Cozamin Sold for $385M, Tungsten's European Comeback, and Ramelius Targets 610,000 Gold Ounces

September 21, 2026 | Host: Logan Ore | Runtime: ~11 minutes

Stories covered:
1. Capstone Copper sells Cozamin mine to Luca Mining for up to $385M — $275M upfront cash, $15M Luca shares, $35M deferred, up to $60M copper-price contingent (2027-2029 LME); Q4 2026 close expected
2. Almonty Industries and Sandvik's WBH sign take-or-pay tungsten supply deal — 1,720t WO3 minimum from Los Santos Spain tailings; $3M upfront; EU-origin tungsten; US defense procurement restrictions effective January 2027
3. Ramelius Resources FY30 gold target upgraded to 560-610koz (+11%), FY27 guidance 205-225koz, A$480-570M growth capex, Mt Magnet 3Mtpa circuit, Rebecca-Roe final permitting
4. BHP and China Baowu renew five-year steel decarbonisation MoU — blast furnace -30% carbon intensity target, hydrogen DRI trial at 50% of conventional emissions, planned ESF demonstration unit

Sources:
- Capstone Copper / Business Wire (Cozamin): https://www.businesswire.com/news/home/20260920044608/en/Capstone-Copper-Announces-Sale-of-Cozamin-for-Total-Consideration-of-up-to-$385-Million
- Almonty Industries (tungsten offtake): https://almonty.com/almonty-signs-tungsten-offtake-agreement-with-sandvik-group/
- ASX / Ramelius Resources (FY27 guidance): https://announcements.asx.com.au/asxpdf/20260921/pdf/0749dwbgccy8tf.pdf
- BHP (China Baowu MoU): https://www.bhp.com/news/media-centre/releases/2026/09/bhp-and-china-baowu-renew-steel-decarbonisation-partnership