Copper dominated LME Week 2026 as U.S. stockpiling efforts intensified competition for global supply. Christopher Ecclestone, Principal and Mining Strategist at Hallgarten + Company, argues that Washington's strategic metals push is redirecting copper flows and putting pressure on China's inventory position.

Speaking with Kitco Mining's Paul Harris on Digging Deep, recorded October 22, 2026, Ecclestone examines Mercuria's delivery of 12,000 tonnes of copper into the U.S. Project Vault stockpile. “copper's the thing that everybody needs,” he said, arguing that its widespread industrial importance makes it a more consequential geopolitical chokepoint than rare earths. He also discusses CME Group's planned tungsten futures contract and efforts to improve price transparency.

In Argentina, Ecclestone warns that some mining companies benefiting from President Javier Milei's RIGI incentives risk undermining local suppliers by importing basic construction materials from China. “there is no trickle,” he said, questioning whether these investments are delivering wider economic benefits and warning of potential political backlash.

Ecclestone also examines Arizona's copper revival, including Hudbay and Mitsubishi's approval of Copper World, targeting first production in the second half of 2029, and Faraday Copper's San Manuel acquisition. He discusses risks surrounding tokenized gold and the challenges facing mining investment in Peru and Chile.

Today’s show is brought to you by Kalshi. Trade the first CFTC-regulated gold and silver perpetuals in the U.S., 24/7, with no expiration date.
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Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:30 - LME Week 2026: Copper Dominates the Conversation
02:18 - U.S. Copper Stockpiling Puts Pressure on China
03:37 - Project Vault and the Global Copper Supply Squeeze
06:45 - Copper vs. Rare Earths: Which Is More Critical?
08:45 - CME Tungsten Futures and Market Transparency
11:38 - Argentina's RIGI Incentives and Chinese Imports
22:20 - Tokenized Gold, ETFs and Investor Trust
27:05 - Arizona Copper Revival: Hudbay, Faraday and Ivanhoe
35:25 - Peru and Chile's Mining Investment Challenges
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Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
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Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Jeff Pontius, exploration geologist and chair of Mackay Gold & Silver, joins Kitco Mining’s Digging Deep with Paul Harris to discuss what separates a promising deposit from a mining project that can actually be financed, permitted and built.

Pontius outlines Mackay’s drilling strategy along the Occidental-Brunswick trend at the Comstock project, where the company is targeting broad oxide mineralization and sees room to build a larger district-scale resource. He says Mackay is focused on exploration and resource development, with the goal of creating an asset capable of attracting multiple potential buyers.

Across Nevada, Pontius weighs i-80 Gold’s staged development plan and says more independent refractory processing is needed, describing the current market around Nevada Gold Mines as “a bit of a monopoly.” He also looks past Hycroft Mining’s headline Vortex intercept, arguing that capital intensity and metallurgy remain the bigger challenges.

Pontius is cautious on smaller projects such as Bonterra’s Barry Gold project, warning there is “very little room for things not to go perfect,” although he believes $5,000 gold would materially improve the outlook. He also discusses Discovery Mining’s Ontario expansion, the coming copper supply gap, Quebradona in Colombia, and why infrastructure and clearer permitting timelines matter for the next generation of copper projects.

Recorded October 15, 2026.

Today’s show is brought to you by Kalshi. Trade the first CFTC-regulated gold and silver perpetuals in the U.S., 24/7, with no expiration date.
https://kalshi.com/p/KT2026
Availability varies by jurisdiction. Not available in Canada.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

00:13 - Mackay Comstock Drilling Goals
01:49 - SSR Mining Deal and Marigold Grades
04:34 - Why SSR Mining Stock Sold Off
05:52 - Mackay Gold & Silver: Build or Sell?
08:42 - i-80 Gold Multi-Project Development Plan
11:17 - Nevada Refractory Processing Capacity
12:55 - Hycroft High-Grade Drill Result
15:31 - Discovery Mining Ontario Expansion
18:49 - Bonterra Barry Gold PEA Risks
21:32 - Copper Supply Gap and Project Picks
25:06 - Mining Permitting Reform
__________________________________________________________________

Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

Neil Adshead, Consulting Geologist at Commodity Discovery Fund, joins Kitco Mining’s Paul Harris for Digging Deep at the 2026 Mining Forum Americas in Colorado Springs to explain why organic growth is moving back to the center of the mining sector.

Adshead says stronger gold, silver and copper prices and healthier balance sheets are bringing long-held projects back into focus. After watching three company presentations, he counted roughly 720,000 meters of planned 2026 drilling, while arguing that shareholders’ appetite for cash returns has been “satiated” and attention is shifting toward production growth and cash flow per share.

He also says producers remain disciplined on reserve assumptions and that today’s M&A environment looks more measured than previous cycles. Adshead weighs Gold Fields’ approach to Northern Star and Barrick’s planned North American IPO, while arguing that copper juniors face a tougher problem: multi-billion-dollar projects can be too expensive to build independently, while major miners continue to favor scale and lower-risk internal growth.

Don’t forget to subscribe to the Kitco Mining & Kitco News YouTube channels to stay up to date on the latest industry news and interviews.

Special thanks to our sponsor, Metalla Royalty & Streaming. To learn more, visit: https://www.metallaroyalty.com/

00:26 - Gold and Silver Selloff
01:02 - Organic Growth Takes Over the Conference
02:49 - Drilling Boom and Internal Growth Pipelines
04:28 - Reserve Prices and Cutoff Grade Discipline
06:32 - Healthy Sector, Measured M&A
07:08 - Gold Fields, Northern Star and Barrick
13:37 - Why Copper Majors Prefer Build Over Buy
17:30 - What Majors Want From Gold Projects
__________________________________________________________________

Kitco Mining is dedicated to reporting on the mining industry. Our mandate is to be the top resource for all mining information and news, offering a clear perspective on where the industry is going through breaking news coverage, mining trends, and in-depth reporting, presented with precious, rare earth, base metals, and industry stock prices.

Get important precious and base metal updates while on the go with the Kitco Gold LIVE! app - https://applications.kitco.com

Stay connected with us
X - https://x.com/KitcoMining
Instagram - https://www.instagram.com/kitcomining
LinkedIn - https://www.linkedin.com/company/kitco-mining
Facebook - https://www.facebook.com/KitcoMining

Connect with the Kitco Mining anchors
Paul Harris - https://x.com/paulharrisgold

For more in-depth mining coverage, visit us here - https://www.kitco.com/mining

Disclaimer: Videos are not trading advice, and the views expressed may not reflect those of Kitco Metals Inc.

Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.