Video News/Digging Deep

Nicole Adshead-Bell, Director of Cupel Advisory, says the mining sector is moving deeper into consolidation, capital deployment, and shareholder pressure as investors demand simpler stories, stronger execution and better accountability. Speaking with Kitco Mining’s Digging Deep on June 4, 2026, Adshead-Bell discussed potential restructuring at Barrick Mining, activist pressure at Northern Star Resources, and Zijin Gold’s delayed Allied Gold acquisition. “Do what you say you're going to do,” she said. Adshead-Bell said mining boards need the technical expertise to challenge management as producers deploy stronger cash balances into growth. The discussion also covered gold mine expansions, cost inflation risks, copper M&A in Quebec and Chile, and her view that copper may need to move toward $7 to $8/lb before major new supply commitments are made. She also discussed why higher metals prices are changing the true cost of streams, prepays and hedges.