Dear {{first_name | subscriber}},
Today we launch the CMJ Daily Tape: a short daily briefing on the critical minerals developments worth knowing that day. It comes in addition to the weekly CMJ Briefing, which continues as usual.
The rule is simple: we publish when there is something worth reading. When there is not, we do not.
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This week, the CMJ Daily Tape goes to premium subscribers only. From next week, we will open it gradually to all readers, with sponsored content in the free edition.
This is a beta, so your feedback is appreciated and will shape what comes next. Just reply to this email.
Today’s edition follows below.
CMJ Daily Tape
PERMITTING | URANIUM
Lotus Resources has received the final key approval needed to export its first uranium shipment from the Kayelekera mine in Malawi, the company said on 26 October. The Transport and Export Authorisation from Namibia's National Radiation Protection Authority completes a permit chain that includes Malawi's Atomic Energy Regulatory Agency, a Zambian transport licence obtained through logistics partner Alistair Group, and approvals from three Namibian ministries. The first shipment is four containers holding about 145,000 lb of U3O8. Lotus expects the trucks to leave Kayelekera within about a week, travel by road through Zambia to Walvis Bay in Namibia, and export from the port during November 2026. The destination is Orano CE's conversion facility in France.
Four containers and about 145,000 lb of U3O8 is a small parcel; the number that matters is the route. Every Kayelekera shipment crosses Malawi, Zambia and Namibia by road before it reaches Walvis Bay, and Lotus says per-shipment notifications, inspections and approvals still apply each time. That makes the trucking corridor, not the mill, the pacing item for deliveries into Orano CE's conversion plant. Buyers qualifying Kayelekera material will time the first convoy from mine gate to ship.
TRADE DATA | LITHIUM
China imported 28,826 mt of lithium carbonate in September, down 5% from August and up 47% year on year, according to Shanghai Metals Market (SMM). Chile supplied 18,521 mt (64%) and Argentina 7,607 mt (26%). January-September imports reached 265,000 mt, up 53%. Lithium sulphate imports were 14,154 mt, up 163% year on year. Spodumene concentrate imports were 970,100 mt, with Zimbabwe up 83.0% and South Africa down 49.6% month on month. Lithium hydroxide moved to net exports of about 2,600 mt.
Lithium sulphate imports of 14,154 mt are now about half the carbonate volume, up 163% year on year. Sulphate is an intermediate: it has to pass through a Chinese converter before it becomes battery-grade carbonate or hydroxide. More sulphate in the import mix keeps more of the refining step, and the qualification with cathode makers, inside China's conversion plants. Watch whether converters keep bidding for sulphate now that SMM has carbonate at 99,350 yuan/mt on 22 October.
FEASIBILITY STUDY | LITHIUM
Wildcat Resources published a definitive feasibility study for its Tabba Tabba lithium project in Australia, reporting a post-tax NPV8 of about A$1.5 billion and an IRR of 28.4%. Pre-production capex is A$774 million. Output of 5.5% Li2O spodumene concentrate from the Leia and Luke orebodies ramps to 600,000 tpa by year three, at an AISC of US$709/t. The study assumes US$1,500/t FOB SC6 and a probable reserve of 48.3 Mt at 0.97% Li2O. Wildcat has A$76 million in cash and says 100% of offtake is unencumbered.
The DFS prices concentrate at US$1,500/t FOB SC6. SMM had CIF China spodumene at US$1,505/t on 21 October, so the study sits at today's spot with no cushion, and a CIF price still has freight to come out. With A$76 million in cash against A$774 million of capex and all offtake uncommitted, the financing path runs through an offtaker. A converter signing in a falling market will ask for price terms that protect its side first.
FARM-IN | COPPER
LCL Resources has signed a binding farm-in and joint venture term sheet under which Rio Tinto Exploration may earn up to 80% of the Liamu copper-gold project in Papua New Guinea, their second deal there. Rio earns 51% by sole-funding at least $6 million of exploration, including 3,000 m of drilling, within five years. It reaches 80% by spending a further $40 million, or by defining at least 1 Mt of contained copper or copper equivalent and completing a scoping study. Ministerial approval is needed by 30 September 2027.
Rio's minimum commitment before it can withdraw is $200,000, spent within 12 months of obtaining land access. The term sheet treats access as its own trigger, so the five-year Stage 1 window and the 3,000 m drilling floor run against a start date that is not yet fixed. Add the ministerial approval needed by 30 September 2027, and the first drill programme at Liamu waits on permits and access before rigs. For Rio, $6 million is a low-cost option on a 1 Mt copper target.
