Mining Projects Under Construction 2026: 102 New Mines Being Built

> Key Takeaway: Only 102 of the 12,003 mining projects tracked by Mining Terminal are currently under construction, representing just 0.85% of the global pipeline. This bottleneck between development-stage optionality and actual production is the single most important constraint on future mineral supply.

Last Updated: 2026-02-09 | Reading Time: 15 min | Data Source: Mining Terminal database

Quick Summary

• Mining Terminal tracks 102 construction-stage projects across 23 commodities and 3,070 public mining companies as of February 2026.
• Gold dominates with 29 projects under construction (28.4%), followed by copper (11), coal (6), uranium (6), lithium (5), graphite (5), nickel (5), and iron (5).
• The construction cohort represents the narrowest funnel in the mining pipeline: 9,349 exploration projects feed into just 1,043 development-stage assets, and only 102 are actively being built.
• Use the projects database to filter by construction stage and the stocks directory to compare the companies building these mines.

The construction bottleneck in context

Mining supply narratives often focus on exploration budgets and resource discoveries, but the real constraint sits at construction. Out of 12,003 projects in the Mining Terminal database, the stage distribution tells a clear story about how difficult it is to advance a deposit into a producing mine.

| Stage group | Projects | Share of pipeline |
| --- | --- | --- |
| Exploration (Grassroots + Target Drilling + Discovery) | 9,349 | 77.9% |
| Development (PEA + PFS + Permitting + Construction) | 1,043 | 8.7% |
| Production | 1,253 | 10.4% |
| Suspended | 358 | 3.0% |

Within the development bucket, the 102 construction-stage projects represent the assets that have already cleared permitting, secured financing, and broken ground. They are the closest cohort to first production, and their commodity distribution matters for supply forecasting across metals and energy minerals.

For a breakdown of all stages and what they mean for investors, see the mining project stages 2026 overview and the feasibility study stages guide.

Construction projects by commodity

The commodity split reveals where capital is actually being deployed to build new mines in 2026. Gold takes the largest share at 28.4%, consistent with its dominance across every stage of the mining project pipeline. Copper, coal, uranium, lithium, graphite, nickel, and iron each have 5 to 11 projects under construction.

| Rank | Mineral | Construction projects | Share |
| --- | --- | --- | --- |
| 1 | Gold | 29 | 28.4% |
| 2 | Copper | 11 | 10.8% |
| 3 | Coal | 6 | 5.9% |
| 4 | Uranium | 6 | 5.9% |
| 5 | Lithium | 5 | 4.9% |
| 6 | Graphite | 5 | 4.9% |
| 7 | Nickel | 5 | 4.9% |
| 8 | Iron | 5 | 4.9% |
| 9 | Phosphate | 4 | 3.9% |
| 10 | Rare Earth Elements | 4 | 3.9% |
| 11 | Potash | 4 | 3.9% |
| 12 | Cobalt | 3 | 2.9% |
| 13 | Tungsten | 3 | 2.9% |
| 14 | Silver | 2 | 2.0% |
| 15 | Platinum Group Metals | 2 | 2.0% |
| 16 | Others (7 minerals) | 7 | 6.9% |
| | Total | 102 | 100% |

The "Others" category includes zinc, manganese, tin, vanadium, and several specialty minerals with one project each. Notably, aluminum and lead have zero construction-stage projects despite having meaningful production bases, signaling limited near-term capacity additions.

Gold construction projects (29)

Gold accounts for 29 of the 102 construction-stage projects. This is consistent with gold's position as the largest commodity in the mining project pipeline 2026, where it leads across exploration (2,818 projects), development (310), and production (397). The construction cohort includes projects from majors like Agnico Eagle and Torex Gold alongside mid-cap developers.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Odyssey Project | Canada (Quebec) | Agnico Eagle Mines | AEM | TSX |
| Blackwater Gold Project | Canada (BC) | Artemis Gold | ARTG | TSXV |
| Media Luna | Mexico | Torex Gold Resources | TXG | TSX |
| Burnstone | South Africa | Sibanye-Stillwater | SBSW | NYSE |
| Curraghinalt | UK (Northern Ireland) | Wheaton Precious Metals | WPM | TSX |

The Odyssey Project is a particularly significant build. Agnico Eagle is converting its Canadian Malartic complex in Quebec from open-pit to underground mining, extending mine life at one of Canada's largest gold operations. Media Luna is Torex Gold's underground expansion in Mexico's Guerrero Gold Belt, which will add copper credits alongside gold production. Blackwater in British Columbia represents one of the largest permitted gold projects in Canada.

In practice, tracking gold supply, these 29 construction projects represent the incremental production that will come online over the next 2 to 4 years. Compare them against the 397 producing gold mines and 310 development-stage projects in the mining production projects 2026 dataset.

Copper construction projects (11)

Copper has 11 construction-stage projects. Given that copper supply deficits are a central narrative in energy transition investing, this number is worth examining closely. Only 11 new copper mines are actively being built, against a backdrop of 132 producing copper operations and 164 in development.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Reko Diq | Pakistan | Barrick Gold | ABX | TSX |
| Florence Cu Project | USA (Arizona) | Taseko Mines | TKO | TSX |
| Sakatti | Finland | Anglo American | AAL | LSE |
| Tia Maria | Peru | Southern Copper | SCCO | NYSE |
| Pilares | Mexico | Southern Copper | SCCO | NYSE |

Reko Diq in Balochistan, Pakistan, is the headline project. Barrick Gold is developing one of the world's largest undeveloped copper-gold deposits in a joint venture with the Government of Balochistan. The project carries significant geopolitical and infrastructure risk but represents a transformational scale of copper supply if it reaches production on schedule.

Florence Copper in Arizona uses in-situ copper recovery (ISCR), a lower-impact extraction method that Taseko Mines has been advancing through the US permitting system. Tia Maria and Pilares are Southern Copper builds in Peru and Mexico respectively, leveraging the company's existing Latin American operating base.

The thin copper construction pipeline is a structural signal. With 164 development-stage copper projects but only 11 under construction, the conversion rate from study to shovel is roughly 6.7%. Investors tracking the copper supply deficit should monitor these builds closely, as any delays compound the supply gap. See the mining development pipeline 2026 for the full copper development funnel.

Uranium construction projects (6)

Uranium has 6 projects under construction, the same count as coal. This is notable because uranium had 48 development-stage projects in the latest snapshot, giving it a 12.5% conversion rate to construction, nearly double the average across commodities.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Mulga Rock | Australia | Deep Yellow | DYL | XASX |
| Etango | Namibia | Bannerman Resources | BMN | XASX |
| Pinyon Plain | USA (Arizona) | Energy Fuels | EFR | TSX |
| Henry Mountains | USA (Utah) | Energy Fuels | EFR | TSX |
| Rosita ISR | USA (Texas) | enCore Energy | EU | TSXV |
| Shirley Basin ISR | USA (Wyoming) | Ur-Energy | URE | TSX |

The uranium construction pipeline is geographically concentrated: four of six projects are in the United States, reflecting the policy shift toward domestic nuclear fuel supply security. Energy Fuels operates two of these builds (Pinyon Plain and Henry Mountains), making it the most active uranium construction company in the dataset.

Mulga Rock in Western Australia and Etango in Namibia represent the non-US builds. Both are large-scale conventional mining projects targeting open-pit operations. The two US ISR (in-situ recovery) projects from enCore Energy and Ur-Energy use lower-capex extraction methods suited to the sandstone-hosted deposits of the western United States.

For the broader uranium context, see the mining exploration pipeline 2026 which tracks early-stage uranium discoveries feeding into this construction funnel.

Lithium construction projects (5)

Lithium has 5 construction-stage projects, all but one located in Argentina. This geographic concentration is significant for supply chain analysis: Argentina's lithium triangle has become the primary construction zone for new brine-based lithium production.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Cauchari-Olaroz | Argentina | Lithium Argentina AG | LAR | TSX |
| Tres Quebradas | Argentina | Neo Lithium | NLC | TSXV |
| Rincon | Argentina | Argosy Minerals | AGY | XASX |
| Salar del Rincon | Argentina | Rio Tinto | RIO | XASX |
| Lakkor Tso | China | Zijin Mining | ZIJMF | OTC |

Cauchari-Olaroz is the most advanced of the Argentine builds, with Lithium Argentina AG (formerly Lithium Americas) commissioning Phase 1 production. Rio Tinto's Salar del Rincon represents a major's commitment to Argentine brine extraction following its acquisition of the project. Zijin Mining's Lakkor Tso in China is the only non-Argentine lithium construction project, reflecting China's parallel domestic battery mineral buildout.

With 59 lithium projects in development but only 5 under construction, the conversion rate is 8.5%. Given that lithium demand forecasts depend heavily on EV adoption curves, the thin construction pipeline matters for medium-term price expectations. For comparison, see how lithium ranks across all stages in the mining project pipeline 2026.

Rare earth elements construction projects (4)

Rare earth elements have 4 construction-stage projects, with a notable geographic spread: two in Australia, one in Canada, and one in the UK. All four are backed by companies with explicit critical minerals mandates.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Kalgoorlie REE Processing | Australia | Lynas Rare Earths | LYC | XASX |
| Dubbo REE | Australia | ASM (Australian Strategic Materials) | ASM | XASX |
| Nechalacho | Canada | Vital Metals | VML | XASX |
| Saltend | UK | Pensana | PRE | LSE |

Lynas Rare Earths is building a processing facility in Kalgoorlie, Western Australia, to expand its position as the largest rare earth producer outside China. Pensana's Saltend facility in the UK is designed as a rare earth oxide separation plant, processing feed from its Longonjo mine in Angola. These builds signal the growing policy priority around rare earth supply diversification away from Chinese dominance.

Nechalacho in Canada's Northwest Territories is one of the few rare earth mining operations in North America, operated by Vital Metals with a focus on light rare earths. ASM's Dubbo project in New South Wales targets a polymetallic deposit containing rare earths, zirconium, and niobium.

The 4 construction-stage REE projects sit against 35 in development, a conversion rate of 11.4% that is among the highest across commodity groups. Government subsidies and strategic mineral policies in Australia, Canada, and the UK are likely accelerating this funnel.

Graphite construction projects (5)

Graphite has 5 projects under construction, reflecting growing demand for battery anode material. The geographic distribution spans Canada, Madagascar, Mozambique, and Tanzania.

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Lac Knife | Canada (Quebec) | Focus Graphite | FMS | TSXV |
| Molo | Madagascar | NextSource Materials | NEXT | TSX |
| Montepuez | Mozambique | Global Li-Ion Graphic | LION | CSE |
| Balama Central | Mozambique | Tirupati Graphite | TGR | LSE |
| Lindi Jumbo | Tanzania | Walkabout Resources | WKT | XASX |

East Africa dominates graphite construction, with three of five projects in Mozambique and Tanzania. These jurisdictions host some of the world's highest-grade flake graphite deposits. NextSource's Molo project in Madagascar is advancing as a vertically integrated operation targeting the battery supply chain.

Lac Knife in Quebec is the sole North American graphite construction project, positioned to serve the emerging EV battery manufacturing corridor in eastern Canada and the United States.

With 36 graphite projects in development and 5 under construction, the conversion rate is 13.9%, the highest of any commodity with more than 3 builds. This suggests that graphite projects face fewer permitting and financing barriers than metals like copper or gold, though sovereign risk in East Africa remains a concern for investors.

Nickel construction projects (5)

Nickel has 5 projects under construction. Nickel supply is a critical variable for battery chemistry decisions, as Class 1 nickel suitable for batteries remains constrained compared to nickel pig iron used in stainless steel.

| Mineral | Construction projects | Development projects | Conversion rate |
| --- | --- | --- | --- |
| Nickel | 5 | 39 | 12.8% |

The 5 nickel builds include projects across multiple jurisdictions and extraction methods. Given that Indonesia's nickel laterite processing has reshaped global supply costs, the construction pipeline outside Indonesia matters for price formation and supply diversification.

Iron construction projects (5)

Iron has 5 projects under construction against 54 in development, a 9.3% conversion rate. Iron ore is a bulk commodity where project scale and logistics infrastructure determine viability more than grade alone.

| Mineral | Construction projects | Development projects | Production projects | Conversion rate |
| --- | --- | --- | --- | --- |
| Iron | 5 | 54 | 90 | 9.3% |

The thin construction pipeline relative to the producing base suggests limited near-term capacity additions, though iron ore markets are dominated by the four major producers (Vale, BHP, Rio Tinto, Fortescue) whose brownfield expansions may not appear as separate construction-stage projects.

Phosphate and potash construction projects (8 combined)

Fertilizer minerals have a combined 8 construction-stage projects: 4 phosphate and 4 potash. These builds are strategically important given that food security concerns have elevated agricultural mineral supply to a geopolitical priority.

| Mineral | Construction projects | Development projects |
| --- | --- | --- |
| Phosphate | 4 | 14 |
| Potash | 4 | 22 |

The potash construction pipeline is notable given the disruption to Belarusian and Russian exports since 2022. New potash capacity outside the traditional supply corridor (Canada, Russia, Belarus) takes 5 to 7 years to build and is highly capital-intensive, typically exceeding $3 billion per project.

Cobalt and tungsten construction projects (6 combined)

Cobalt (3 projects) and tungsten (3 projects) round out the critical minerals construction pipeline. Both are niche commodities where a small number of new mines can meaningfully shift the global supply balance.

| Mineral | Construction projects | Key supply context |
| --- | --- | --- |
| Cobalt | 3 | DRC produces 70%+ of global supply; non-DRC builds matter for diversification |
| Tungsten | 3 | China produces 80%+ of global supply; Western builds face cost disadvantages |

Silver and PGM construction projects (4 combined)

Silver (2 projects) and platinum group metals (2 projects) have the thinnest construction pipelines among traditional precious metals.

| Mineral | Construction | Development | Production |
| --- | --- | --- | --- |
| Silver | 2 | 37 | 68 |
| Platinum Group Metals | 2 | 15 | 27 |

Silver's low construction count is consistent with its economics: most silver is produced as a byproduct of gold, copper, lead, and zinc mines, so dedicated silver builds are rare. PGM construction reflects the uncertain demand outlook as fuel cell adoption competes with battery EVs for market share.

Conversion rates: from development to construction

The conversion rate from development to construction varies significantly by commodity. This metric reveals which minerals face the most severe bottlenecks between feasibility and ground-breaking.

| Commodity | Development | Construction | Conversion rate |
| --- | --- | --- | --- |
| Graphite | 36 | 5 | 13.9% |
| Nickel | 39 | 5 | 12.8% |
| Uranium | 48 | 6 | 12.5% |
| Coal | 52 | 6 | 11.5% |
| Rare Earth Elements | 35 | 4 | 11.4% |
| Iron | 54 | 5 | 9.3% |
| Gold | 310 | 29 | 9.4% |
| Lithium | 59 | 5 | 8.5% |
| Copper | 164 | 11 | 6.7% |
| Silver | 37 | 2 | 5.4% |

Copper's 6.7% conversion rate stands out as the lowest among major commodities. This suggests that copper projects face the most difficult path from study to construction, whether due to permitting complexity, capex scale, or community opposition. For a commodity where supply deficits are widely forecast, this bottleneck is structurally significant.

What the construction pipeline tells investors

The 102 construction-stage projects represent the next wave of mining supply. Several patterns emerge from this dataset that matter for portfolio positioning.

Concentration risk is high. Gold accounts for 28.4% of all construction, and just three commodities (gold, copper, coal) make up 45% of the pipeline. Investors looking for construction-stage exposure in battery metals or critical minerals have a narrow opportunity set.

Geographic diversification is limited. Lithium construction is concentrated in Argentina. Graphite construction is concentrated in East Africa. Rare earth construction is concentrated in Australia and the UK. These clusters create jurisdiction-specific risk for supply forecasts.

Majors and mid-caps dominate. The capital requirements for construction mean that most builds are backed by companies with market capitalizations above $500 million. Junior miners are largely absent from the construction stage, confined instead to exploration and early development. See the junior vs major miners comparison for context on why this matters.

The funnel narrows sharply. From 9,349 exploration projects to 1,043 in development to 102 under construction, the mining pipeline loses 99% of its project count. This attrition rate is the fundamental constraint on supply growth and the primary reason that commodity price forecasts built on "total pipeline" counts tend to overestimate future production.

Connecting construction to the broader pipeline

The construction stage sits at the intersection of the development pipeline (1,043 projects) and the production base (1,253 projects). Understanding how projects flow between these stages is essential for supply forecasting.

| Pipeline stage | Projects | Average time to production |
| --- | --- | --- |
| Exploration | 9,349 | 10-15+ years |
| Development | 1,043 | 3-8 years |
| Permitting & Feasibility | 321 | 2-5 years |
| Construction | 102 | 1-3 years |
| Production | 1,253 | Operating |

The 102 construction projects are, on average, 1 to 3 years from first production. They have cleared the permitting and financing hurdles that stall most development-stage projects. Barring construction delays, cost overruns, or commodity price collapses, these are the assets most likely to add to the global production base by 2028.

When screening stocks, the construction stage offers a different risk-reward profile than earlier stages. Construction risk (cost overruns, engineering challenges, commissioning delays) replaces permitting and exploration risk. The feasibility study stages guide explains how these risk categories shift as projects advance.

Screening construction projects in Mining Terminal

Use the workflow below to move from the aggregate construction dataset to individual project research.

• Start in the projects database and filter by "Construction" stage. Cross-reference by commodity and country to narrow the list.
• Open company profiles in the stocks directory to check balance-sheet strength, recent financing activity, and insider transactions.
• Validate construction timelines and capex estimates in the filings database. Look for quarterly construction updates, cost guidance, and commissioning schedules.
• Compare the construction project against its commodity's supply-demand balance. A copper mine under construction matters more for price if the supply deficit is widening than if the market is in surplus.

Key outputs to capture:

• Construction start date and expected first production.
• Total capex budget and spend-to-date.
• Financing structure (equity, debt, streaming, offtake).
• Key permitting conditions and community agreements.
• Commodity price assumptions in the feasibility study versus current spot.

Catalysts to monitor for construction-stage projects

Construction projects generate a distinct set of catalysts compared to exploration or development assets.

• Commissioning milestones: First ore, first concentrate, first pour. These events confirm that the project is transitioning from capital spend to revenue generation.
• Cost updates: Construction cost guidance revisions. Overruns of 20-30% are common in mining construction and can materially impact project economics and equity dilution.
• Offtake agreements: Binding sales contracts for production. These de-risk revenue and often unlock project finance.
• Ramp-up guidance: The timeline from first production to nameplate capacity. Ramp-up delays are common and can suppress near-term cash flow.
• Community and environmental compliance: Construction-stage projects face ongoing regulatory scrutiny. Non-compliance events can halt construction and trigger re-permitting.

Risks specific to construction-stage mining projects

Construction risk is different from exploration risk. The project has been de-risked geologically and economically, but execution risk remains.

Cost overruns. Mining construction projects historically experience capex overruns of 20-50% relative to feasibility study estimates. Inflation in labor, materials, and energy costs has increased this risk since 2022.

Schedule delays. Permitting conditions, weather, supply chain disruptions, and engineering challenges can push first production dates by 12 to 24 months. Each month of delay increases the carrying cost of the investment.

Commodity price exposure. Construction decisions are typically made at one commodity price, but first production occurs 2 to 3 years later at a potentially different price. Projects built during price peaks face margin compression if prices decline during the construction period.

Financing risk. Even after construction begins, additional capital may be needed. Cost overruns can trigger covenant breaches on project finance, requiring dilutive equity raises or renegotiated terms.

Jurisdictional risk. Construction in emerging markets or politically volatile regions carries additional execution risk. Changes in tax regimes, royalty structures, or community consent frameworks can materially alter project economics mid-build.

FAQ

How many mining projects are under construction in 2026?

Mining Terminal tracks 102 construction-stage projects across 23 commodities as of February 2026. This represents 0.85% of the total 12,003 projects in the database and is the narrowest funnel in the pipeline between exploration (9,349 projects) and production (1,253 projects).

Which commodity has the most mines under construction?

Gold leads with 29 construction-stage projects (28.4% of the construction pipeline), followed by copper with 11 projects (10.8%) and coal and uranium with 6 each (5.9%).

Where are the lithium mines being built in 2026?

Four of five lithium construction projects are in Argentina, concentrated in the lithium triangle region. The fifth is Zijin Mining's Lakkor Tso project in China. This geographic concentration creates jurisdiction-specific risk for lithium supply forecasts.

What is the conversion rate from development to construction?

The overall conversion rate from development to construction is approximately 9.8% (102 of 1,043 development-stage projects). Rates vary by commodity: graphite leads at 13.9%, while copper trails at 6.7%, indicating more severe construction bottlenecks for copper supply.

How long does it take a construction-stage project to reach production?

Construction-stage mining projects typically take 1 to 3 years to reach first production, depending on project scale, complexity, and jurisdiction. However, ramp-up to nameplate capacity can take an additional 6 to 18 months after first production.

Why are there so few mines under construction?

The low count reflects the difficulty of advancing a mining project through the full pipeline. Permitting timelines have lengthened in most jurisdictions, capex requirements have increased, and community consent frameworks have become more complex. Additionally, the capital intensity of mine construction limits the pool of companies with sufficient balance-sheet strength to fund builds.

Which companies are building the most new mines?

Energy Fuels (EFR, TSX) and Southern Copper (SCCO, NYSE) each have multiple construction-stage projects. Among majors, Barrick Gold (ABX, TSX) and Anglo American (AAL, LSE) are building large-scale copper projects. Rio Tinto (RIO, XASX) has a lithium construction project in Argentina.

How does the construction pipeline affect commodity prices?

Construction projects represent confirmed future supply additions. For commodities with tight supply-demand balances (copper, uranium, rare earths), the thin construction pipeline supports price forecasts. For commodities with surplus capacity (coal, iron), the construction pipeline has less direct price impact.

Bottom line

The 102 mining projects under construction in 2026 represent a narrow but consequential cohort. They are the assets closest to adding new supply, and their commodity and geographic distribution reveals where the mining industry is placing its capital bets. Gold dominates the construction count, but critical minerals like uranium, lithium, rare earths, and graphite have construction pipelines that are small relative to demand forecasts.

On the equity side, the construction stage offers more certainty than earlier development stages but carries distinct execution risks. Screen construction projects for cost discipline, financing structure, and jurisdictional stability. Use the Mining Terminal projects database and filings archive to track construction milestones as they unfold.

The gap between 1,043 development-stage projects and 102 construction-stage projects is the bottleneck that defines mining supply for the next decade.

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Methodology: Counts are derived from Mining Terminal's projects table as of 2026-02-09. Stage buckets are normalized from reported project stages. Construction stage includes projects that have received full permitting approval and have commenced physical construction activities.

Disclaimer: This analysis is provided for informational purposes only and does not constitute investment advice. Mining Terminal is not a registered investment advisor. Mining stocks carry significant risks including commodity price volatility, operational challenges, and regulatory changes. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Data sourced from company filings and may not reflect the most recent developments.