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Apple’s top artificial intelligence executive is stepping down and will retire in 2026, the company announced Monday.

John Giannandrea had been at Apple since 2018, where his official title was senior vice president for machine learning and AI strategy.

He will be replaced by Amar Subramanya, who comes to Apple after a brief stint as corporate vice president of AI at Microsoft and more than a decade at Google.

Subramanya will report to one of CEO Tim Cook’s deputies, Craig Federighi, rather than to Cook directly, as Giannandrea had.

‘AI has long been central to Apple’s strategy, and we are pleased to welcome Amar to Craig’s leadership team and to bring his extraordinary AI expertise to Apple,’ Cook said Monday.

The abrupt change at a company known for its careful succession planning highlights Apple’s challenge as it tries to compete with top AI developers such as Google, ChatGPT owner OpenAI, Meta and Microsoft.

Earlier this year, Apple delayed the release of an upgraded version of Siri with AI powered features. At the time, it said it was going to ‘take us longer than we thought’ to develop the new version.

The company said it anticipated rolling out new features ‘in the coming year,’ but it has not offered any more specifics.

‘We’re making good progress on it, and, as we’ve shared, we expect to release it next year,’ Cook said on the company’s quarterly earnings call in late October.

“With Apple Intelligence, we’ve introduced dozens of new features that are powerful, intuitive, private and deeply integrated into the things people do every day,” Cook said on the Oct. 30 call

The company is targeting the spring to release the upgraded Siri, Bloomberg News recently reported.

When a user grants permission, Siri can tap into ChatGPT’s broad world knowledge and present an answer directly.Apple

While Apple’s iOS and macOS are integrated with ChatGPT, those features are somewhat limited.

In recent weeks, Apple has reportedly neared deals to integrate with Google’s Gemini, as well as AI models from Perplexity and Anthropic.

Apple introduced Apple Intelligence on June 10, 2024.Apple

Apple’s stock has also felt the effect of what some perceive to be its lagging AI services.

This year, Apple shares have returned 13%, which tops both Amazon and Microsoft. But shares of Oracle have popped 20%, Nvidia has surged 34%, and Google parent company Alphabet has soared 65%.

Still, Apple remains the world’s second-largest publicly traded company, with a market value of $4.2 trillion, behind only Nvidia.

Overall, the S&P 500 has risen almost 16% this year.

This post appeared first on NBC NEWS

Business

Starbucks to pay about $35M to NYC workers to settle claims it violated labor law

Starbucks will pay about $35 million to more than 15,000 New York City workers to settle claims it denied them stable schedules and arbitrarily cut their hours, city officials announced Monday.

The company will also pay $3.4 million in civil penalties under the agreement with the city’s Department of Consumer and Worker Protection. It also agrees to comply with the city’s Fair Workweek law going forward.

A company spokeswoman said Starbucks is committed to operating responsibly and in compliance with all applicable local laws and regulations in every market where it does business, but also noted the complexities of the city’s law.

“This (law) is notoriously challenging to manage and this isn’t just a Starbucks issue, nearly every retailer in the city faces these roadblocks,” spokeswoman Jaci Anderson said.

Most of the affected employees who held hourly positions will receive $50 for each week worked from July 2021 through July 2024, the department said. Workers who experienced a violation after that may be eligible for compensation by filing a complaint with the department.

The $38.9 million settlement also guarantees employees laid off during recent store closings in the city will get the chance for reinstatement at other company locations.

The city began investigating in 2022 after receiving dozens of worker complaints against several Starbucks locations, and eventually expanded its investigation to the hundreds of stores in the city. The probe found most Starbucks employees never got regular schedules and the company routinely reduced employees’ hours by more than 15%, making it difficult for staffers to know their regular weekly earnings and plan other commitments, such as child care, education or other jobs.

The company also routinely denied workers the chance to pick up extra shifts, leaving them involuntarily in part-time status, according to the city.

Starbucks Workers United members and supporters picket outside a Starbucks in New York on Nov. 21.Michael Nagle / Bloomberg via Getty Images

The agreement with New York comes as Starbucks’ union continues a nationwide strike at dozens of locations that began last month. The number of affected stores and the strike’s impact remain in dispute by the two sides.

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Business

Prada Group says it has purchased fashion rival Versace in a deal worth nearly $1.4 billion

MILAN — The Prada Group announced Tuesday that it has officially purchased Milan fashion rival Versace in a 1.25 billion euro (nearly $1.4 billion) deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.

The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.

Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances.

Prada heir Lorenzo Bertelli will steer Versace’s next phase as executive chairman, in addition to his roles as group marketing director and sustainability chief.

The son of co-creative director Miuccia Prada and longtime Prada Group chairman Patrizio Bertelli has said he doesn’t expect to make any swift executive changes at Versace. But Bertelli has said that the company, which places among the top 10 most recognized brands in the world, has long been underperforming in the market.

Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’

Versace has been in the midst of a creative relaunch under a new designer, Dario Vitale, who previewed his first collection during Milan Fashion Week in September. He had previously been head of design at Miu Miu, but his move to Versace was unrelated to the Prada deal, executives have said.

Capri Holdings, which owns Michael Kors and Jimmy Choo, paid $2 billion for Versace in 2018, but had been struggling to position Versace’s bold profile in the recent era of “quiet luxury.″

Versace represented 20% of Capri Holdings 2024 revenue of 5.2 billion euros. An analyst presentation for the Prada deal said that Versace would represent 13% of the Prada Group’s pro-forma revenues, with Miu Miu coming in at 22% and Prada at 64%. The Prada Group, which also includes Church’s footwear, reported a 17% boost in revenues to 5.4 billion euros last year.

The Prada Group has already begun preparations to incorporate crosstown rival Versace into its Italian manufacturing system, a point of pride for the group.

“Making a bag for one brand or another, the know-how is the same,″ Bertelli told reporters last week at the group’s Scandicci leather goods factory, which already makes bags for the Prada and Miu Miu brands and will soon add Versace.

The Prada Group’s has invested 60 million euros in its supply chain this year, including a new leather goods factory near Siena, a new knitwear factory near Perugia as well as increasing production at its factory Church’s footwear factory in Britain and expanding another Tuscan factory. That’s on top of 200 million euros in investments from 2019-24.

Prada’s efforts include an academy that has trained some 570 new artisans over the last 25 years in an in-house training academy operating in the Tuscany, Marche, Veneto and Umbria regions.

Last year, Prada hired 70% of the 120 artisans who trained in the academy. The number of trainees rose by 28% to 152 this year.

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Business

Shopify says a daylong Cyber Monday outage has been resolved

Outages on Shopify’s e-commerce platform have been resolved, the company said late Monday, bringing to an end a daylong glitch on the annual ‘Cyber Monday’ shopping day.

Some merchants that use Shopify’s service to sell goods online said they experienced issues with checkouts through the company’s point-of-sale system.

Businesses that run on Shopify also had trouble logging into their administrative portals.

In a statement, Shopify said: ‘We had a system degradation that has now been mitigated.’

Throughout the day, business owners posted angry messages directed at the company on X, where Shopify President Harvey Finkelstein had posted ‘HAPPY CYBER MONDAY! Let’s finish strong!’ earlier in the day, with an emoji of a flexed arm.

One business, Costack Spices, based in London, replied: ‘How??? [We] cannot fulfill orders or log on,’ with three red-faced emojis. In a follow-up, the company posted, ‘This is unbelievable.’

Another user wrote, ‘@ShopifySupport I haven’t been able to access it for the last couple hours.’

Shopify replied to most users on X with the same message: ‘We are aware of an issue with Admins impacting selected stores, and are working to resolve it.’

In 2024, merchants using Shopify services recorded $11.5 billion in sales from Black Friday through Cyber Monday, the company said, with more than 76 million customers buying from businesses powered by the platform.

Shopify provides website design tools, online checkout services and digital advertising products to businesses of all sizes. The company says that millions of merchants use its services.

While Shopify’s share of Cyber Monday sales may be limited, smaller businesses that rely on the company to process their transactions may have missed out on crucial sales at the start of the all-important holiday season.

Total Cyber Monday sales are expected to be more than $53 billion, according to Salesforce.

Shopify stock ended the trading day down 5.9%.

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Investing

China Issues First Streamlined Rare Earth Export Licenses

China has reportedly issued the first batch of streamlined rare earth export permits to several magnet makers since its implementation of a new rare earth licensing regime following the recent Trump–Xi summit.

According to a Reuters exclusive, the source said at least three major producers received “general licenses” allowing faster exports to some clients.

These include: JL Mag Rare Earth (HKEX:6680), Ningbo Yunsheng (SHA:600366) and Beijing Zhong Ke San Huan High-Tech (SZSE:000970). JL Mag secured approval to ship to nearly all of its customers, while the two others obtained permits covering part of their client base.

All three companies, along with the Ministry of Commerce, declined to comment on the matter.

The new licenses stem from negotiations launched after President Donald Trump and President Xi Jinping met in late October, easing a stretch of trade tensions that had intensified when Beijing expanded rare earth export restrictions in April and again in October.

China began drafting a streamlined regime shortly after the meeting, but industry insiders cautioned that the changes would fall short of Washington’s hopes for a full rollback.

For months, exporters have been required to obtain a license for every shipment—an onerous process that buyers say caused weeks-long delays and even temporary shortages.

The rules slowed the approval of more than 2,000 EU applications, just over half of which were cleared.

The White House said after the summit that Beijing had agreed to introduce general licenses, framing the step as the “de facto end” of China’s export controls, though Chinese officials have not publicly confirmed any broader easing.

Rare earth firms innovate to bypass tightening restrictions

Facing long waits, or even outright denials, for exports containing restricted heavy rare earths, companies have turned to redesigning magnet formulas to avoid them entirely.

Employees from several leading manufacturers told the Wall Street Journal that firms have refined production techniques, including grinding materials into extremely fine particles to improve heat resistance without relying on the regulated elements.

The result is a new class of magnets that can operate at temperatures around 300 degrees Fahrenheit, suitable for many appliances though not always for automotive and aerospace applications.

Western buyers are embracing the products despite concerns about performance, with traders describing the choice as one between imperfect magnets and no magnets at all.

Other companies have turned to entirely different strategies. Because magnets themselves require licenses but assembled components do not, Chinese producers are increasingly partnering with local suppliers to embed magnets into motors or other parts before exporting them.

The practice has grown as Beijing intensifies scrutiny on smuggling and as magnet makers appoint compliance officers to ensure shipments adhere to the law.

But regulators have also moved to close loopholes. After firms began substituting holmium for other restricted elements, China added holmium to its control list in October, though enforcement has been delayed for one year under the Trump–Xi agreement.

Industry executives warn that Beijing could tighten restrictions again, given its dominant role in rare earth processing and its subsequent use as a geopolitical leverage.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Investing

Brunswick Exploration Announces Non-Brokered Private Placement of $1.5M

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; ‘ BRW ‘ or the ‘ Corporation ‘) is pleased to announce a non-brokered private placement (the ‘ Offering ‘) of up to 7,500,000 common share of the Corporation to be sold as ‘flow-through shares’ within the meaning of the Income Tax Act (Canada) (the ‘ Tax Act ‘) and the Taxation Act (Québec) (the ‘ FT Shares ‘) at a price of $0.20 per FT Share for gross proceeds of up to $1,500,000.

Killian Charles, President & CEO of BRW, commented: ‘After the stellar results from our maiden campaign at Anatacau, we will be returning in early Q1 to begin a 2,500 to 3,000 meters drill program. We see significant potential to continue expanding the known pegmatites and uncover new targets across the project. With the forthcoming resource at Mirage, we believe BRW will have an exciting start to the year across its portfolio in Quebec, Greenland, Saudi Arabia and further afield.’

The Corporation intends to use the proceeds raised from the Offering for the second phase of its drilling campaign at the Anatacau project, located in the Eeyou Istchee-James Bay region of Québec. Proceeds from the sale of FT Shares will be used to incur ‘Canadian exploration expenses’ as defined in subsection 66.1(6) of the Tax Act and ‘flow through critical mineral mining expenditures’ as defined in subsection 127(9) of the Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2025, in the aggregate amount of not less than the total amount of gross proceeds raised from the sale of FT Shares.

The Offering is scheduled to close on or around December 16, 2025 and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange (‘ TSX-V ‘).

The FT Shares will be subject to a statutory four month and one day hold period. The FT Shares have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Brunswick Exploration Inc.

BRW is a Montreal-based mineral exploration company focused on grassroots exploration for lithium, a critical metal necessary to global decarbonization and energy transition. The Corporation is rapidly advancing its extensive portfolio of grassroots lithium properties and projects in Québec (Mirage and Anatacau), Greenland (Nuuk Lithium) and the Kingdom of Saudi Arabia.

Investor Relations/information

Mr. Killian Charles, President ( info@BRWexplo.com )

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Such forward-looking information includes, but is not limited to, statements concerning the Corporation’s expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering; the completion of the Offering and the date of such completion. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

News Provided by GlobeNewswire via QuoteMedia

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Investing

Keith Weiner: Gold, Silver Drivers Intact, What to Watch in 2026

Keith Weiner, founder and CEO of Monetary Metals, shares his gold and silver outlook.

In his view, all of their drivers remain intact, meaning that current trends are likely to continue in 2026.

‘I don’t think you’re going to go wrong with either,’ Weiner said.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

Top 10 Copper-producing Companies

Copper miners with productive assets have much to gain as supply and demand tighten.

The price of copper reached new all-time highs in 2025 on both the COMEX in the United States and the London Metals Exchange in the United Kingdom.

On the COMEX, the copper price peaked at US$5.94 per pound after the White House announced tariffs on the red metal in late August. However, prices moderated in August after refined products were excluded, supply and demand fundamentals kept the price near historic highs. In the UK, the price has steadily climbed, reaching a record high of US$11,067.50 per metric ton on October 29.

Copper is one of the most important resources for the energy transition, but demand for the red metal is outpacing mining supply. While construction and electrical grids have long been major markets for copper, today the rise in demand for electric vehicles, EV charging infrastructure and energy storage applications are emerging drivers of copper consumption.

Another trend driving future copper demand is the rapid urbanization in the Global South, as rural populations migrate to cities, putting pressure on electricity grids.

Due to the challenges associated with finding, developing, permitting and mining copper deposits, the higher demand is being met by slow growth of new supply. Mines that are in operation tend to be quite large and operate for decades as copper producers concentrate on mine expansions and brownfield projects aimed at extending mine lifetimes.

Given those factors, investors should keep an eye on the world’s top copper miners and their operations.

This list of the 10 largest copper-mining companies in the world is ranked by attributable copper production for 2024.

1. BHP (ASX:BHP,NYSE:BHP,LSE:BHP)

Copper production: 1.5 million metric tons

BHP is one of the world’s largest mining companies, and its global portfolio of assets includes significant copper mining operations in Chile, Australia and Peru.

According to the company’s quarterly operational review data, the mining giant’s attributable copper production totaled 1.5 million metric tons across the calendar year 2024.

Its most significant copper asset is the Escondida mine, the world’s largest copper mine. BHP holds a 57.5 percent stake in the Chilean operation, which produced 1.24 million metric tons of copper in 2024, of which 713,805 was attributable to BHP. Its other Chilean copper operation is its wholly owned Pampa Norte mine, which produced 313,600 metric tons of copper in 2024.

BHP also owns the Olympic Dam polymetallic mine, the largest mine in Australia. The South Australian mine hosts one of the world’s largest copper deposits as well as the largest uranium deposit. In 2023, BHP expanded its portfolio in the state with its acquisition of OZ Minerals and its Prominent Hill and Carrapateena copper operations.

In January, BHP announced its acquisition of Filo Mining and its Filo del Sol project located Argentina. As part of the announcement, BHP said it had formed a joint venture company with Lundin Mining Corporation (TSX:LUN,OTC Pink:LUNMF) to combine Filo del Sol with Lundin’s Josemaria project in the Vicuna mining district, with each company owning a 50 percent stake.

2. Codelco

Copper production: 1.44 million metric tons

The Chilean state-owned Codelco is the world’s third-largest producer with copper production of 1.44 million metric tons in 2024. According to its 2024 annual report, its copper output increased 1.2 percent from 1.42 million metric tons in 2023.

Its largest asset is the Chuquicamata mine located in Northern Chile, between 2017 and 2021 annual production was in the 700 million to 850 million pound range. However, lower grades in recent years have led to production falling below 600 million pounds. In 2024, Chuquicamata increased slightly to 637 million pounds.

The mine transitioned from an open pit to an underground mine beginning in 2019. In its operational report for the quarter ending September 30, the company stated that Phase 1 of its continuity infrastructure project had reached 85 percent completion. It added that feasibility studies were underway for potential expansion of the current mine level, as were prefeasibility studies assessing ‘the development of a potential deeper mine level.’

The company’s other significant Chilean mines include El Teniente, Quebrada Blanca and Andina.

3. Freeport-McMoRan (NYSE:FCX)

Copper production: 1.26 million metric tons

Freeport-McMoRan is consistently ranked among the world’s top copper producers, and its share of copper production from its mines totaled 1.26 million metric tons of copper in 2024. The company reported producing 4.21 billion pounds, or 1.9 million metric tons, of the red metal, calculated on a 100 percent basis for all operations except its Morenci joint venture.

The largest contributor to its output is the Grasberg copper-gold mine in Indonesia. The mine itself is a joint venture between Freeport and state-owned Indonesia Asahan Aluminum, with the entities holding interests of 48.76 percent and 51.24 percent respectively. According to MDO, copper output for the mine in 2024 totaled 1.8 billion pounds.

Grasberg has undergone a transition from an open pit to an underground block cave, and expansion work continues at the site. As of the close of 2024, the mine had 469 open drawbells.

In September, the main Grasberg Block Cave suffered an ingress of wet material that killed seven workers and forced the closure of the operation. While Freeport stated that unaffected portions of Grasberg would open by the end of 2025, the Grasberg Block Cave would see a phased restart beginning in the second quarter of 2026, and increasing through the end of the year and into 2027.

Additionally, Freeport holds a 55 percent stake in the Cerro Verde copper-molybdenum complex in Peru. The mine routinely produces between 800 million and 1 billion pounds of copper and is expected to be in operation until 2052.

Its largest US based operation is its 72 percent owned Morenci mine in Arizona, which produced 700 million pounds in 2024. It also owns the Safford and Sierrita mines in the same state.

4. Glencore (LSE:GLEN,OTC Pink:GLCNF)

Copper production: 951,600 metric tons

Mining major Glencore copper production dipped by 6 percent in 2024 to 951,600 metric tons from the 1.01 million metric tons produced in 2023. The company’s 2024 annual report attributed the decline to lower planned production at its Antapaccay and Collahuasi mines due to factors including lower grades, water constraints and geotechnical challenges.

Located along Chile’s coast, Collahuasi is the company’s largest operation, a 44/44/12 joint operation between Glencore, Anglo American (LSE:AAL,OTCQX:NGLOY) and Japan’s Mitsui & Co. (OTC Pink:MITSF,TSE:8031). The mine produced 558,600 metric tons of copper in 2024.

The partners are working to build a large-scale desalination plant designed to help overcome water shortage issues. In Glencore’s third-quarter production report, it indicated that water restrictions at Collahuasi have eased since the staged commissioning started, with further improvements through Q4. Once open, it will provide 1,050 liters of desalinated water per second to the mine via a 194 kilometer pipeline.

Other significant copper-producing assets in the company’s portfolio include Antamina in Peru, Mount Isa in Australia and the Katanga Complex in the Democratic Republic of the Congo.

5. Southern Copper (NYSE:SCCO)

Copper production: 883,462 metric tons

A majority-owned, indirect subsidiary of Grupo Mexico (OTC Pink:GMBXF), Southern Copper recorded 883,462 metric tons of total copper production for 2024, a 6.9 percent increase over 2023. In the company’s 2024 results, the company attributed the increase to higher production across all operations, with a 10.7 percent increase from its Peruvian assets and a 4.3 percent increase from Mexican production.

The company operates major copper mines in Peru and Mexico and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.

Its largest copper-producing asset is the Buenavista mine in Northern Mexico, which sits atop one of the world’s largest porphyry copper deposits. According to MDO, the site produces approximately 700 billion to 750 billion pounds of copper per year.

Its other copper operations include the Cuajone and Toquepala mines in Peru and the La Caridad mine in Mexico.

6. Anglo American (LSE:AAL,OTCQX:NGLOY)

Copper production: 772,700 metric tons

British miner Anglo American reported a 6.5 percent decrease in copper production to 772,700 metric tons from 826,200 metric tons in 2023.

The company attributed the decline to lower recovery and grades at the Collahuasi and Los Bronces operations in Chile, noting that the planned closure of the Los Bronces processing plant also impacted production. The company holds a 44 percent stake in Collahuasi and 50 percent in Los Bronces.

In addition to Collahuasi, the company also owns a 60 percent stake in the Quellaveco mine in Peru, with Mitsubishi owning the remaining 40 percent. The open pit mine started operating in 2022 and, according to MDO, produced 675 million pounds of copper in 2024.

It also owns a 50 percent stake in the El Soldado mine in Chile, which it operates in partnership with Mitsui, which holds a 30 percent stake, and Mitsubishi Materials (OTC Pink:MIMTF), which holds the remaining 20 percent. Data from MDO shows that the mine produced 48,200 metric tons of copper in 2024.

On September 9, Anglo American announced plans to combine with Canadian mining giant Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) in a ‘merger of equals’ to form Anglo Teck, which would be headquartered in Canada. The merged company would focus on critical minerals and become a top-five global copper producer.

7. KGHM Polska Miedz (FWB:KGHA.F)

Copper production: 729,700 metric tons

Poland’s KGHM Polska Miedz has operations in Europe, North America and South America, and says that it controls over 40 million metric tons of copper ore resources worldwide. In 2024, KGHM produced 729,700 metric tons of copper, a slight increase from the 710,900 metric tons of copper produced in 2023.

According to MDO, KGHM’s largest operation is the Polkowice-Sieroszowice mine in Western Poland. The mine has been in operation since 1968 and produces approximately 430 million to 440 million pounds of copper annually.

The company’s Polish operations also include the Rudna mine, which produced 338 million pounds of copper last year, and the Lubin mine, which produced 156 million pounds.

Other options under the KGHM banner include the Robinson mine in Nevada, United States, and the 55 percent owned Sierra Gorda mine in Chile.

8. CMOC Group (OTC Pink:CMCLF,HKEX:3993)

Copper production: ~502,600 metric tons

CMOC Group is a new addition to the top 10 after its copper production jumped significantly in 2024, with its share of production from its joint venture copper-cobalt mines in the Democratic Republic of the Congo totaling approximately 502,600 metric tons. On a 100 percent basis, the company reported annual copper production of 650,161 metric tons.

The majority of CMOC’s copper production came from its Tenke Fungurume copper-cobalt mine, an 80/20 joint venture with the state-owned mining firm Gecamines. According to MDO data, the mine has experienced significant growth over the past few years, ramping up from 400 million pounds of copper in 2020 to 618 million pounds in 2023. In 2024, Tenke Fungurume’s copper production soared to 992 million pounds, or 450,138 metric tons.

Its other DRC mine is Kisanfu, a 71/24/5 joint venture with Chinese battery manufacturer Contemporary Amperex Technology (SZSE:300750) and the DRC government. The mine produced 200,013 metric tons of copper cathode in 2024, up substantially from 114,000 in 2023.

9. Antofagasta (LSE:ANTO,OTC Pink:ANFGF)

Copper production: 448,800 metric tons

Antofagasta’s share of copper production from its four joint venture operations in Chile totaled 448,800 metric tons in 2024.

The company’s largest operation is its 60 percent owned Los Pelambres mine, a joint venture with Mitsubishi. According to MDO, Los Pelambres’ copper production totaled 320,000 metric tons in 2024, up from 300,000 the previous year.

Its Centinela mine is another significant producer, with 224,000 metric tons of copper mined in 2024. The company is constructing a second concentrator at Centinela that, once it comes online in 2027, should add 144,000 metric tons of copper production annually and extend Centinela’s mine life by 15 years to 2051.

The company’s other Chilean joint ventures are the Antucoya and Zaldivar mines.

10. Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK)

Copper production: 358,910 metric tons

Rounding out the top 10 is Canada’s Teck Resources, which increased consolidated copper production by 50 percent in 2024, reaching 446,000 metric tons. On an attributable basis, the copper company’s production totaled 358,910 metric tons in 2024.

Much of the gain came from the ramp-up of the Quebrada Blanca mine in Chile. The mine started production in 2023 and produced just 122 million pounds of copper that year. 2024 saw a significant advancement, with the mine producing 458 million pounds of the red metal.

Teck holds a 60 percent ownership stake in the mine, while Japan’s Sumitomo (OTC Pink:SSUMF,TSE:8053) controls a 30 percent stake and Chile’s state-run Codelco owns the final 10 percent.

Teck also owns the Highland Valley mine in British Columbia, Canada. The mine is one of the largest open pit mines in Canada and produced 226 million pounds of copper in 2024.

Other copper operations in the Teck portfolio include Antamina in Peru and Carmen de Andacollo in Chile.

On September 8, Teck announced a planned merger of equals with Anglo American to focus on critical minerals and copper production. The combined company is set to be called Anglo Teck and will be headquartered in Canada. The merger is expected to take 12 to 18 months to be completed.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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Investing

Gold Price 2025 Year-End Review

The gold price saw incredible gains in 2025, rising from US$2,600 per ounce to a record high of over US$4,300.

Gold has moved up in nearly every month of the year, and is on track for its biggest annual gain in 46 years.

Various factors have lent support, including ongoing geopolitical instability in Eastern Europe and the Middle East, US President Donald Trump’s volatile trade policies and the resulting uncertainty in global financial markets. A reversal in the US Federal Reserve’s monetary policy is another major factor that has influenced the gold price this year.

Read on for more on what moved the gold price in each of the year’s four quarters.

Gold price in Q4

The gold price began Q4 at US$3,865.10, but quickly shot to an all-time high of US$4,379.13 on October 17. The surge was fueled by a number of circumstances supportive of safe-haven demand and store of value.

First up was the deepening trade war between the US and China.

In response to US lawmakers demanding broader bans on equipment sales to Chinese chipmakers, President Xi Jinping’s government announced further rare earth element export restrictions. The action spurred Trump to respond by threatening 100 percent tariffs on Chinese goods and export controls on critical software.

Other forces behind gold’s impressive rally in the fourth quarter included the US government shutdown and expectations that the Fed would begin reducing interest rates. At the same time, central banks continued to be net buyers of gold amid increased gold exchange-traded funds (ETF) inflows.

Gold price, Q4 2025.

By October 27, the price of gold had fallen to its quarterly low of US$3,897.30. However, the yellow metal managed to rise once again, closing out the month above the US$4,000 level.

Gold took another run at its record high in the second week of November as the longest US government shutdown in history came to an end and labor market weakness in the US primed expectations of further Fed rate cuts in December. The precious metal reached US$4,242.50 on November 13 before falling back below US$4,100 the next day.

The long-delayed release of September US jobs data on November 20 also placed downward pressure on gold as the numbers were stronger than expected. Nonfarm payrolls increased by 119,000, more than double the 50,000 gain analysts had projected. The report reduced expectations of a Fed rate cut in December.

The price of gold fell as low as US$4,022 the next day. However, the last week of November saw gold on another upward trend as the likelihood of a December Fed rate cut increased, hurting the US dollar.

New York Fed President John Williams said continued weakness in the labor market makes the case for a December rate cut feasible, and Fed Governor Christopher Waller also mentioned a December cut would be appropriate.

While the US Department of Labor will not be releasing an October jobs report due to the government shutdown, a report from job placement firm Challenger, Gray & Christmas shows that US employers shed 153,074 jobs in October. That’s up 183 percent from September 2025 and 175 percent from October 2024.

The latest consumer confidence survey also hasn’t helped, especially since numbers have been down for 10 consecutive months, signaling the potential for a recession. “Consumer confidence tumbled in November to its lowest level since April after moving sideways for several months,” said Dana M. Peterson, chief economist at the Conference Board. “All five components of the overall index flagged or remained weak.”

On November 28, gold broke above the US$4,200 level again. By December 1, it had reached its highest level in six weeks, hitting US$4,263 before settling down to US$4,237 at the end of the trading day.

How did gold perform for the rest of the year?

Gold price in Q1

Gold gained 20 percent in Q1 and closed above US$3,000 for the first time ever on March 18. The precious metal’s strong performance during the period is linked to global uncertainty surrounding Trump’s second term.

Trade policy was at the center of those concerns. Soon after Trump’s inauguration, his administration applied tariffs to imports from Canada and Mexico, only to press pause two days later and delay implementation until March.

The seesaw between on-again, off-again tariff announcements continued throughout the quarter alongside rising tensions in the Middle East and Eastern Europe, adding to market instability and bolstering gold’s safe-haven appeal.

This was highly evident in what the Word Gold Council (WGC) called “strong global inflows” into gold ETFs.

Gold price, Q1 2025.

‘This seems to have been driven by the global political stress and potential tariff impacts. The amounts involved have caused disruption in the real demand and promoted new buyers as well,’

Gold price in Q2

The gold price continued to set new record highs in the second quarter of 2025, breaking through the US$3,500 level briefly on April 21 before closing the quarter slightly lower at US$3,434.40.

Trump’s tariffs were once again the main theme influencing the metal’s gains through the quarter. On April 2, Trump declared “Liberation Day,” an executive order applying tariffs on a broad range of imports coming from most US trade partners. The subsequent global market meltdown caused US debt holders, such as Japan and Canada, to sell US treasuries, which led to higher yields on 10 year bonds. Investors in turn sought the safety of gold.

On the back of those factors, the WGC’s June ETF report shows that ETF flows in the first half of 2025 were the highest semiannual inflows since the first half of 2020.

Gold price, Q2 2025.

Gold price in Q3

Gold set another record during Q3, rising over 15 percent to a quarterly high of US$3,858.41 on September 30.

The substantial rally was attributed to declining yield curves, US monetary policy and the weakening dollar. Gold traditionally has had an inverse relationship to the dollar, a trend that has benefited the metal immensely this year.

In this vein, the 25 basis point rate cut from the Fed on September 17 was a major catalyst. Some analysts believe it’s a signal to investors that the economy may be on the verge of a stagflationary environment.

This is reflected in WGC’s reporting of record ETF inflows to the tune of US$26 billion for the third quarter, with North American markets accounting for US$16.1 billion.

Gold price, Q3 2025.

Investor takeaway

Safe-haven investment demand has been the key driver for gold in 2025.

Investors have sought refuge in precious metal throughout the year as geopolitical tensions, Trump-related trade turmoil and a worsening economic outlook have sparked volatility in the stock market.

In the first three quarters of the year, the WGC reported 1,556 metric tons of gold investment demand, representing US$161 billion in gold assets. That’s only 6 percent below the record reached in the first three quarters of 2020.

Central banks have continued to increase their physical holdings as a potential buffer against a global economic downturn. The most recent data on central bank gold buying from the WGC shows that they added 634 metric tons of gold to their coffers during the first three quarters, with more than one-third of those purchases occurring in Q3.

As the conditions for gold’s current year-long rally become further entrenched, investors can reasonably expect this year’s story to be next year’s story, but with even higher gold prices.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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Investing

RZOLV Technologies Inc. Announces Management Changes

Rzolv Technologies Inc. (TSXV: RZL) (‘RZOLV’ or the ‘Company’) is pleased to announce the appointment of Mark Orsmond as Chief Financial Officer (‘CFO’), effective December 1, 2025.

Mr. Orsmond is a seasoned Business and Finance executive with more than 25 years of proven success in leading, scaling, and transforming companies into major global enterprises.

Mark has held key positions in the mining sector, including CFO of Minco Mining, VP Corporate Development for Minco Silver, and director of Keegan Resources. He was CFO and Executive Vice President of the ALL-SEA Group of Companies and served as Chief Financial Officer and Executive Vice President of the Corix Group of Companies, one of North America’s leading water infrastructure companies, operating across 30 U.S. states and three Canadian provinces. At Corix, he managed a finance organization of 45 professionals and oversaw a treasury exceeding $1.6 billion.

In recent years, Mark has focused on the rapidly growing EV technology sector, serving as CFO of both Taiga Motors (TSX: TAIG) and ElectraMeccanica (NASDAQ: SOLO).

‘We are pleased to welcome Mark to the RZOLV management team in what will be a seamless transition,’ said Duane Nelson, Chief Executive Officer and Director of RZOLV. ‘Mark’s experience will be invaluable as we continue the research and development and commercialization our water-based reagent for gold and critical-mineral extraction from ores, concentrates, and mine waste streams.’

Effective December 1^st, 2025, Grant Bond who has served as Chief Financial Officer since 2022, stepped down from his role as CFO. He will continue to provide assistance to the Company as needed during a transition period in a consulting capacity. The Company thanks Mr. Bond for his long-standing dedication and significant contributions to RZOLV and wishes him all the best in his future endeavors.

RZOLV also retained Departures Capital Inc. (‘DC’) to provide an electronic advertising and marketing campaign for a period of 12 months (1 year) at a cost of $35,000 plus GST pursuant to a service contract dated October 22, 2025. DC is arm’s length to the Company and, to the knowledge of the Company, DC and its principals do not have any present equity interest in the Company’s securities, directly or indirectly, or any right to acquire any equity interest. DC can be reached at #1500 – 409 Granville Street, Vancouver, British Columbia, (519) 590-6985, Email: contact@departurescapital.com.

About Rzolv Technologies Inc.

Rzolv Technologies Inc. is a clean-tech company developing innovative, non-toxic solutions that aim to transform gold extraction and mine-site remediation. The Company’s flagship product, RZOLV, is a proprietary water-based hydrometallurgical formula that provides a sustainable, safe alternative to sodium cyanide for the dissolution and recovery of gold.

Cyanide has been the industry standard for more than a century, yet its toxicity has resulted in bans or restrictions across multiple jurisdictions, along with significant permitting, handling, and ESG challenges for mining companies. RZOLV delivers comparable performance and cost metrics to cyanide while offering a non-toxic, reusable, and environmentally sustainable profile, enabling gold extraction in regions, ore types, and project settings where cyanide use is impractical, prohibited, or socially unacceptable. For more information: https://www.rzolv.com.

Cautionary Note

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Contact
Duane Nelson
Email: duane@rzolv.com
Phone: (604) 512-8118

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute ‘forward-looking statements.’ Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘could’ or ‘should’ occur. Forward-looking statements in this news release include, among others, statements relating to the Effective Date that the Common Shares will commence trading under the Company’s new name on the TSXV.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Common Shares will not commence trading under Company’s new name on the TSXV on the Effective Date.

The forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the Common Shares will commence trading under the Company’s new name on the TSXV on the Effective Date.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276694

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