News of the Week
N.O.W.!

This week’s mining and energy developments underscored that the race for critical minerals is not only an economic or technological contest—it is a test of dialogue. In Peru, the PERUMIN 37 convention in Arequipa brought together government, industry, and civil society to discuss the future of the country’s mining sector. Debates over artisanal and small-scale mining reform, environmental responsibility, and community engagement made clear that competitiveness will depend as much on social legitimacy as on investment and geology. President Boluarte’s call for a new ASM law “with a social sense” and expert warnings about criminal networks tied to illegal mining highlighted how governance challenges are inseparable from market opportunities.

Yet, even as Arequipa hosted panels on trust-building, unrest on the ground reminded the nation of the fragility of that trust. Hudbay was forced to suspend its Constancia mill in Cusco amid blockades, and by September 27, youth-led demonstrations had spilled across regions, disrupting supply chains and challenging both government and industry. These events revealed a generational dimension to Peru’s conflicts: young people are increasingly asserting themselves as decisive actors in defining what kind of development the mining sector should represent. For companies and policymakers, the message is stark dialogue must be continuous and inclusive, or else legitimacy will evaporate rapidly.

Beyond Peru, regional stories echoed similar dynamics. In Ecuador, Indigenous nations mobilized against a massive oil and gas auction plan that they denounce as a violation of free, prior, and informed consent. In Africa, the DRC-Africa Battery Metals Forum and President Tshisekedi’s statements reaffirmed that sovereignty and value addition are central to how governments engage with global powers. And globally, the Grasberg disaster in Indonesia exposed the human and supply risks of over-reliance on mega-mines, with ripple effects on copper markets. Together, these developments show that the extractive transition will rise or fall on its ability to secure not just permits, but trust.

The lesson from this week is clear: development demands dialogue. In Arequipa’s convention halls, on Ecuador’s rivers, and in youth blockades across Peru, communities and nations are asserting that extractive strategies must serve broader social and environmental goals. For companies and governments, listening and engaging are not optional; they are the price of resilience in a world where legitimacy has become the most critical mineral of all.

Insight of the Week

“The most strategic resource today is not hidden underground—it is the trust of the people above it”

This week’s edition of News of the Week (NOW) reveals how fragile the pillars of resource governance have become. Peru’s celebrated copper growth, increasingly reliant on a single mega-mine, underscores the risks of narrow production bases and the political pressures they invite. Zambia is still grappling with the aftermath of its toxic spill, where unresolved claims remind us that accidents become national crises when trust and accountability are missing. Meanwhile, community-led protests in places like Arequipa and Ecuador show how local voices are reshaping the policy debate over water, land, and livelihoods.

Globally, the same tension plays out in different forms. The DRC is testing quota regimes for cobalt; Europe is accelerating its hunt for lithium and rare-earth partners; and South Africa’s G20 minerals push highlights how resource-rich states are trying to influence the governance agenda. But each of these moves is shadowed by the same reality: when communities feel excluded, global supply chains feel the shockwaves.

At VERIDICOR, our analysis highlights that governance is under mounting pressure because it is the bridge between global ambition and local reality. Decisions made in ministries and boardrooms are tested on the ground in villages, watersheds, and corridors where people live with the consequences. The future of the minerals sector will not be determined by geology alone but by the ability of institutions to listen, adapt, and respond to those most affected. Only by grounding decisions in inclusion and accountability can global strategies translate into lasting stability.

Insight of the Week
“Every mine, every policy, every deal must be judged by a simple question: does it leave children and communities better off than before?”

This week’s edition of News of the Week captures the accelerating pace of change across the mining, energy, and infrastructure sectors. From Peru’s Mapa Aurífero 2025 and new copper mapping, to global corporate consolidations such as the Anglo American–Teck merger, the industry is actively repositioning itself to meet the demands of the energy transition. Yet the opportunities revealed—record exports, green hydrogen investments, new projects in Cajamarca—remain shadowed by persistent governance and social challenges.

What stands out across the stories is the tension between growth and legitimacy. Peru, Ghana, and Namibia are all pushing ambitious agendas to modernize, diversify, and capture more value from critical minerals. At the same time, informal mining protests, environmental disputes, and community grievances—from Rustenburg to Raja Ampat to Cobre Panamá—demonstrate how fragile the License to Operate (LTO) remains. The academic insights included in this issue remind us that these conflicts are not isolated events, but structural risks deeply embedded in resource governance systems.

At VERIDICOR, our lens is clear: the sector is moving into a new phase where competitiveness will be measured not only in output and reserves but also in trust, transparency, and traceability. This week’s global flashpoints reaffirm that responsible practices, inclusive governance, and smarter stakeholder engagement are no longer optional—they are decisive factors shaping investment flows, policy reforms, and long-term stability.

Insight of the Week
“License to Operate is no longer a local issue — it’s a global metric of competitiveness”

This week’s news reveals both the scale of opportunities in the mining and energy transition, and the fragility of the foundations on which they rest. Governments from Peru to Mozambique are announcing multi-billion-dollar project pipelines, positioning themselves as indispensable suppliers of critical minerals and infrastructure. Peru is pushing ahead with US $12 billion in new mining ventures and over thirty exploration projects, while Southern Africa and Mozambique are showcasing vast reserves and multi-sector investment approvals. These moves point to the accelerating global appetite for resources needed to fuel the energy transition.

Yet, the same headlines also underscore the fragility of governance and the costs of weak institutions. In Cajamarca, over a hundred lives have been lost to illegal mining violence, while in Condorcanqui, foreign mafias operate with impunity along the border. In Zambia, the collapse of a tailings dam contaminated the Kafue River, stripping 700,000 people of safe water and triggering compensation claims already surpassing $420 million. These incidents demonstrate how quickly opportunities can turn into liabilities when community trust is absent, state oversight is weak, and environmental safeguards are neglected.

From Panama’s Cobre Panamá audit, which will decide the fate of one of the world’s largest copper mines, to Zambia’s Kafue River disaster, which has already cost millions and shaken public trust, the message is consistent: the real currency of the transition is not capital alone, but the license to operate. Inclusive consultation, credible safeguards, and respect for Indigenous and local communities are no longer optional—they are the difference between sustainable progress and billion-dollar setbacks. The energy transition will not be judged only by megawatts delivered or minerals extracted, but by the resilience of the relationships that sustain them. After all, in this sector, prevention is always cheaper than reaction.

By the Numbers
US $12B – Mining projects promoted in Cajamarca, Peru.
US $4.8B – Projected mining investment in Peru for 2025.
100+ deaths – Estimated fatalities linked to illegal mining violence in Cajamarca.
700,000 people – Left without safe water after Zambia’s Kafue River toxic spill.
US $420M+ – Compensation claims already filed over the Kafue River disaster.
US $493B – Financing tied to transition mineral projects with rights and environmental risks (Forests & Finance report).
30% – Share of global critical mineral reserves located in Southern Africa (World Economic Forum).

Flashpoints of the Week
Peru: $12B Cajamarca mining push faces deep-rooted community mistrust.
Zambia: Kafue River toxic spill sparks $420M+ claims, threatening trust in copper.
Mozambique: $5B in approved projects and $6B hydropower push test governance.
Brazil: Vale reopens Capanema mine; Cade probes Anglo’s $500M nickel sale to MMG.
Ecuador: Atico Mining clears key community consultation at La Plata project.
Global: $493B in mineral finance tied to rights abuses; uranium demand set to jump 30% by 2030.

Insight of the Week
“Prevention is always cheaper than reaction—the lesson behind every mining conflict.”

This week underscored how the contest for minerals and energy infrastructure is being waged as much on legitimacy and governance as on geology and capital. The Pentagon’s return to cobalt stockpiling, Germany and Canada’s new alliance, and Ukraine’s lithium tender signal how nations are embedding resource
security into industrial and geopolitical strategy. Yet, the tightening grip of China’s rare earth monopoly and sanctions on Congolese cooperatives show how vulnerable supply chains remain when transparency falters.

In Latin America, Peru’s mining rebound of US$ 2.3B is shadowed by the spread of illegal gold mining threatening 73 Indigenous communities, while Colombia illustrates how illicit gold now rivals cocaine in financing powerful criminal networks. Globally, disputes from Norway’s Nussir copper project to India’s Odisha protests highlight that projects falter or advance depending on how governments and companies engage with communities, rights, and governance.

The lesson is clear: in 2025, the battle for resource security is inseparable from the battle for social trust. Stockpiles, trade agreements, and mega-projects may anchor supply, but only legitimacy—through transparent governance, inclusive dialogue, and sustainable practices—can sustain it.

Latin America
• Peru: Mining investments rise 7.2% to US$ 2.3B in H1 2025, led by Southern, Antamina, and Las Bambas —
underscoring both economic strength and dependence.
• Peru: Illegal gold mining now threatens 73 Indigenous communities across nine regions, deepening governance
and legitimacy challenges.
• Colombia: Criminal networks diversify into illegal gold, generating an estimated US$918M in illicit exports —
rivaling cocaine as a source of criminal power.
• Bolivia: Elections expose fragile legitimacy for lithium and mining policy, tilting the political balance and raising
questions over social contract.

Africa
• Regional: Over 600 new mining projects highlight Africa’s growing role in the global minerals pipeline — but
also the need for stronger ESG and community frameworks.
• DRC: Critical mineral cooperatives remain under U.S. sanctions scrutiny, underscoring persistent governance
risks in the world’s leading cobalt supplier.

North America & Europe
• United States: Pentagon launches US$500M cobalt stockpile program, marking the first major initiative since
the 1990s and re-securitizing minerals policy.
• Germany & Canada: Launch deeper critical minerals cooperation, tying mining, processing, and recycling into
a long-term allied strategy.
• Norway: Sámi activists block the Nussir copper project, challenging the balance between energy transition goals
and Indigenous rights.

Global/Asia-Pacific
• China: Rare earth monopoly tightens, controlling up to 90% of global processing — reinforcing structural
vulnerabilities in supply chains.
• Ukraine: Moves ahead with lithium deposit tender in partnership with the U.S., embedding minerals policy into
geopolitics and regional security..

This week underscored a defining reality: the fate of billion-dollar mining and energy ventures is increasingly decided not by markets alone, but by legitimacy in the eyes of communities and governments. Peru illustrates the paradox, emerging as a top molybdenum and gold exporter while battling illicit flows and violent clashes in Pataz; South Africa signals renewal with Qala Shallows even as its industry carries the weight of decline, Zambia doubles down on copper with Kansanshi’s expansion, and Guinea’s expropriation of EGA’s bauxite mine shows how swiftly resource nationalism can erase years of investment.

Across continents, these flashpoints reveal a pattern: projects succeed or stall not on geology or financing alone, but on governance, social trust, and political alignment. Communities resisting illegal mining in the Amazon, Indigenous leaders fighting land transfers in the U.S., and African protest movements linking climate justice to finance are shaping the future of extractives as much as investors and ministers.

The lesson is clear: in 2025, Social License is no longer peripheral. It is the decisive battlefield where mining and energy transitions are being won or lost. Projects stand or fall on the trust they earn, the legitimacy they command, and the transparency they deliver. Legitimacy is not an add-on to investment strategy; it is the ground on which the future of extractives will be determined.

Latin America

Peru: FACT report reveals Peru accounts for 44% of Latin America’s illicit gold trade, fueling crime and weakening state legitimacy.

Peru: Gold exports surge 38.9% Jan–May 2025, with UAE, Canada, and India absorbing 63% of shipments, reinforcing dependence on volatile markets.

Peru: Operativo AWQA in Pataz ends in armed clashes, exposing how criminal groups tied to illegal mining undermine security and community trust.

Peru: Consolidates role as a Top 5 global molybdenum producer, highlighting strategic weight in the energy transition but raising environmental and governance challenges.

Africa

South Africa: Opening of Qala Shallows, the first underground gold mine in 15 years, offers renewal but underscores long-term industry decline.

South Africa: Harmony Gold’s $1B acquisition of MAC Copper signals diversification into critical minerals amid investor pressure.

Zambia: First Quantum commissions $1.25B Kansanshi S3 expansion, betting on global copper demand but heightening reliance on one sector.

Guinea: Government expropriates EGA’s bauxite mine, transferring assets to a state firm in a sharp move toward resource nationalism.

Mozambique: Altona Rare Earths seeks S. support for Monte Muambe project, highlighting global competition for rare earth supply chains.

North America & Europe

United States: Federal court blocks land transfer for Resolution Copper’s Oak Flat project, siding with Indigenous claims over sacred territory.

Ukraine/Hungary: Pipeline dispute escalates as Kyiv warns of Russian leverage on Central Europe’s energy flows, testing regional security.

Asia-Pacific

Australia: Queensland launches a renewables powerhouse strategy, positioning the state as a leader in the global energy transition.

Indonesia: Pushes forward with modular refinery projects tied to U.S. crude supply, reshaping Southeast Asian energy corridors.