Poland's copper and silver producer KGHM adopted a new strategy on Friday, committing to invest more than 32 billion zloty ($8.55 billion) by 2030 while setting new production and profit targets.The plan, called "Strategy 2055+", targets payable copper production of 730,000 mt and silver production of 1,290 mt from 2026 to 2030.The company's chief executive officer, Remigiusz Paszkiewicz, said, "After 2035, we hope KGHM becomes a modern, multi-raw-material industrial group."He added that the company plans to build a new mine called "KGHM2.0" in Poland.

Diversified mining company South32 announced that the fourth grinding line project at the Sierra Gorda open-pit copper mine has received final investment approval following completion of a feasibility study. The study confirmed that this brownfield plant expansion project is expected to deliver attractive returns. By installing a fourth grinding line, expanding crushing and flotation capacity and associated process infrastructure, the project is expected to increase Sierra Gorda mine’s annual processing capacity from 48 million mt to 60 million mt. Sierra Gorda is a large-scale conventional open-pit copper mine located in the Antofagasta region of northern Chile. South32 holds a 45% stake in the mine, with KGHM holding the remaining 55%. The project is expected to achieve first production in FY2030 and reach full capacity in FY2031.

SMM Morning Meeting Summary: Overnight LME copper opened at $13,720/mt, hitting the intraday high of $13,740.5/mt right at the open, then fluctuated downward to a low of $13,633.2/mt before finally settling at $13,587/mt, up 0.62%. Trading volume reached 16,000 lots, and open interest stood at 252,000 lots, down 969 lots from the previous trading day, as bulls reduced positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,990 yuan/mt, edged up to 105,170 yuan/mt in early trading, then fluctuated downward to a low of 104,470 yuan/mt, and finally settled at 104,990 yuan/mt, down 0.24%. Trading volume reached 14,000 lots, and open interest stood at 104,000 lots, down 2,268 lots from the previous trading day, as bulls reduced positions.

[SMM Imported Copper Concentrate] Market rumors say that the results of KGHM's tender for 30,000 mt of Sierra Gorda copper concentrates last week were announced, with transaction prices of -$220/dmt (August), -$218/dmt (August-September), and -$210/dmt (Q4).

SMM Morning Meeting Minutes: Overnight LME copper opened at $13,813/mt. At the open, copper prices showed wild swings, dipping to $13,776.5/mt during the session. Then the price center fluctuated upward, touching a high of $13,835.5/mt near the close, and finally closed at $13,835/mt, up 0.13%. Trading volume reached 11,500 lots, and open interest stood at 251,000 lots, down 7,579 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2607 contract opened at 105,280 yuan/mt. In early trading, it hit a high of 105,580 yuan/mt, then the price center dipped to 105,210 yuan/mt. Subsequently, the center fluctuated upward, and finally closed at 105,510 yuan/mt, up 0.1%. Trading volume reached 18,000 lots, and open interest reached 122,000 lots, down 2,119 lots from the previous trading day, indicating a reduction in bearish positions.

Polish copper producer KGHM said it is seeking mining investments in Europe and Morocco to secure ore supplies closer to its smelting operations in Poland. The company aims to reduce logistics costs and geopolitical risks through a “near-shoring” strategy for raw materials. KGHM is also considering converting older smelting facilities into recycling plants. Analysts say tight copper supply conditions are accelerating regional supply-chain restructuring across the mining sector.