According to a report from Mining.com, drilling at the Lunahuasi project in Argentina by NGEx Minerals has uncovered a deeper porphyry copper deposit, exceeding previous expectations in scale. Drill hole DPDH027 intersected ore over a length of 1,619.4 meters from 385.6 meters to 2,005 meters deep, with a copper grade of 0.52% and a gold grade of 0.32 grams per metric tonne (mt), ending in potassic-altered diorite porphyry. This indicates the discovery of a new porphyry target west of the known high-sulphide vein system, ranking among the largest in the region. On May 8, the company completed the third phase of drilling, totaling 25,003 meters, with results from the remaining 12 drill holes (10,369 meters) expected by mid-2025. The company is currently delineating the target area in detail and seeking partners for a pre-feasibility study. "Drill hole DPDH027 has opened up an entirely new space for the Lunahuasi project, enhancing the potential for this massive mineralizing system to ultimately take shape," said CEO Wojtek Wodzicki. "While our near-term focus remains on high-grade vein-type ore bodies, this porphyry discovery significantly enhances the project's long-term value." Peter Bell, a mining analyst at Canaccord Genuity, echoed Wodzicki's views. In an investment note, he stated that the confirmation of the porphyry deposit and the new discovery provide long-term value, highlighting the extraordinary scale of this mineralizing system. "Our focus is on high-grade, high-sulphide ore bodies, but we believe the discovery of this new porphyry system will add long-term value," Bell said. "The company's mining rights are located in a highly prospective mineral belt. We view the early-stage success of Lunahuasi as the beginning of a globally significant exploration project, comparable to the nearby Filo del Sol project." Rene Cartier, a mining analyst at BMO Capital Markets, believes that this drilling has validated NGEx Minerals' understanding of the geological setting. "This discovery establishes a large exploration target with long-term value. Although it is deep, it provides the company with an option for future exploration," Cartier said. Global copper inventories are approaching a decade-low due to rapid growth in demand driven by electrification and renewable energy. Investors are focusing on both high-grade vein-type deposits that can generate early cash flow and porphyry deposits that offer large-scale resources. Regional Scale Lunahuasi is located in the rapidly expanding Vicuña region. The project is situated 6 kilometers north of the Filo del Sol project, a joint venture between Lundin Mining and BHP, and 8 kilometers west of Lundin's Josemaría project. Both projects are large copper-gold mines, approaching pre-feasibility studies or construction. In Ecuador, there are McEwen Mining's Los Azules and Lundin Mining's Fruta del Norte, indicating international enthusiasm for Tier 1 porphyry projects. The province of San Juan in Argentina has reduced mining royalties and improved foreign exchange repatriation policies, attracting major exploration companies. Mining companies are expected to respond swiftly to these changes. On May 13, 2021, Filo del Sol discovered ore at a depth of 188 meters over an 858-meter interval, with a copper equivalent grade of 1.8% (comprising 0.86% copper and 0.7 g/t gold), and the ore body was not fully penetrated at the end of the hole. "These results are exceptional" compared to the company's internal estimates for Lunawasi (ore resources of 33.3 million mt, with a copper grade of 2.12%, gold grade of 1.09 g/t, and silver grade of 41.02 g/t), said Bell. High-grade ore intersections Hole DPDH027 revealed a high-grade ore body: an 876.4-meter intersection with a copper grade of 0.59% and a gold grade of 0.48 g/t, with high sulfur content. This ore section spans from 385.6 meters to 1262 meters. The company also reported a 743-meter intersection in the deep porphyry-style ore body, with a copper grade of 0.44% and a gold grade of 0.13 g/t. The transition from high-sulfur ore bodies to porphyry mineralization indicates changes in copper minerals. The company stated that enargite-chalcocite transformed into chalcopyrite-bornite, with a decrease in cyanide-soluble copper and an increase in residual copper. Subsequent hole DPDH028 intersected 53.5 meters of ore with a copper equivalent grade of 7.79% (comprising 3.89% copper and 2.96 g/t gold). Hole DPDH029 intersected 157 meters of ore with a copper equivalent grade of 3.89% (comprising 1.67% copper and 0.49 g/t gold). The ore body remains uncontrolled in all directions, with multiple mineralized intervals observed in each hole, the company stated.

On May 10 (Saturday), First Quantum Minerals remained cautiously optimistic about the prospects of its copper mine in Panama, as the local government was considering how and when to restart the closed Cobre Panamá copper mine. Legal discussions were underway, with authorities exploring future paths for First Quantum Minerals to release concentrate inventory and restart the power plant at the copper mine site. Prior to this, First Quantum Minerals decided to withdraw its international arbitration case against Panama in early April.

On May 10 (Saturday), First Quantum Minerals remained cautiously optimistic about the prospects of its copper mine in Panama, as the local government was considering how and when to restart the shuttered Cobre Panamá copper mine. Discussions at the legal level were ongoing, with authorities exploring future paths for First Quantum Minerals to release concentrate inventory and restart the power plant at the copper mine site. Prior to this, First Quantum Minerals decided in early April to withdraw its international arbitration case against Panama. Panamanian President José Raúl Mulino expressed interest in establishing a new cooperation model to strengthen the state's ownership of the mine, but warned that a complete shutdown of the mine would take 15 years, considering the project's scale and economic impact. The mine directly and indirectly provides tens of thousands of jobs. "Let's be smart and let Panamanians maximize the benefits from the mine we already own," he said. The review, which initially began with an environmental audit, may now expand to include financial terms. Matt Murphy, an analyst at BMO Capital Markets, believes this is a potential benefit, suggesting that parallel reviews could expedite a resolution. Financial negotiations have not yet commenced, and it is unclear whether Panama has hired legal experts with experience in the mining industry. According to BMO, the terms of previous negotiations may be outdated. "The top priority now is to establish new terms that will make Panama a competitive destination for global mining investment," Murphy wrote. Cobre Panamá is Central America's largest open-pit copper mine, with copper production exceeding 330,000 mt in 2023 before operational disruptions. The $10 billion project is expected to achieve 1 million mt of copper production by the end of 2024, positioning it as one of the world's largest copper producers. First Quantum Minerals continues to advance the $13 billion Phase S3 expansion plan for the Kansanshi copper mine in Zambia. Scheduled to be put into use later this year, the upgrade will increase the mine's annual ore processing capacity from 30 million mt to 55 million mt and extend the mine's life by over 20 years.

[High-Grade Ore Found in Drilling at Valeriano Copper-Gold Mine in Chile] According to Mining.com, ATEX Resources Inc. announced that drilling at the Valeriano copper-gold mine in Chile's Atacama Region encountered ore with a copper grade as high as 2.2%, the highest grade found so far at this porphyry copper deposit.

[High-Grade Ore Found in Drilling at Valeriano Copper-Gold Mine in Chile] According to Mining.com, ATEX Resources Inc. announced that drilling at the Valeriano copper-gold mine in Chile's Atacama Region encountered ore with a copper grade as high as 2.2%, the highest grade found so far at this porphyry copper deposit.

[Has Cobalt Prices Changed, But Its "Power" Is No Longer the Same?] The battery-grade raw material cobalt, which once dictated the price trends of NEV power batteries, seems to have stirred up a "storm" again recently. On March 5, Gasgoo Auto noticed that domestic power battery producer Ganfeng LiEnergy issued a customer notice stating: Recently, a civil war broke out in the world's largest cobalt mine production area, the DRC, leading to a global cobalt ore supply shortage and a significant rise in cobalt prices. (Gasgoo Auto)

[New Discovery at Marimaca Copper Mine Project in Chile] According to Mining.com, Marimaca Copper has made another discovery near its Marimaca project in the coastal city of Antofagasta, central Chile. The company has identified the northern extension of the Pampa Medina deposit, located 26 kilometers from the Marimaca oxide deposit (MOD).

Commodities analyst at BMO Capital Markets pointed out that physical demand for gold is expected to be robust as investors seek safe-haven assets to protect themselves from a deepening banking crisis.

Copper concentrate TCs continued to fall in light of continuous disturbances and the SMM imported copper concentrate index also fell this week. The SMM Imported Copper Concentrate Index (weekly) stood at $80.73/mt as of February 9.