SMM Morning Meeting Summary: Overnight LME copper opened at $14,208/mt, touched a high of $14,218/mt in early fluctuations, then drifted lower all the way to $14,142/mt near the end of the session, and finally closed at $14,153/mt, up 0.23%. Trading volume was 15,700 lots, and open interest stood at 261,000 lots, an increase of 2,675 lots from the previous trading day, indicating an increase in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,200 yuan/mt, with the price center moving up to touch 108,320 yuan/mt in early trading, then drifting lower to a low of 107,900 yuan/mt, before closing at 108,000 yuan/mt, up 0.04%. Trading volume reached 21,000 lots, and open interest was 213,000 lots, a decrease of 1,714 lots from the previous trading day, indicating a decrease in bearish positions.

Perpetua Resources announced on the 6th that it has delineated multiple gold-antimony exploration targets at the Stibnite project in Idaho, potentially expanding the permitted pit boundaries, and has identified tungsten ore clues, according to Mining.com. Tungsten is a critical mineral with the highest melting point of all metals and extremely high density, making it an indispensable material for heavy industry, aerospace engineering, advanced electronics, and weapons such as armor-piercing projectiles. The US ceased tungsten production in 2015. The US had been mining tungsten ore, but low tungsten prices made it difficult to profit from continued mining. "Our focus is on drilling areas that align with the currently planned mining sequence and have the potential to directly add value," said Jon Cherry, CEO of Perpetua Resources. "Our priority target is to confirm higher-grade gold-antimony zones within the three permitted pits, supplement our current Stibnite gold project resources, and sustain or exceed our estimated annual target of 463,000 ounces after four years of production." The company stated that recent drilling between the Yellow Pine and West End pits continues to show significant indications of new ore bodies, including multiple high-grade gold intercepts and a new gold-tungsten discovery. Significant high-grade gold mineralization, including a gold-tungsten occurrence, was encountered at the Clark Tunnel Fault Zone (CTFZ) on the southeastern margin of the planned Yellow Pine pit. Perpetua Resources noted that drilling underway at the CTFZ also intersected the tungsten-bearing mineral scheelite. Huckleberry Fault Zone (HFZ) Gold mineralization was encountered in multiple wide-spaced drill holes and surface samples at the HFZ. Immediately adjacent to the Yellow Pine pit boundary, the HFZ is over 100 meters wide and has been traced along strike for 500 meters, with historical data suggesting the potential for high-grade lenses. At the Hangar Flats deposit, drilling of the NDMEA segment again discovered high-grade gold, while drilling at the Hangar Flats deposit targeting critical minerals encountered significant antimony and tungsten mineralization. Perpetua Resources indicated that these results collectively point to increased potential for expansion beyond the current resource envelope. The project currently hosts indicated and inferred gold resources of 3.1 million ounces and 99.8 million pounds of antimony. These targets are all based on previous drilling, historical mining activity, and recently delineated prospectivity areas across the entire property, and the company noted that any activities beyond the currently permitted footprint would be subject to additional regulatory review.

SMM News, August 11: According to information obtained by SMM, Shandong Humon Smelting Co., Ltd. launches a public tender sale for approximately 34 tonnes of antimony trioxide (non-conforming products) starting today. As per official notice, goods shall be collected by the buyer, and all transportation costs shall be borne by the buyer. Payment must be made prior to goods collection, with delivery at Shandong Humon Smelting Co., Ltd. To ensure timely submission, the inquiry form, copy of the bidder’s business license and invoicing information (affixed with official seal) shall be emailed to 95186930@qq.com by 11:30 a.m., August 11, 2026. Please promptly contact Humon’s staff to confirm receipt.

SMM August 11 News: According to SMM, Shandong Humon Smelting Co., Ltd. is conducting a public tender sale starting today for approximately 34 mt of antimony trioxide (non-conforming product). Specifically, according to official information, the delivery method is EXW, with freight borne by the buyer. The buyer must make payment before picking up the goods, and the delivery location is Shandong Humon Smelting Co., Ltd. Sales contact: Song Jinguo 13964596566. Currently, the official side has not announced a starting price for the tender. Buyers should submit their own bids according to their circumstances. If Humon's official side is not satisfied with the inquiry results, it has the right to suspend sales of the relevant products, with the final interpretation right reserved by Humon. To ensure the timeliness of the offer, the inquiry form, a copy of the business license of the participating party, and billing information (with official seal) should be returned to the email address 95186930@qq.com before 11:30 a.m. on August 11, 2026, and the bidder should promptly contact Humon personnel to confirm receipt.

[SMM Express] More than six weeks after Zimbabwe's Mines Minister Dr Polite Kambamura promised "very soon" to roll out targeted policy interventions for the chrome sector — including a toll-processing model allowing small-scale miners to process ore for a fee rather than sell it to foreign-owned smelters — chrome producers say they are still waiting. Speaking during a technical media tour of Prospect Lithium Zimbabwe in Goromonzi on 17 July, Kambamura highlighted lithium beneficiation as a policy success story, pointing to Zimbabwe's first locally produced lithium sulphate, exported from the Arcadia plant in April, alongside further lithium processing facilities under construction at Kamativi and Sinomine Bikita. Chrome, by contrast, came up in the same discussion as the sector where that model has yet to take hold for smaller producers. Shelton Lucas, business development director at Naivo Mining — which operates chrome, antimony and tungsten projects in Mashava, Ngezi and Kadoma, and who also chairs the Chrome Miners Association of Zimbabwe — said his company remains unable to capture the value of its own raw chrome. "For our raw chrome, we are now forced to sell to local Chinese smelters where they underpay us," Lucas said, adding that unlike antimony, where he has the resources to build a value-addition plant, the cost of chrome processing infrastructure remains prohibitive. His comments echo concerns he raised in early June, when he described local buying prices for chrome ore — then around US$70 per tonne, against international CIF China values several times higher — as reflecting a "predatory price regime." At the time, Kambamura pointed to an existing MMCZ fund intended to capacitate small-scale chrome miners and said he would soon announce policy interventions, including toll processing through government-linked facilities such as ZimAlloys. Zimbabwe's broader mining outlook remains strong: the Chamber of Mines projects 10% sector growth for 2026, with export earnings potentially reaching US$7.5–11 billion, and the Ministry has separately outlined plans for regional beneficiation hubs that would let chrome-producing areas specialize in ferrochrome and chromium alloys. But the gap between that national-level ambition and the lived experience of small-scale chrome producers, still selling raw ore to a limited pool of local smelter buyers more than six weeks after relief was first promised, illustrates a recurring theme in Zimbabwe's beneficiation drive: policy announcements and on-the-ground implementation are not always moving at the same pace, even as the government's own flagship example — lithium — demonstrates what a fully realized beneficiation pathway can look like.

“ In the critical period of global energy transition and the reshaping of the manufacturing landscape, the lead-zinc industry chain is undergoing profound structural adjustments. Upstream mine resources remained tight continuously, smelting and processing profits were under pressure, while downstream application fields represented by batteries and galvanizing faced opportunities and challenges from new technology iterations and green low-carbon transformation. Against this backdrop, collaboration and price risk management across the industry chain are more important than ever before. SMM deeply insights into industry needs and dedicates to creating a unique industry conference. This conference will focus on downstream applications and long-term contract supply-demand matching, aiming to build a high-end communication platform integrating macro outlook, price analysis, and long-term contract negotiations. The conference will not only analyze in depth the market trends of lead, zinc, precious metals, copper, tin, antimony, bismuth, and other associated metals, but also innovatively set up a long-term contract supply-demand negotiation meeting as a highlight, striving to help clients seize market opportunities in 2027 and foster business cooperation through precise data services and practical agenda design. In the golden autumn of October, we sincerely invite leading enterprises and elites of the lead-zinc industry chain from China and overseas to gather together, to have open exchanges and seek common development in a relaxed and pleasant negotiation atmosphere! Nandan County Zhenghua Non-Ferrous Metals Company will attend this grand event, discussing industry development trends with industry peers and jointly promoting the lead-zinc industry to a new height. Click on the to register immediately, and join us to witness and participate in this significant and far-reaching industry event, creating a new chapter of brilliance together! Nandan County Zhenghua Non-Ferrous Metals Company was founded in 2000, with a history of over 20 years. Located at Xiaoping Tun, Daping Village, Chehe Town, Nandan County (within Hechi-Nandan Non-Ferrous Metal New Material Industrial Park), the company is mainly engaged in non-ferrous metal rolling and processing. It completed construction of a lead-antimony smelting production process using the advanced "oxygen-enriched bottom side-blowing bath smelting-oxidation-reduction fuming triple furnace—smelting flue gas double conversion and double absorption acid-making" technology to process antimony-lead concentrates, gold-antimony ore, and comprehensively recover gold, silver, copper, and bismuth, and has a complete antimony industry chain deep processing enterprise. Designed total metal capacity is 45,000 mt/year, including antimony ingot (10,000 mt/year), antimony trioxide (10,000 mt/year), lead ingot (25,000 mt/year), silver ingot (100 mt), gold ingot (2 mt), sulfuric acid (60,000 mt), and comprehensive recovery of other valuable metals. Total investment is 850 million yuan, covering a total area of 172 mu. The company has obtained certifications for quality management system, environmental management system, occupational health and safety management system, and energy management system from the national quality certification center, and has been rated as a Guangxi S&T enterprise, high-tech enterprise, specialized and sophisticated enterprise, enterprise technical center, gazelle enterprise, and national-level green factory. Zhenghua Nonferrous Metals Co., Ltd. has a group of experienced and skilled management personnel, technical personnel, and operators, forming an excellent management team with high enforcement capability. The company has departments such as Office, Production Department, Safety and Environmental Protection Department, Finance Department, Operations Department, Logistics Department, Engineering Department, and Electrical and Mechanical Section, with over 400 employees, including 60 professional and technical personnel. Over the years, with the care and support from Party committees and governments at all levels, peers in the industry, and people from all walks of life, Zhenghua Company has been committed to the concepts of safe production, circular economy, green development, honest operation, and win-win cooperation, dedicated to serving users wholeheartedly, committed to gathering talents and building a first-class management team, and striving to advance towards the goal of "10 billion Zhenghua". Contact Information zhenghuayelian@163.com Long Press to Scan and Sign Up Now 2026 SMM Lead-Zinc Annual Conference