Welcome back to your weekly mining news recap, where we catch you up on some of the news you may have missed. This week’s headlines include averted strike action at the BHP-operated Escondida copper mine in Chile, insights on the impact of the Productivity Mega Deduction and global copper market surplus poised to expand in 2027.

U.S.-based SSR Mining has struck a roughly $712 million deal to buy Vancouver-headquartered Roxmore Resources, The Globe and Mail reported. The deal would give SSR Mining access to Roxmore’s Converse gold project in Nevada, which is located around six kilometres west of SSR’s Marigold gold mine. Roxmore’s three other properties, including Shabu River in Ontario and Newton in British Columbia, will be held by Roxmore Spinco, a new gold exploration company created as part of the deal.

Industry Minister Mélanie Joly warned that Cleveland-Cliffs could face financial penalties or a court-ordered sale of its Canadian steelmaking operations if it proceeds with plans to cut up to 500 jobs at Stelco facilities in Hamilton and Nanticoke, Ontario, The Globe and Mail reported. Ottawa says the layoffs breach employment commitments made when Cleveland-Cliffs acquired Stelco in 2024. Stelco denies breaching those commitments and says it will move ahead with the layoffs.

Canada’s new Productivity Mega Deduction, announced last month, will allow mining companies and other businesses to deduct 100 per cent of eligible capital investments in the year assets become available for use, making it a useful tool for improving project economics, according to Capital Projects Symposium co-chairs David Anonychuk and Carlos da Costa. They note that the measure is a boost for good projects, but it will not redeem ones that are poorly conceived. The broader issues affecting mining investment and project development will also be explored at the Capital Projects Symposium, taking place Nov. 8 to 10 in Toronto.

On Wednesday, BHP and the supervisors’ union at the Escondida copper mine in Chile settled on a 36-month agreement, avoiding a potential strike at the world’s largest copper mine, Reuters reported. The deal includes higher fixed and variable compensation, improved benefits and new bonuses. The potential of a strike had contributed to concerns about global copper supply.

The global refined copper market is expected to see a surplus of 368,000 tonnes next year, more than triple the 104,000-tonne surplus forecast for 2026, according to the International Copper Study Group. Refined production is projected to rise from 0.4 per cent in 2026 to 3.4 per cent in 2027 as smelters and refineries ramp up. Copper demand is also expected to grow 2.5 per cent next year, up from 1.5 per cent in 2026.

And in aluminum, market watchers are also predicting a surplus in 2027 thanks to growing supply from Indonesia and the recovery of sources from the Middle East disrupted by the conflict around the Persian Gulf. Despite the higher volumes, the logistical challenges of avoiding the Strait of Hormuz to bring the metal to market could keep prices high.

Eldorado Gold’s Skouries copper-gold project in Greece has received strategic-project status from the European Union (EU), Canadian Mining Journal reported. Skouries joins a list of 46 projects eligible for faster permitting and support in securing public and private financing. Skouries produced its first concentrate in September, with commercial production expected by year-end.

Carlos da Costa, an adjunct finance professor at the University of British Columbia, argues in CIM Magazine that the Canada Strong Fund could help finance major Canadian mining and infrastructure projects despite departing from the traditional sovereign wealth fund model. Announced in April 2026, the fund is to receive $25 billion in federal funding. Da Costa writes that the borrowing-financed fund could attract private investment and support critical minerals infrastructure and domestic processing, but that its success will depend on sound governance and meaningful Indigenous partnerships.

That’s all for this week. If you’ve got feedback, you can always reach us at editor@cim.org. If you’ve got something to add, why not join the conversation on our Facebook, Twitter, LinkedIn or Instagram pages?