SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $12,744/mt, dipping to $12,642/mt early in the session. The price center then fluctuated upward to a high of $12,928/mt before fluctuating downward to finally close at $12,857/mt, up 1.27%, with trading volume at 22,000 lots and open interest at 293,000 lots, down 4,028 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2605 contract opened at 99,200 yuan/mt, fluctuated upward early in the session to reach 99,750 yuan/mt, then the price center gradually shifted lower to a low of 99,090 yuan/mt, followed by wild swings before finally closing at 99,310 yuan/mt, up 1.04%, with trading volume at 45,000 lots and open interest at 171,700 lots, down 2,724 lots from the previous trading day, indicating bears reducing positions.

Thirteen Chilean copper projects worth $14.8 billion are expected to hit key milestones in 2026 as prices rise on fears of a global supply squeeze.

[Chilean National Copper Commission: Global Lithium Prices Soar but Remain Below 2024 Average Levels] The Chilean National Copper Commission (Cochilco) stated in a report on Wednesday that global lithium carbonate prices have surged significantly in recent weeks, driven by increased supply uncertainties and improved future demand prospects, but they still remain below last year's (2024) average levels. On December 10, the price of lithium carbonate reached $10,500 per mt, a 13% increase compared to the price at the end of October. The average price year-to-date was $9,306 per mt, 24% lower than the $12,296 per mt recorded in 2024. Consumption demand for lithium battery energy storage systems is expected to grow further, which is one of the key factors driving the price increase. Despite the market being projected to show an oversupply situation this year and next, lithium prices have still risen against the trend. Uncertainty surrounding the production resumption process at CATL's Jianxiawo mine in China is putting pressure on global lithium supply. Lithium prices are expected to rebound mildly in 2026, but a restart of production at CATL's Jianxiawo mine could lead to a short-term decline in lithium prices. According to World Economic Forum data, Chile is the world's second-largest lithium producer, after Australia. Source: mining.com [ABB to Provide Power Support for Vulcan Energy's Lionheart Project in Germany] ABB has been appointed as the main electrical contractor for the first phase of Vulcan Energy's Lionheart Project in Germany. The integrated power solution will provide safe, efficient, and reliable power supply for one of Europe's first renewable lithium production sites. The project has an annual production capacity of 24,000 mt of lithium hydroxide monohydrate (LHM), which will support the region's burgeoning battery and EV supply chain. Vulcan Energy has selected ABB to provide a full suite of power infrastructure for the first phase of its Lionheart project located in the Upper Rhine Valley of Germany. The project integrates renewable energy generation with lithium extraction and processing technologies to produce battery-grade lithium hydroxide monohydrate for the European EV market. The Lionheart project has an annual LHM production capacity of 24,000 mt, sufficient to meet the production needs of approximately 500,000 EVs per year, while also generating 275 GWh of electricity and 560 GWh of thermal energy. Under three contracts with a total value of €46 million, ABB will serve as the main electrical contractor for the project, responsible for the design, engineering, manufacturing, testing, and delivery of the power system. The scope of the contracts covers technical applications including the Landau lithium extraction plant, the central lithium processing plant at the Frankfurt Höchst Industrial Park, and surrounding drilling sites, encompassing the entire electrification range from high/medium/low voltage distribution, transformers, to drive systems, uninterruptible power supplies, and protective equipment. These systems will establish a stable and efficient power transmission network, enabling power supply from the 110 kV power grid to various production processes and building-level operations. This collaboration represents the deepening and implementation of the memorandum of understanding signed by both parties in April 2024 — which aims to streamline engineering processes and enhance project delivery capabilities by optimizing design, supply chain, and cost-effectiveness. Leveraging ABB's expertise in electrification and Vulcan Energy's renewable lithium production process, the two parties will jointly create Europe's first fully integrated renewable lithium industry base. Björn Jonsson, Global Business Line Manager for Mining and Materials in ABB's Process Industries division, stated: "The 'Project Lionheart' sets an exemplary model for the deep integration of clean energy and advanced electrification technologies. We are laying the foundation for a more resilient European battery supply chain, helping to meet the growing demand of the EV market at a critical period in the transition to clean transportation." Cris Moreno, Managing Director and CEO of Vulcan Energy, pointed out: "ABB's expertise and system solutions ensure our ability to achieve efficient, scaled production. Together, we are building a robust, industrial-grade lithium production model that aligns with market momentum while driving large-scale decarbonization of the battery supply chain. We are delighted to partner with ABB in advancing our shared vision — to create a low-carbon future powered by renewable energy and smart electrification." The signing of the contract is one of the prerequisites for project financing, with Vulcan Energy expected to complete financing and the signing of related project agreements in Q4 2025. Source: https://new.abb.com [Li-FT Power Announces Major Lithium Industry Transaction with A$130.8 Million Acquisition of Winsome Resources] The Canadian lithium developer will proceed with the acquisition by exchanging each Winsome share for 0.107 Li-FT common shares, valuing Winsome shares at A$0.501 each, representing a 62% premium to Winsome's closing price before the announcement. On the day of the announcement, Winsome's stock closed up 8% at A$0.40 on the Australian market, while Li-FT's stock fell approximately 8.5% to C$4.60 on the Toronto market. Li-FT also announced it will acquire a 75% interest in the Galinée lithium claims in Quebec from Azimut Exploration and SOQUEM. These claims are adjacent to Winsome's flagship Adina Project, which will also be included in this acquisition. The Adina Project, one of the top five lithium resources in North America, hosts indicated resources of 1.4 million mt at 1.14% Li₂O grade and inferred resources of 16.5 million mt at 1.19% Li₂O grade. Francis MacDonald, President and CEO of Li-FT, stated, "These transformative initiatives will help us become one of Canada's largest hard-rock lithium developers." He added that the acquisition of Winsome is expected to "enhance scale, optimize resource endowment, and improve project economics in the near term, presenting exciting development prospects" for the Adina Project. According to the 2024 preliminary feasibility study report, the initial capital expenditure for the Adina Project is estimated at $259 million, with a net present value of $743 million. The proposed merger is subject to approval by Winsome shareholders (expected in early April 2026) and the completion of the Gallinée mineral tenure transaction. Upon completion of the transaction, existing Winsome shareholders will hold approximately 35.3% of the merged company. This series of transactions is supported by Li-FT's strategic shareholder, Avenir Mineral Company, and Winsome's largest shareholder, Volata Capital Advisors. To support the related transactions, Li-FT plans to conduct a private placement of C$30 million for exploration work on the combined Adina-Gallinée mineral tenure, and will separately raise C$10 million specifically for the development of the Yellowknife Project. Additionally, the company plans to apply for listing on the Australian Securities Exchange. Source: https://www.indexbox.io [CleanTech Lithium Completes Indigenous Consultation for Laguna Verde Project] CleanTech Lithium PLC announced on Monday that the indigenous consultation for the Special Lithium Operation Contract (CEOL) for the Laguna Verde project in Chile has officially concluded with consensus reached among the parties. This consultation is regarded as one of the most advanced with indigenous communities in Chile's lithium industry, marking a significant step for the company towards obtaining lithium mining rights in the region. Chile's Ministry of Mining is expected to launch a simplified application process in the near future for private enterprises seeking lithium development rights. The Laguna Verde salt flat is one of the key areas under Chile's National Lithium Strategy, aimed at expanding lithium production for the EV and ESS markets. Ignacio Mehech, CEO of CleanTech Lithium, stated in a press release, "The completion of the indigenous consultation for the Laguna Verde salt flat is highly encouraging. This means the simplified application channel for the CEOL, tailored for our company by the government, is about to open." The London-listed firm focuses on sustainable lithium extraction technologies, including Direct Lithium Extraction and brine reinjection. The company stated that it has established existing partnerships with indigenous communities, which will provide strong support for its CEOL application. Lithium Chile owns two core lithium mine projects in Chile — the Laguna Verde and Viento Andino projects, while also holding the Arenas Blancas exploration-stage project in the Salar de Atacama region, renowned for lithium production. The company stated that once the application process officially commences, it will promptly release subsequent progress announcements. Source: https://www.investing.com

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,634/mt, touched a low of $11,634/mt at the opening, then rose all the way, approaching the close to hit a high of $11,906/mt, finally consolidating sideways to close at $11,833.5/mt, up 2.37%, with trading volume reaching 29,000 lots and open interest reaching 345,000 lots. Overnight, the most-traded SHFE copper contract 2601 opened at 92,700 yuan/mt, touched a low of 92,550 yuan/mt at the beginning of the session, then the center rose all the way, hitting a high of 93,940 yuan/mt near the close, finally closing at 94,080 yuan/mt, up 1.95%, with trading volume reaching 81,000 lots and open interest reaching 192,000 lots.

Data released by Cochilco on Wednesday showed that Codelco's copper output fell 14.3% in October to 111,000 tons.

During China’s usual peak industrial season for copper demand, a rapid price hike has triggered a drop in downstream manufacturing operating rates, resulting in a significant demand pull-back. Meanwhile, Chile’s copper regulator Cochilco has raised its average price forecasts to around USD 4.45 per pound for 2025 and USD 4.55 for 2026, highlighting persistent supply strain.

On Wednesday, November 19, due to weak production, the Chilean Copper Commission (Cochilco) raised its copper price forecasts for 2025 and 2026 to record highs. Cochilco now expects the average copper price in 2025 to be $4.45 per pound and has raised its 2026 forecast to $4.55 per pound, up from previous projections of $4.30 per pound. Victor Garay, Cochilco's Mining Market Coordinator, stated that the latest forecasts are the highest copper prices ever predicted by the commission. The commission also expects copper prices to maintain an upward trend at least until 2030, as supply lags behind demand. He also noted that risks such as tariff adjustments or changes in demand trends remain. Cochilco indicated that supply reductions were caused by underperformance at the large Collahuasi mine, a joint venture between Anglo American and Glencore, decreased production at Anglo American Sur, and an accident at Codelco's flagship El Teniente mine. Cochilco expects Chile's copper production to grow by only 0.1% this year to 5.51 million mt and by 2.5% in 2026 to 5.6 million mt. Garay said that other projects will compensate for the decline in El Teniente's output in the future, with Chile's production potentially reaching 5.9 million mt in 2027. Cochilco stated that copper demand will continue to grow, but the growth momentum is weakening. (Wenhua Composite)

According to Cochilco data, Codelco's copper production in September decreased by 7% month-on-month to 115.6 kt.

Codelico and BHP's Escondida mine both postedyear-on-year increases in production in July, data from copper commission Cochilco showed on Thursday.

[Kodal Obtains Mali Lithium Ore Export Permit] UK-listed miner Kodal Minerals has officially received an export license for spodumene concentrates from the Malian government, clearing a key hurdle for the first shipment from its southern Bougouni lithium mine. According to a formal document signed by Minister of Mines Professor Amadou Keita, the company is permitted to export up to 125,000 mt of spodumene concentrates, pending completion of final administrative procedures. Kodal CEO Bernard Aylward stated, "The grant of the export license is a key step in the development of the Bougouni project and also reflects the strong support from Mali's Ministry of Mines and the government for the project's continued advancement and expansion." The document also specifies that lithium concentrate pricing will reference the Shanghai Metals Market (SMM) spodumene benchmark price, but the government reserves the right to verify and adjust the price. Kodal had previously signed an offtake agreement with China's Hainan Mining, agreeing to sell all production to the latter based on the SMM benchmark price. Logistically, the company has signed a contract with a leading Malian logistics operator, plans to ship via a port in the Republic of Côte d'Ivoire, and has committed to paying all taxes and duties in full. The Bougouni lithium mine is located 170 km south of the capital Bamako, operated by the local Malian entity Les Mines de Lithium de Bougouni SA, with Kodal holding a 49% stake. The project is designed to produce 11,000 mt of spodumene concentrates per month, making it the second lithium mine to commence production in Mali, following Ganfeng Lithium's Goulamina mine (which started production in December 2024). Source: mining.com [Ukraine Launches Tender for Large Lithium Mine] Ukraine is launching a tender for the development of a large lithium mine located in the central Kirovohrad region, as part of a mineral agreement reached with the US; however, project ownership remains subject to legal disputes. Ukrainian Prime Minister Yulia Svyrydenko confirmed the tender for lithium mining at the Dobra site when announcing the approved mineral resource development plan. She stated in a Telegram post on Monday, "We expect investors not only to extract but also to develop value-added industry chains." Data from the Ukrainian Geological Survey shows that Ukraine holds about one-third of Europe's lithium resources. The Dobra tender is the first step under the Kyiv-Washington mineral cooperation agreement and a core element of the Trump administration's "transactional" aid policy towards Ukraine, aimed at weakening China's dominance in the global metals sector. However, this tender conflicts with New York-based Critical Metals Corp. Potential Dispute Critical Metals claims, through its largest shareholder - the Australian company European Lithium - to control the Dobra mining rights. On Tuesday, Critical Metals' stock price fell 5.3% in New York to $5.87 per share, with a market capitalization of approximately $609 million; European Lithium closed down 2.1% in Sydney at A$0.092 per share, with a market capitalization close to A$132 million ($86.1 million). Mykhailo Zhernov, a director of both companies, stated in an interview with the Financial Times in July that the Dobra license was originally supposed to be issued to Petro Consulting, which European Lithium acquired in 2024. Although the court had ruled that the government should issue the license the previous year, he said the license was never formally granted. However, neither Critical Metals nor European Lithium provided the Financial Times with relevant documents regarding the license or the court ruling. TechMet, a mining investment company headquartered in Dublin with the US government as one of its major investors, also expressed interest in developing the lithium mine. Its CEO, Brian Menell, stated earlier this year that the company had been evaluating the project since 2023 and confirmed to the Financial Times that it would bid when the tender was launched. Source: [Codelco Warns Chile's Copper Production May Stall at 5.5 Million Mt/Year] Chile's state-owned copper giant, Codelco, issued a warning that the country's copper production may stall at around 5.5 million mt per year due to multiple challenges. Codelco Chairman Máximo Pacheco stated at the Ecos de la Minería mining summit in Santiago that the industry is facing "enormous difficulties," including increasing mining depth, declining ore grades, and persistently rising costs. Chile is the world's largest copper supplier, and if production stagnates in the long term, coinciding with accelerating demand driven by the energy transition, the global copper market could tighten further. Despite the severe challenges, Pacheco emphasized that the company is still advancing upgrades and developing new projects. He confirmed that the company will continue its cooperation with SQM on the lithium project in the Salar de Atacama; this week, it will sign an exploration agreement with BHP for the Anillo copper mine; and a joint mining plan with Anglo American is expected to be finalized in the coming weeks. SQM President Gina Ocqueteau expressed optimism in an interview with the local media La Tercera that the cooperation agreement with Codelco is expected to be approved before Chile's next government takes office in March. She noted that the details of the cooperation could be finalized ahead of schedule, but if delays occur, it would postpone the revenue needed for government projects. Awaiting Minister's Signature Chilean Minister of Energy and Mining Aurora Williams confirmed that the special contracts required for the collaboration between the state-owned copper company Codelco and SQM have passed reviews by the Comptroller General and the state copper commission Cochilco. "The only remaining step is to sign the contracts," she said. The contracts specify terms for exploration, mining, environmental protection, and economic conditions. Under the agreement, Codelco will gain majority control over SQM's lithium production in northern Chile. Once approved, the partnership will solidify a landmark alliance for one of the world's most strategic lithium assets. Some presidential candidates have stated that if the agreement is not finalized during current President Gabriel Boric's term, they will review or even revoke it, pressuring the government to expedite implementation to fulfill its pledge to strengthen the state's role in lithium production. Source: mining.com [Quebec Government Ends Funding for Northvolt Battery Project] The Quebec government has withdrawn from Swedish Northvolt AB's electric vehicle battery plant project in Canada, ending a high-profile initiative derailed by the company's bankruptcy. "Today, we are terminating our investment in Northvolt in Quebec," Minister of Economy Christine Fréchette said in a press release. "As the company failed to submit a satisfactory proposal aligned with Quebec's interests, we will exercise our rights to recover the investment as much as possible. The project has failed, and we are disappointed." In August this year, California lithium-sulfur battery startup Lyten Inc. agreed to acquire all of Northvolt's remaining European assets. The transaction amount was not disclosed, but the U.S. buyer stated it was completed at a "significant discount" "well below" the estimated $5 billion valuation. Lyten had expressed interest in taking over the Canadian project (estimated construction cost over $5 billion), but the Quebec government was unenthusiastic. Northvolt's collapse came at a high political cost for the ruling Coalition Avenir Québec. "This decision is deeply regrettable, especially given the extensive efforts we have made and continue to make to find a buyer," Northvolt's Canadian subsidiary said in an emailed statement. "We emphasize that Northvolt North America has not entered bankruptcy proceedings and retains sufficient resources to restart the project." Quebec lost C$270 million (approximately $196 million) in the Northvolt project, but according to data from Fréchette's office, the province still holds a senior secured loan tied to the factory land near Montreal, totaling C$260 million including principal, interest, and related fees. The press release noted that after the termination of the commitment, 352 megawatts (MW) of electricity will be released for other industrial projects within the province. Northvolt's bankruptcy also caused losses for Canadian pension funds: the Ontario Municipal Employees Retirement System fully wrote off its 325 million Canadian dollar investment; the Caisse de dépôt et placement du Québec wrote down its 150 million Canadian dollar investment to zero; and the Investment Management Corporation of Ontario similarly impaired its 400 million Canadian dollar investment. In 2023, to attract Northvolt, the Canadian federal and Quebec governments pledged manufacturing subsidies aligned with the U.S. Inflation Reduction Act (IRA), with potential support exceeding 5 billion Canadian dollars during the construction and battery production phases. Source: mining.com [UN Committee Says Portugal Withheld Lithium Mine Information] A United Nations committee stated on Wednesday that Portugal violated an international treaty by blocking public access to key information during the environmental permitting process for Europe's largest lithium mine project. In 2023, Portugal's Environment Agency (APA) approved London-listed Savannah Resources to develop a lithium mine in the Barroso region in the north of the country; the area has been designated a World Agricultural Heritage site since 2018. Local residents and environmentalists have long opposed the project and said on Wednesday that the findings of the UN Aarhus Convention Compliance Committee further support their demand to revoke the license. In a statement, APA stated that, despite differing interpretations of the applicable provisions of the convention, it has "always strictly followed administrative procedures and acted in accordance with the law," and claimed all necessary information has been made public. Savannah Resources declined to comment. The committee determined that Portugal failed to respect citizens' rights regarding access to environmental information and participation in the permitting process—rights enshrined in the 2001 convention, which Portugal ratified in 2003. The committee pointed out that APA did not respond to requests for environmental information within the statutory time limit and, when refusing, did not inform the public how to appeal. The Spanish conservation organization Fundación Montescola filed a complaint against the authorities' actions in 2021, with two Portuguese groups acting as observers during the process. Joam Evans, President of Montescola, welcomed the decision, stating that the environmental permit should be revoked. Savannah aims to supply spodumene ore to the European EV industry—spodumene is a key source of lithium in batteries—and stated that Barroso holds Europe's largest spodumene deposit, with estimated high-grade lithium reserves of at least 28 million metric tons. The company expects to begin production in 2027. Source: mining.com