed cuts.
Oct 29, 2026 · 2 min read
Teck Lowers Copper Cost Outlook as Net Cash Rises
Teck's stronger third quarter adds cash and lowers its annual copper cost outlook, while QB weather disruptions and Highland Valley test delivery.
Oct 29, 2026 · 2 min read
Agnico Eagle Generates US$852 Million in Free Cash Flow
Agnico Eagle keeps its annual outlook as Q3 cash funds growth and shareholder returns, with production near the low end and costs near the high end.
Oct 28, 2026 · 3 min read
Bunker Hill Holders Approve Silver47 Combination
Bunker Hill clears its shareholder vote and completes facility drawdowns, while closing approvals and the year-end production target remain ahead.
Oct 28, 2026 · 3 min read
Warsh Plans Fewer Fed Rate-Setting Meetings
The Fed will retain eight annual meetings, but reserve time for strategy from autumn 2027. Gold holders face fewer scheduled rate decisions.
Oct 28, 2026 · 2 min read
Fed Holds Rates With Two Votes for a Hike
The Fed holds at 3.75% to 4.00%, with Cook and Hammack seeking an increase. Warsh's inflation focus keeps dollar, bond and gold exposure in play.
Oct 28, 2026 · 2 min read
US Crude and Distillate Stocks Fall
EIA reports a crude draw alongside recovering output, a gasoline build and a distillate decline, giving producers and refiners different signals.
Oct 28, 2026 · 3 min read
Freeport Weighs More Molybdenum at Climax
Freeport is revisiting higher molybdenum output in Colorado. For FCX holders, the potential cash contribution still needs a budget and schedule.
Oct 27, 2026 · 2 min read
Bessent Cites Million-Job Private Payroll Gain
Bessent's cumulative jobs totals match BLS data, but the latest hiring pace and revisions give gold and bond holders a different Fed test.
Oct 27, 2026 · 3 min read
Freeport Lowers Copper Sales Outlook
Freeport's Q3 results put annual copper sales below July's outlook, while higher expected cash flow comes with a larger capital spending bill.
Oct 27, 2026 · 3 min read
LS MnM Weighs Further Copper Concentrate Cuts
Fastmarkets reports a proposed 15% intake cut for 2027, but LS MnM says targets remain unset. Lower smelter demand could weaken miners' fee advantage.
Oct 26, 2026 · 2 min read
Codelco and BHP Sign Anillo Exploration Agreement
BHP could invest up to US$40 million at Anillo after signing with Codelco, advancing an early exploration prospect in Chile.
Oct 26, 2026 · 2 min read