European mining shares ended the week to 24 July 2026 higher, supported by tight copper markets, stronger precious-metal prices and Sweden’s decision to classify critical-metal and rare-earth mining as a national-security interest. Performance remained uneven, with operating producers and advanced projects attracting more capital than earlier-stage lithium and rare-earth developers.
The STOXX Europe 600 Basic Resources Index gained 3.0% over five trading days to 778.60, including a 1.05% rise on Friday. The index was up 16.88% in 2026 and more than 52% over 12 months. The broader STOXX 600 rose 0.6% on Friday and recorded a second consecutive weekly gain.
Copper inventories tighten
Copper remained a major driver of mining equities. London Metal Exchange copper traded at $13,633 a tonne at the start of the week, while China’s refined-copper imports reached a nine-month high and exchange inventories declined. Shanghai Futures Exchange warehouse stocks had fallen more than 80% since mid-March, while LME inventories were down 24% since the end of May. More than half of the remaining LME material had already been earmarked for withdrawal.
China’s Yangshan import premium reached $100 a tonne, its highest level in 14 months and 133% above its level at the beginning of 2026. Copper was also moving towards the United States ahead of tariffs, reducing immediately available supplies for European and Asian consumers.
Anglo American rose 2.5% on Friday to £37.21, although its shares remained about 12% below their 52-week high. Antofagasta, Rio Tinto and Glencore also gained as investors continued to favour copper exposure over weaker iron-ore, nickel and coal markets. The capital-market divergence is reflected in critical-mineral investment. Global investment in critical-mineral development fell 9% in 2025, according to the International Energy Agency, while battery-metals capital expenditure declined more than 20% and lithium spending fell about 40%. Copper investment, by contrast, increased 8%.
Sweden elevates critical minerals
Precious metals provided additional support. Gold futures finished the week at about $4,068 an ounce, up 1.37%, while silver rose 4.67% to $58.66 an ounce. Sweden’s government declared critical-metal and rare-earth mining a national-security interest, placing mineral extraction alongside defence capability, energy security and industrial resilience.
The policy has direct relevance for LKAB’s Per Geijer deposit near its existing Kiruna iron-ore operations. The deposit contains an estimated 1.2 billion tonnes of mineral resources, including approximately 2.2 million tonnes of rare-earth oxides.
Stockholm plans to accelerate planning and permitting, facilitate land allocation for strategic projects and examine establishing a state-owned mining investment company. The initiative also affects projects involving LKAB, Boliden, Leading Edge Materials, Talga Group and Beowulf Mining. Development in northern Sweden remains connected to Sami reindeer-herding areas, environmental protections and competing infrastructure requirements, alongside consultation, compensation and legal-review requirements.
Rare-earth projects advance across Scandinavia
Norway’s Fen rare-earth project, controlled by Rare Earths Norway, has an estimated 15.9 million tonnes of contained rare-earth oxides, an 81% increase from the previous estimate. Neodymium and praseodymium represent about 19% of the resource. Fen targets initial production early in the next decade and aims for approximately 800 tonnes a year of neodymium-praseodymium output by 2032, equivalent to about 5% of anticipated European demand. The project has an extraction permit but still requires operating approvals, detailed engineering, processing validation and funding.
Barroso advances toward lithium production
In Portugal, Savannah Resources released definitive feasibility work for the first phase of the Barroso lithium project, based on a 14-year initial operating life and a maiden probable reserve of approximately 20 million tonnes. Phase one is planned to produce about 2.56 million tonnes of spodumene concentrate, averaging approximately 183,000 tonnes a year. Savannah continues to target commissioning and first production in late 2028. The project has access to a Portuguese public-support package of up to €110 million. Earlier development estimates placed initial capital requirements at around $300 million. Despite the support and Barroso’s designation as an EU Strategic Project, the company still faces environmental-licence compliance, financing, additional offtake arrangements and local opposition.
Other European lithium developments include European Metals Holdings’ Cinovec project in the Czech Republic, European Lithium’s Wolfsberg project in Austria, Zinnwald Lithium’s German project, Infinity Lithium’s San José project in Spain and Eurobattery Minerals’ Hautalampi project in Finland. Cinovec is controlled through a joint venture in which Czech state-controlled utility ČEZ holds 51% and European Metals Holdings holds 49%. The project combines a large hard-rock lithium resource with proximity to Czech and German industrial customers.
Tungsten and gold projects move toward production
In Britain, Tungsten West has begun a phased restart of the Hemerdon tungsten and tin mine in Devon. Commissioning is progressing through the fines gravity circuit, coarse gravity circuit and full plant, with updated development capital expenditure of about $93 million. The company previously secured a $25 million bridging facility at SOFR plus 4.5%, approximately 8% at signing, while working toward a larger debt package of up to $85 million. In Türkiye, Ariana Resources reported that the Tavşan gold mine had completed ramp-up, with ore being loaded onto heap-leach pads at 4,000 tonnes per day. Approximately 350,000 tonnes of ore was undergoing heap leaching, with gold recovery at about 70%.
Ariana holds a 9.9% interest in Zenit Madencilik and is separating its Kızıltepe interest while preparing for a possible sale to Proccea Construction. Hochschild Mining reported attributable first-half production of 151,830 gold-equivalent ounces, including 111,429 ounces of gold and 3.1 million ounces of silver. The group ended the period with approximately $309 million of cash and $51 million of net cash.
Attributable all-in sustaining costs were running 5–10% above guidance, affected by royalties, profit sharing, selling expenses and stronger local currencies. Hochschild remained on track to make an investment decision on Monte do Carmo during the second half of 2026. Caledonia Mining’s Blanket mine produced 17,360 ounces of gold in the second quarter, up 18% from 14,767 ounces in the first quarter. Average processed grade increased to 2.88 grams per tonne, reaching approximately 3.05 grams per tonne in July, while full-year guidance remained 72,000–76,500 ounces. An elution-plant upgrade and seven-day working are expected to increase processing capacity and support higher second-half production.
