# Global mining industry critical mineral transition > Live situation record from CLSTR: https://clstr.news/situations/global-mining-industry-critical-mineral-transition > Updated: 2026-08-24T03:55:28.000Z. Sources: 26. Developments: 4. The global mining industry is undergoing a strategic shift toward critical minerals essential for the energy transition, including copper, lithium, and silver. Major corporations are prioritizing these materials to meet rising demand from the technology, electrification, and renewable energy sectors. Glencore is targeting increased copper output, with an ambition to reach 1.6 million tonnes annually by 2035. Rio Tinto is reshaping its portfolio around iron ore, copper, aluminium, and lithium, including significant investments in the Simandou iron ore project in Guinea and lithium projects aimed at reaching 200,000 tonnes of capacity by 2028. BHP is also positioning copper as a central component of its growth strategy. Silver is seeing increased attention due to its dual role as a financial safe-haven and a critical industrial component for electronics, solar panels, and electric vehicles. This shift has led to aggressive expansion through acquisitions. In South America, Rio Tinto has moved to acquire Arcadium Lithium for $6.7 billion to bolster supply in Argentina and Australia, while BHP and Lundin Mining formed a joint venture to acquire Filo Corp for approximately $3 billion to develop a copper-gold project on the Argentina-Chile border. In Africa, Mercuria Energy Group is expanding its footprint through uranium commercialization in Malawi and copper and cobalt partnerships in the Democratic Republic of Congo to improve supply chain traceability. Demand for lithium is projected to increase fivefold by 2040, driving competition between Europe, China, and the Americas. In Europe, projects like Savannah Resources’ Mina do Barroso in Portugal aim to reduce reliance on Chinese refining. In South America, the sector is poised to meet demand that the OECD estimates could increase by 400% to 600% over the next decade. In Chile, the industry provides approximately 200,000 direct jobs, while Argentina saw mining exports reach a record $6.037 billion in 2025. ## Claims - Codelco and Pucobre formed a joint venture for the Tovaku copper project with an estimated investment of US$870 million. (corroborated by 2 sources) - Bank of America projects copper prices will reach an average of US$15,250 per ton in 2027. (single source) - Bank of America estimates copper prices at US$12,888 for the current year. (single source) - The SEA of the Magallanes Region recommended the approval of the HNH ENERGY green ammonia project. (single source) - The HNH ENERGY green ammonia project involves an investment of US$11,000 million and a 50-year lifespan. (single source) - Argentina exported US$6,100 million in minerals in 2025, with 95% coming from gold, lithium, and silver. (single source) - Summa Gold recorded a 12.9% growth in cumulative gold production between January and May 2026. (single source) - In 2024, 78% of the electricity consumption of copper mining in Chile came from renewable sources. (single source) ## Timeline ### 2026-08-24: Latin American mining sector sees growth in copper and lithium projects Latin American mining is evolving through new copper and lithium projects, green energy transitions, and projected price increases driven by global demand for critical minerals. 15 sources. https://clstr.news/cluster/south-american-mining-sector-poised-to-meet-rising-global-demand-for-critical-minerals ### 2026-08-18: Global lithium demand drives mining competition in Europe and Latin America Global lithium demand is rising sharply, driving European efforts to secure domestic supplies via projects in Portugal and Germany, while Latin America's Lithium Triangle remains a central focus for the energy' 4 sources. https://clstr.news/cluster/global-lithium-demand-drives-mining-competition-in-europe-and-latin-america ### 2026-08-12: Mining giants expand critical mineral acquisitions in South America and Africa Major mining firms including Rio Tinto, BHP, and Mercuria are securing critical minerals like lithium, copper, and uranium through multi-billion dollar acquisitions and partnerships in South America and Africa. 2 sources. https://clstr.news/cluster/mining-giants-expand-critical-mineral-acquisitions-in-south-america-and-africa ### 2026-08-11: Mining industry shifts focus toward critical minerals and energy transition metals Global mining companies are shifting focus toward critical minerals like copper, lithium, and silver to support the energy transition and rising demand in the technology and electrification sectors. 5 sources. https://clstr.news/cluster/mining-industry-shifts-focus-toward-critical-minerals-and-energy-transition-metals --- Cite as: Global mining industry critical mineral transition. CLSTR, https://clstr.news/situations/global-mining-industry-critical-mineral-transition