Video News/Digging Deep

Neil Adshead, Consultant Analyst at the Commodity Discovery Fund, Kitco Mining’s Digging Deep to examine the structural forces shaping mining as the sector heads into 2026. He highlights growing pressure on copper supply as major miners remain unwilling to approve the multibillion-dollar projects needed to meet future demand. Years of cost overruns, long paybacks, and permitting challenges have created what he describes as a global decision moat, leaving essential new production stalled across key jurisdictions. Adshead also discusses the rising tension between Barrick, Newmont, and Elliott Management, a dynamic that could lead to significant restructuring across the gold majors. He notes the many possible outcomes ahead, saying, “There are so many different permutations here,” particularly around the Nevada Gold Mines joint venture and the Four Mile put option. The conversation expands to geopolitics, including the growing pushback against Chinese bids for copper assets in the Americas and the shift toward Western capital in future supply development.