Barrick Mining said that its Reko Diq copper-gold project in Pakistan still plans to achieve first production by the end of 2028.The project is a large-scale copper-gold project jointly developed by Barrick, the Pakistani government, and relevant joint venture partners, and is located in Balochistan, Pakistan. Although the company had previously warned that the capital budget previously disclosed for the project's two phases could face a significant increase, the 2028 production commencement target remained unchanged.

France's TotalEnergies and the UAE's Masdar have formed a $2.2 billion 50-50 joint venture to merge their onshore renewable activities across nine Asian countries. The 'JV' will act as the sole vehicle for developing solar, wind, and battery storage projects in markets including Japan, South Korea, and Malaysia. It will launch with 3 GW of operational assets and a 6 GW pipeline expected to be operational by 2030. Headquartered in Abu Dhabi with roughly 200 employees, the partnership aims to accelerate clean energy deployment across Asia.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,286.5/mt and fluctuated downward in early trading to a low of $12,212/mt. Copper prices then fluctuated upward, with the center moving up to $12,408/mt, before falling back again to finally close at $12,348.5/mt, down 0.99%. Trading volume reached 20,000 lots, and open interest stood at 295,000 lots, an increase of 3,702 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,660 yuan/mt and dipped to 95,300 yuan/mt in early trading. Copper prices then fluctuated upward, with the center moving up to a high of 96,680 yuan/mt, before fluctuating downward to finally close at 96,150 yuan/mt, down 0.08%. Trading volume reached 36,500 lots, and open interest stood at 181,000 lots, a decrease of 1,608 lots from the previous trading day, mainly due to bulls reducing positions.

【SMM Steel】JFE Steel invested Rs 78.75bn for a 25% stake in JSW Kalinga Steel Ltd, per a Dec 2025 agreement. The partners now jointly control JSW Kalinga and its subsidiary. JFE will acquire another 25% for the same amount in the next phase. The JV is based on the Bhushan Power and Steel business, which will be transferred on a 50:50 basis.

Naer Lithium Battery is jointly held by Naer Co., Ltd. and Shanghai Lihuang Technology Co., Ltd., with shareholding ratios of 67% and 33%, respectively.

[Hyundai Motor Steps Up Its EV Push in China Amid US Tariff Pressure] South Korea’s Hyundai Motor is intensifying its EV strategy in China, setting an aggressive target of selling more than 40,000 NEVs this year in a bid to reduce its reliance on the US market as US tariff pressure continues to mount. According to industry sources, Hyundai Motor plans to raise NEV production at its joint venture Beijing Hyundai to 41,500 units in 2026, up more than 33-fold YoY; by then, the share of new energy car models in total production will surge from just 0.6% last year to about 20%. Hyundai Motor has also set its total sales target in China for this year, including exports, at 218,000 units, up 10.8% from 2025.