Joe Mazumdar, Editor of Exploration Insights, joins Kitco Mining’s Digging Deep, to break down a pivotal stretch for mining as copper consolidation stalls, major producers downgrade output, and gold trades above $5,000 per ounce. On Rio Tinto walking away from Glencore, Mazumdar says, “It’s almost cheaper to merge and generate more copper for the combined entity than it is to build a new project,” highlighting how capital intensity and permitting delays are reshaping the copper growth playbook. He explains why lower grades, aging infrastructure, and technical constraints are pressuring guidance across the sector. Turning to gold, Mazumdar cautions that price alone does not fix structural problems, noting that “the gold price may not change” if there’s a fatal flaw, pointing to metallurgy, permitting, and security risk as factors that can override a bull market. Mazumdar also discusses: - Reserve price decks averaging about $1,660 per ounce, and the valuation gap versus spot gold - Why producers are preserving leverage by avoiding streams and royalties in a bull market - The strategic positioning around Barrick’s planned North American IPO - How higher commodity prices can elevate security and extortion risk 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. Recorded on February 12, 2026 00:18 - Rio Tinto, Glencore, and Copper M&A Strategy 06:53 - Copper Production Downgrades and Supply Constraints 09:44 - Nevada Gold Mines, Four Mile, and Barrick IPO Strategy 21:08 - Critical Minerals Processing and Antimony Supply Chains 29:12 - Gold Reserve Price Decks vs $5,000 Spot Gold 36:52 - Mexico Security Risk and Investor Repricing 41:08 - PDAC 2026 and Mining Sector Sentiment __________________________________________________________________ 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: 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.
