Mining strategy, from the pit to the price.

Governments from Conakry to Lilongwe are ordering miners to process at home. A smelter needs about 500 MW of firm power, and the record shows the decision that matters is who owns that power and the capital behind it.

Maike Metals handled a quarter of China's copper imports on a trading margin of about one per cent. Its founder has been sentenced to life, according to Bloomberg, and has appealed. The filings show who was paid, and who was handed trust units carried at zero.

Guinea's Simandou 2040 programme is costed at US$200 billion. The official fiscal model puts the state's revenue from Simandou at about US$20 billion over the same fifteen years, most of it after 2030.

An iron ore invoice paid by Glencore was re-dated and sold to a bank within days. It sits at the centre of a three-country fight between Glencore, its former partner and their lenders.

Beijing has spent four years and three supply embargoes fighting for control of the iron ore benchmark. It has won the reference, not a lower price, and the lever that will move the price is Simandou.

Eramet's strategy document could not survive its own results: €672m of losses in six quarters against €441m of equity.

Indonesia rebuilt the world's nickel supply in a decade. It also broke the price, handed the margin to Chinese capital and coal, and built a machine the West's green rules now exclude. Owning a market is not controlling it.

Vale's disclosures certified 100% of its dams stable. One, rated 1.09 against a 1.5 benchmark, liquefied without warning: the confusion of documentation with control, priced in lives and market cap.

Forty-seven years and more than $8bn after construction began, Ajaokuta has never lit its blast furnace. That record is the base rate every West African build case should price.

BHP sold its silver stream rather than defend it: a capital-allocation tell about a major pre-funding its dividend before a copper-heavy capex peak, a contested Samarco appeal, and a Chinese buyer consolidating its iron-ore book.