A landslide occurred in the Saffi copper-cobalt mining area in the DRC, and at least 12 artisanal miners were tragically killed. According to the Artisanal and Small-Scale Mining Assistance and Supervision Service, heavy rainfall destabilized the ground, triggering the landslide that buried workers at the mining site. As of press time, 9 bodies had been recovered, and rescue teams were still searching for other victims who might have been trapped beneath the debris.

[SMM Analysis: Key Anchor in Great Power Rivalry: The U.S. "Project Vault" and the Changing Resource Landscape in Latin America] While the second phase of Chinese company's Mirador copper mine in Ecuador remains mired in a 'completed but awaiting approval' deadlock, 10,000 kilometers away in Washington, the President, alongside the Export-Import Bank of the United States, is announcing a historic supply chain security initiative named 'Project Vault.'

[SMM Analysis: The "Key Anchor Point" in Great Power Rivalry: The US "Treasury Plan" and the Resource Reshuffle in Latin America] As the second phase of the Mirador copper mine project in Ecuador, developed by a Chinese enterprise, remains stuck in a "built but awaiting approval" deadlock, ten thousand kilometers away in Washington, the US Export-Import Bank, together with the President, is announcing a historic supply chain security initiative called the "Treasury Plan." In the pause and the start, a global covert battle over critical minerals such as copper, lithium, cobalt, and gallium is moving from behind the scenes to the forefront.

[SMM Magnesium News] Western Magnesium Industry Co., Ltd., a subsidiary of Western Mining Co., Ltd., has successfully developed dedicated active magnesium oxide for cobalt precipitation through R&D, breaking international monopoly. Its sales reached 4,900 mt in 2024. This product has been applied in copper-cobalt mines in Africa, effectively improving cobalt precipitation efficiency, and achieving a 2.5% market share globally.

CMOC disclosed its Q1 report on the evening of April 25, achieving revenue of 46.006 billion yuan in Q1 2025, down 0.25% YoY, and net profit of 3.946 billion yuan, up 90.47% YoY. CMOC stated that the selling prices of its copper and cobalt products increased YoY, while overall costs decreased YoY, leading to a YoY rise in profit. CMOC also announced progress on significant matters during the reporting period: the company seized favorable market opportunities to stabilize and increase production, with the output of its main products generally increasing YoY, including a 15.65% YoY increase in copper production. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. As of the reporting date, the company was selected for the third consecutive time in the "S&P Global Sustainability Yearbook (China Edition) 2025," becoming one of the four Chinese companies in the metals and mining industry. The company's ESG performance continues to lead the industry, supporting sustainable development. CMOC announced on April 21 that, approved by its investment committee, it will acquire all issued and outstanding common shares of the Canadian publicly listed firm Lumina Gold (TSXV:LUM) through an overseas entity in an all-cash transaction, with a total price of approximately 581 million Canadian dollars. Lumina Gold is a precious and base metal exploration company listed on the TSX Venture Exchange, headquartered in Vancouver, and holds 100% of the Cangrejos gold mine project in El Oro Province, southwestern Ecuador. As the core asset of the transaction, Cangrejos is a large-scale primary gold mine project in Ecuador, completing a pre-feasibility study in 2023. Based on the pre-feasibility report, Cangrejos has a resource of 1.376 billion mt, with an average gold grade of 0.46 g/mt, containing 638 mt of gold; reserves of 659 million mt, with an average gold grade of 0.55 g/mt, containing 359 mt of gold. The future mine life is expected to be 26 years. The acquisition price translates to 1.27 Canadian dollars per share, a 41% premium to its latest closing price on April 17. Meanwhile, CMOC signed a subscription agreement with Lumina to issue $20 million in convertible bonds to meet the future operational needs of the Cangrejos gold mine project. The two parties began in-depth contact in H2 last year, and after long-term exclusive friendly negotiations, they finally reached the acquisition agreement. Currently, the agreement has received voting support from 52.3% of Lumina's shareholders, and the subsequent process will proceed according to local public acquisition procedures. CMOC's announcement on the evening of April 8 regarding its operating performance from January to March 2025 showed that the company seized favorable market opportunities to stabilize and increase production, with the output of its main products copper, cobalt, and niobium increasing by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company continues to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new leaps. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY; net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY; non-GAAP net profit attributable to the parent company was 13.119 billion yuan, up 110.48% YoY; and earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report showed that in 2024, the company's production of main products such as copper, cobalt, niobium, and phosphate fertiliser all hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making it one of the top ten global copper producers for the first time. According to institutional estimates, CMOC's new mineral copper production in 2024 accounted for nearly 60% of the global increase. In other mineral products, CMOC produced 114,200 mt of cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operating plan in its 2024 interim report. According to the guidance for the production of main products and physical trade volume in the company's mining and trade business segments in 2025, CMOC plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of cobalt, and 12,000-15,000 mt of molybdenum. Central China Securities released a research report on April 15, giving CMOC an "overweight" rating. The reasons for the rating include: 1) TFM and KFM exploration work continues to advance, and copper mines are preparing for a new round of expansion; 2) the company achieved a good start in Q1, with main operating indicators exceeding expectations; 3) the period expense ratio decreased, and cash flow levels improved. Risk warnings: copper and cobalt prices fall short of expectations, project expansion and construction speed fall short of expectations, and risks of overseas policy changes. Kaiyuan Securities released a research report on April 11, giving CMOC a "buy" rating. The reasons for the rating include: 1) the company released its Q1 2025 production report, with copper and cobalt production increasing YoY; 2) the company's 2024 performance hit a record high, with core products exceeding growth expectations; 3) TFM and KFM copper-cobalt mines reached full production and standards, actively exploring for reserve increases. Risk warnings: raw material price fluctuation risks; project progress falls short of expectations; policy change risks.

[Global Cobalt Raw Material Production in 2024 Estimated at 270,000 mt, Will It Become a Bottleneck for Raw Materials? How Will Chinese Companies Respond?] The long-term bullish logic for cobalt prices has weakened, but the boom period of the new energy industry, 2025-2030, may trigger a temporary supply-demand mismatch. Attention should be paid to the progress of African infrastructure and the impact of alternative materials (such as LFP and lithium-rich manganese-based materials) on cobalt demand. (Battery Network)