A major uranium financing in Niger, a European warning over a proposed nickel acquisition, new Canadian investment tax measures and a construction-financing package for the Marathon copper-palladium project are among the stories RockHawks need to know on September 18, 2026
THUNDER BAY – MINING NEWS – September 18, 2026 – Mining markets are ending the week with strong prices for several key metals, but the larger story is the race among governments and companies to secure critical-mineral supply chains.
For Northwestern Ontario, the most important development is Generation Mining. This week the announcement that it has arranged a roughly C$1.3-billion construction-financing package for the Marathon copper-palladium project. The package is a major step, but several financing components still require approvals, final documents or closing conditions, and the company’s board had not yet made its final investment decision when the announcement was issued.
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Mining Commodity Price Check
The figures below are general market-reference prices available early September 18, 2026. They are in U.S. dollars unless another currency is shown. These are time-sensitive quotes, not official end-of-day settlement prices.
| Commodity | Reference Price | Daily Direction |
|---|---|---|
| Gold | US$4,376.44 per ounce | Up 0.81% |
| Silver | US$67.04 per ounce | Up 2.83% |
| Platinum | US$1,816.20 per ounce | Up 1.22% |
| Palladium | US$1,334 per ounce | Up 2.38% |
| Copper | US$6.5665 per pound | Down 0.30% |
| Nickel | US$16,231.13 per tonne | Down 0.21% |
| Uranium – U3O8 | US$89.70 per pound, reported September 17 | Little changed |
| Lithium carbonate – China battery grade | CNY 134,300 per tonne | Up 0.83% |
| Iron ore | US$97.42 per tonne | Reference quote |
| Chromite | No single transparent daily global benchmark | Prices vary by grade, chromium content, product form, contract, freight and destination |
Copper remains the metal to watch. The reference price is about 44% higher than a year earlier, supported by electricity demand, data-centre construction, renewable-energy investment and mine-supply concerns. However, new exchange inventories and uncertainty over possible U.S. tariffs could produce sharp short-term moves.
Chromite should not be quoted as though it trades like gold or copper. Chromite ore, concentrates and ferrochrome are different products. A useful price requires a stated grade, chromium-to-iron ratio, location, delivery terms and contract period.
International: U.S. Approves Up to US$414 Million for Canadian Uranium Project in Niger
The United States has approved financing of up to US$414 million for Global Atomic’s Dasa uranium project in Niger. Global Atomic is headquartered in Toronto.
The financing gives the project strategic importance beyond the mine itself. Washington is seeking dependable uranium supplies for nuclear energy while rebuilding its relationship with Niger after the country’s 2023 military coup and the later departure of American troops.
The approval is an important financing milestone, but it does not remove the projects political, security or transportation risks. Niger continues to face militant violence and military instability. Global Atomic is also examining an export route through Algeria because regional conditions have complicated traditional logistics.
For Canadian miners, the development shows that allied governments are prepared to use public financing to secure minerals tied to energy and national security. It also shows why investors must examine country risk, transport routes and government relations alongside grade and mine economics.
European Union Issues Formal Warning Over MMGs Proposed Nickel Purchase
The European Commission has issued a statement of objections concerning MMGs proposed purchase of Anglo American’s Brazilian nickel business.
European regulators are concerned that MMG could redirect low-carbon ferronickel away from European stainless-steel producers and toward affiliated Chinese customers. MMG is controlled by China Minmetals through a Chinese state-owned holding structure.
This is a formal antitrust warning, not a final rejection. MMG may still offer stronger supply guarantees or other remedies. Anglo American has disputed the Commissions’ market assessment.
The case matters because it shows how mining mergers are now being tested against national-security and supply-chain concerns, not only price and market share. Access to nickel, copper, rare earths and other strategic materials is becoming a central part of competition policy.
Rwanda Takes 25% Interest in Tungsten Venture with Almonty
Toronto-based Almonty Industries and Rwanda have announced a venture to develop and process tungsten under a U.S.-backed economic framework. Rwanda is to hold a 25% interest.
Tungsten is used in hard metals, drilling and cutting tools, aerospace equipment and defence applications. China dominates much of the world’s tungsten supply chain, making new sources attractive to Western governments and manufacturers.
The announcement establishes a strategic partnership. It should not yet be treated as proof of a completed mine, operating plant or guaranteed production schedule. Engineering, financing, approvals and execution will determine what the venture ultimately delivers.
Nigeria Orders Investigation After 37 Mining Suspects Die in Custody
A mining-enforcement operation in Nigeria has become a major human-rights story after authorities reported that 37 people arrested during raids on suspected illegal gold mines died in custody.
Reuters reported seeing 33 bodies at a hospital in Minna. Officials said a possible disease outbreak was being examined, while survivors and relatives alleged dangerous overcrowding and poor conditions. The cause of death had not been established.
The Nigerian interior minister suspended the state commander of the paramilitary agency involved and ordered an investigation. The deaths triggered protests and renewed questions about illegal-mining enforcement, detention conditions and accountability.
The lesson for the wider industry is clear: responsible mining governance includes the conduct of security and enforcement agencies. Governments cannot separate mineral policy from human rights, community safety and due process.
Canada: New Tax Measure Includes Mining Property and Equipment
Prime Minister Mark Carney used the Canada Investment Summit in Toronto to announce the Productivity Mega Deduction, a federal measure designed to let businesses immediately deduct a much wider range of new capital investments.
The federal government says eligible assets will expand from about 15% to more than 65% of capital assets. The list includes mining property, machinery, vehicles, software, research and development, rail, roads, bridges and other infrastructure.
Ottawa says the change will lower Canada’s marginal effective tax rate on new business investment from about 13% to 6.4%.
For mines and suppliers, faster deductions could improve the after-tax economics of new equipment, processing systems and infrastructure. However, the government’s projections are not a guarantee that investment will occur. Companies will still examine commodity prices, construction costs, permits, Indigenous partnerships, labour availability and access to power and transportation.
Businesses should also obtain professional tax advice before relying on the announced treatment for a specific purchase or project.
Canada and European Union Discuss Deeper Critical-Mineral Cooperation
Canada and the European Union are discussing a closer relationship that could include cooperation on critical minerals, energy, defence, artificial intelligence and digital trade.
European Commission President Ursula von der Leyen proposed that Canada could become the EU’s first “associate member”. Prime Minister Carney welcomed closer ties while describing the goal as a unique alliance rather than full EU membership.
The term has no established legal meaning, and details remain undefined. It is not a completed trade agreement, an approved investment program or EU membership.
Even so, the discussion matters to Canadian mining. Europe wants sources of strategic minerals outside China, while Canada wants new customers and investment beyond the United States. The test will be whether political language becomes firm offtake contracts, project financing, processing capacity and simpler trade rules.
Northwestern Ontario: Marathon Project Arranges C$1.3-Billion Construction Package
Generation Mining says it has arranged the financing required to build its Marathon copper-palladium project, about 10 kilometres north of Marathon.
The company announced C$340 million in final funding as part of an overall construction package of approximately C$1.3 billion. The latest commitments include about C$140 million from the Canada Growth Fund and C$50 million from the Canada Infrastructure Bank.
Generation Mining has also reached terms with Glencore for a concentrate offtake agreement. The concentrate would contain copper, palladium, platinum, gold and silver and would support processing at Glencore facilities in Quebec.
The company plans to begin early construction work in the fourth quarter of 2026 and has targeted production later in the decade.
Important status check: Generation Mining describes the project as having a fully financed construction package, but the September 14 announcement says several components remain subject to shareholder, stock-exchange or regulatory approvals, definitive documents and customary closing conditions. The company’s board was also expected to make a final investment decision after the financings were completed. A C$200-million bought-deal financing was expected to close on or about September 21.
That makes this a major development milestone which is not the same as completed construction or operating production.
Dryden Gold Reports Visible Gold at Mud Lake North; Assays Are Pending
Dryden Gold has reported visible gold in the third hole of its first drilling program at Mud Lake North, approximately three kilometres north of the Gold Rock area.
The company says its first two holes encountered broad alteration and sulphide mineralization. Visible gold was observed in a quartz-filled fracture in hole DML-008.
Assay results for all three holes were still pending when the September 17 announcement was issued. Dryden Gold has planned approximately 2,000 metres of drilling to test targets along strike and down plunge.
Visible gold is encouraging, but it does not establish grade, width, continuity, a mineral resource or an economic deposit. No grade can be assigned until laboratory assays are available. There is also no basis yet for discussing true width.
Canada Nickel Selects Komatsu and SMS for Proposed Crawford Fleet
Canada Nickel has selected Komatsu and Canadian dealer SMS Equipment as its preferred suppliers for loading and hauling equipment at the proposed Crawford nickel mine north of Timmins.
The planned procurement has been valued at about C$1.5 billion. The company says the fleet would use automated and electrified systems, including trolley-assist haulage intended to reduce diesel consumption on uphill routes.
SMS Equipment has branches in Timmins and Thunder Bay, giving the announcement a direct Northern Ontario supply-and-service connection.
The project has not reached construction. Definitive equipment and fleet-support agreements are expected in the first quarter of 2027, and Canada Nickel is still raising the roughly C$2.5 billion it says it needs before making a construction decision. The company’s targets of starting construction in 2027 and production in 2029 remain forecasts.
KAP Minerals and Moose Cree First Nation Sign Project MOU
KAP Minerals and Moose Cree First Nation have signed a memorandum of understanding covering the proposed Kapuskasing Critical Minerals Processing Hub at the former Agrium phosphate mine, about 40 kilometres southwest of Kapuskasing.
The parties plan to examine environmental, cultural and economic issues, possible Moose Cree investment or equity participation, business opportunities, employment and workforce development.
KAP proposes to produce phosphate products, rare-earth concentrates, scandium, titanium and other strategic materials.
The MOU creates a framework for discussion. It is not a project approval, impact-benefit agreement, investment commitment or final commercial agreement. The project remains proposed.
What the Week’s News Means for Northwestern Ontario
Three themes stand out for RockHawks.
First, capital is becoming more strategic. Government-backed financing is helping move uranium and copper-palladium projects forward. Public money, tax policy and national-security priorities are now closely connected to mine development.
Second, execution matters more than announcements. Marathon has moved much closer to construction, but financings still have to close and a final investment decision is still required. Crawford has selected major equipment suppliers, but its definitive contracts and construction funding are not complete. Dryden Gold has seen visible gold, but assays must determine what the core contains.
Third, Indigenous relationships and regulatory certainty remain central. The KAP-Moose Cree MOU shows one early-stage approach to dialogue and possible equity participation. Across Northern Ontario, projects that fail to address rights, consent, environmental protection and long-term community benefits will face greater legal, financial and schedule risk.
For Thunder Bay and Northwestern Ontario’s mining-service sector, the Marathon announcement could create demand for construction, transport, engineering, camp services, environmental work, equipment maintenance, recruitment and communications. Companies should watch actual bid packages and procurement notices rather than assume every announced opportunity has already become a contract.
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RockHawks Watch List
- Whether Generation Mining’s bought-deal, private-placement and convertible-note financings close as planned, followed by a final investment decision;
- Dryden Gold’s laboratory assays from Mud Lake North;
- Whether MMG offers remedies that satisfy European regulators;
- Further details and legal structure for Canada-EU critical-mineral cooperation;
- Definitive fleet agreements and construction financing for Canada Nickel’s Crawford project;
- Security and logistics developments affecting Global Atomic’s Dasa uranium project; and
- Movement from early Indigenous engagement documents to binding agreements, equity participation and shared decision-making.
This article is for news and general information. It is not investment, tax or legal advice. Commodity prices can change rapidly. Exploration results, construction schedules, costs and production targets are company-reported unless otherwise stated.
