Mining Splits, Copper Bets, and Nuclear’s Small Scale

Last week, Barrick Mining hinted at a 2026 IPO for its North American gold assets, responsible for over half its gold production, drawing activist investor Elliott Management’s attention as shares surged 154% YTD. Glencore adjusted its copper strategy, lowering 2026 output guidance to 840K tonnes but targeting 1.6M by 2035, while startups pH7 ($25.6M Series B) and Rio Tinto’s Nuton advanced low-grade ore extraction tech. In energy, the US DOE allocated $800M to TVA and Holtec for SMRs, and Antares raised $96M for microreactors. Semiconductor supply chains expanded with Merck’s $580M Taiwan "megasite" and Solstice’s $200M Washington plant, while Excelsior’s $95M AI-driven biotech funding underscored pharma’s push for automation. The week’s theme includes asset splits, copper’s rise, and nuclear’s modular future.

Mining

-Golden Split Ahead

Canadian miner, Barrick Mining, is reportedly considering a spin-off of its North American gold assets through an initial public offering (IPO). This potential separation would create a separate, publicly listed business for these operations, distinguishing them from Barrick's other global gold and copper mines located in more volatile regions. The North American assets constitute over half of Barrick's gold production. Motivated by the prospect of such a split, activist investor, Elliott Management has acquired a significant stake in Barrick. The company is expected to provide an update on the potential split in early 2026, coinciding with the release of its 2025 financial results in February. As of early December 2025, the stock has surged approximately 154% year-to-date.

-Copper in the Horizon

Speaking of restructuring, Glencore, an Anglo-Swiss mining and commodity trading company, is planning to invest heavily to increase its copper production, aiming to reach around 1.6 million tonnes per year by 2035. This is a significant increase from its current production of about 950,000 tonnes. This strategic shift is driven by the rising demand for copper, particularly from technology companies investing in data centers and global electrification efforts. However, the company has lowered its 2026 copper output guidance to 840,000 tons, 90,000 less than previously expected, due to challenges at its Collahuasi mine in Chile. Glencore's nickel and zinc operations have been merged as part of the restructuring and the company is targeting around $1 billion in cost savings by the end of 2026. Argentina will be a key region for Glencore's copper ambitions, with the restart of the Alumbrera mine planned for late 2026 and production starting in early 2028.

In a related development, Vancouver based pH7 Technologies, a cleantech startup that focuses on developing and implementing sustainable methods for the extraction and refining of strategic metals, has announced the initial closing of $25.6 million in its Series B financing round. The funding round was led by Fine Structure Ventures and includes a strategic investment from BHP Ventures. The funds will primarily be used for scaling and commercializing their copper extraction capabilities, with near-term plans including pilot plant expansion, process optimization, and securing commercial partnerships. pH7's technology, a closed-loop organo-electrochemical process, enables the economic recovery of metals from lower-grade sulfide ores and other previously uneconomic feedstocks.

Another company that is focusing on unlocking copper from low-grade sulfide ores is Rio Tinto's Nuton Technology venture. Nuton produced its first copper cathode at the Johnson Camp mine in Arizona. The technology extracts copper from primary sulfide ores using naturally occurring microorganisms, eliminating the need for traditional concentration, smelting, and refining processes. The demonstration project at the Johnson Camp mine is expected to yield approximately 30,000 tonnes of  refined copper over a four-year period, with the technology achieving up to 85% recovery.

Nuclear Tech

The US Department of Energy has awarded $800 million in grants to two nuclear companies: the Tennessee Valley Authority (TVA) and Holtec Government Services. Each company will receive $400 million to develop and build small modular reactors (SMRs). TVA plans to construct one 300-megawatt reactor in Tennessee, utlizing GE Vernova Hitachi technology. Holtec will build two 300-megawatt reactors in Michigan. There SMRs are based on Generation III+ designs, which are advanced versions of existing nuclear fission technology, and include passive safety systems that do not rely on operator action or electronic feedback to shut down the plant safety during emergencies.

While established players advance larger-scale SMRs, innovation in even smaller nuclear solutions is gaining momentum. Antares, a startup focused on developing microreactors, has raised $96 million in a Series B funding round. This funding is intended to support the development, building, and testing of their R1 microreactor for various applications, including land, sea, and space-based nuclear power. R1 is designed to produce between 100 kilowatts to 1 megawatt of electricity, and utilizes TRISO fuel  (TRi-structural ISOtropic particle fuel), which consists of uranium spheres coated in carbon and ceramic, embedded in graphite.

Semiconductors

Merck has inaugurated a Semiconductor Solutions megasite in Kaohsiung, Taiwan. This facility represents a significant investment totalling approximately $580 million and will focus on producing key semiconductor materials, including thin-film technology and specialty gases to support the growing demand for artificial intelligence (AI) applications and memory chips.

Similar expansions are underway across the supply chain. Solstice Advanced Materials is investing $200 million to expand its electronic materials facility in Spokane Valley, Washington. This expansion is expected to double the facility's current production capacity for sputtering targets by the end of 2029. Solstice's sputtering targets are crucial for creating high speed, reliable interconnects in advanced logic and memory devices. The project is expected to reduce the site's carbon dioxide emissions by over 300 tonnes annually and will enable metal reclamation and reuse from used sputtering targets.

Energy

Addis Energy, a Massachusetts-based startup, has secured $8.3 million in seed funding. This brings the company's total funding to $17.3 million. The company is developing a novel process for ammonia production that leverages subsurface heat and pressure, using iron-rich rocks, water, and nitrogen. This new method aims to produce ammonia at a cost advantage compared to the traditional Haber-Bosch process, which is energy-intensive and relies heavily on natural gas.

Biotech

Excelsior Sciences, a New York-based biotechnology company, has secured $95 million in funding. The funding includes a $70 million Series A round and a $25 million grant from New York's Empire State Development. The Series A round was co-led by Deerfield Management, Khosla Ventures and Sofinnova Partners. The company is developing a new form of chemistry that machines can perform and AI can leverage to enable closed-loop drug discovery. This new approach is intended to speed up preclinical small molecule development and support the reshoring of pharmaceutical manufacturing.