According to foreign media reports, the Ecuadorian government announced on May 29 that it would renegotiate the mining contract for the Cascabel copper mine, stating that its terms violated national laws and created an imbalance between the government and the company. The mining concession, located in Imbabura Province, was originally held by Australia's SolGold, and Jiangxi Copper Corporation completed its acquisition for approximately $1.16 billion in March this year. Ecuador's Minister of Energy and Environment stated that if renegotiation was refused, the government would seek another operator. The concession holder ENSA countered that the contract was signed in compliance with regulations and expressed willingness to communicate with the government. Ecuador has issued new minimum parameters for mining contracts, allowing the review or modification of existing contracts, though the previously signed Cangrejos gold mine contract is not subject to renegotiation.

Jinchengxin (603979) announced on May 27 that the company recently secured the 2026 annual contract for underground 8000t project mining and excavation operations from Jiangxi Copper Corporation Yinshan Mining Co., Ltd. The contract is a unit price contract, with an estimated contract value of approximately 111 million yuan based on projected workload. The final amount shall be subject to the actual verified completed workload and settlement payment.

In 2026, global competition for critical minerals has entered a white-hot phase. Geopolitical maneuvering continues to deepen, and global industry and supply chains are undergoing accelerated restructuring. A new round of technological revolution, driven by AI semiconductors, new energy, high-end manufacturing, and aerospace, is propelling the minor metal industry into a historic period of both developmental opportunity and profound transformation. Globally, the EU’s Critical Raw Materials Act and the US Inflation Reduction Act (IRA) are being implemented, while the Minerals Security Partnership continues to expand. The localization and regionalization of critical mineral supply chains are intensifying. The scramble for resources, technical barriers, and the reshaping of trade rules surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become central focuses of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant global position in the smelting and supply of multiple minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference will convene upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium, along with research institutes, government agencies, financial and investment institutions, and trade service providers, to create a high-standard, full-chain, and in-depth platform for exchange and cooperation. The conference will provide in-depth analysis of global policy shifts, assess the supply-demand pattern and price trends, identify growth opportunities in end-use applications, and facilitate connections between government-enterprise resources and cross-border cooperation. It aims to help enterprises accurately grasp industry trends, overcome development bottlenecks, optimize supply chain layouts, and seize market opportunities to jointly promote the high-quality, sustainable development of China’s minor metal industry. Shandong Humon Smelting Co., Ltd. will make a significant appearance at this conference. We will keep pace with the times, set our sights on goals, forge ahead with determination, and press forward with courage! Click the now to sign up for the conference. We look forward to meeting you there. Shandong Humon Smelting Co., Ltd. (referred to as "Shandong Humon Smelting") was founded in 1988, dedicated to building a world-class precious metal smelting enterprise where employees are happy, clients are satisfied, and the environment is harmonious. It was listed on the Shenzhen Stock Exchange on May 20, 2008 (stock code: 002237), and in 2019, Jiangxi Copper Corporation became the company’s controlling shareholder. Riding on the momentum of reform and opening-up and leveraging its expertise in technological innovation, the company has firmly pursued market-oriented and international operations. Through over 30 years of enduring entrepreneurship, it has remained China’s largest gold smelting enterprise for 12 years. In 2025, it generated operating revenue of 112 billion yuan and produced 100 mt of gold. As a pioneer and leader in "pyrometallurgy," the company uses fire-based processes as its foundation and integrates the entire industry chain, establishing a comprehensive "cyanide-free pyrometallurgical environmentally friendly technology system." This has been recognized with two second-class National Science and Technology Progress Awards and 11 first-class provincial and ministerial-level Science and Technology Progress Awards. Focusing on the transformation and upgrading of gold ore smelting, the company has proposed a strategic vision to "unlock limitless value from limited resources and lead the green development of gold ore smelting." While developing gold and silver products, it concurrently achieves the comprehensive extraction of metals including copper, lead, zinc, antimony, selenium, tellurium, and platinum, forming a diversified development pattern encompassing gold mines, metal smelting, international trade, and high-purity materials. Looking ahead, the company will follow the guidelines, principles, and policies of the Party and the nation, integrate global mineral resources, create wealth for the era in China, and embark on a new journey of high-quality, leapfrog development, striving unremittingly to become a world-class precious metal smelting enterprise. Contact: Wang Lu, 0535-4631040 Email: manage@hbyl.cn Address: No. 11 Jinzheng Street, Shuidao Town, Muping District, Yantai City Meeting Contact: Zhu Wei zhuwei@smm.cn

Jiangxi Copper Corporation announced that, to further optimize its industrial layout, broaden financing channels, enhance the core competitiveness of its controlled subsidiary JCC Copper Foil, and continuously strengthen the copper foil business, the company is expected to spin off JCC Copper Foil for listing on the Hong Kong Stock Exchange. This spin-off will not result in the company losing control over JCC Copper Foil, which will remain a controlled subsidiary within the company's consolidated financial statements, and will not have a material impact on the business operations and development of the company's other segments.

Jin Chengxin announced that the company had undertaken the underground copper system development works (Section II) for the -578 m level and -678 m level of Jiangxi Copper Corporation Group Yinshan Mining Co., Ltd. The contract was a lump-sum contract, with a signing amount of approximately 166 million yuan (excluding tax). The total contract duration was 1,651 calendar days, and it was expected to run from March 5, 2026 to September 10, 2030.

All production processes at the third-phase concentrator of Wushan Copper Mine, a subsidiary of Jiangxi Copper Corporation, have been largely streamlined, achieving key progress in system construction and trial production. As of the end of January this year, core production processes at the concentrator, including grinding, flotation, and copper concentrate filtration, have been fully connected, with copper concentrate successfully delivered to the warehouse.

Jiangxi Copper Corporation announced that its wholly-owned subsidiary, JCC Hong Kong Investment's wholly-owned subsidiary, JCC Fengkan, signed an "Investment Option Agreement" with First Quantum Kazakhstan. JCC Fengkan plans to invest $6.5 million to acquire a 14.9% equity stake and related creditor's rights in Lakeside Company. Meanwhile, First Quantum's global exploration team will provide technical supervision for the exploration work at the Lakeside project, and First Quantum Kazakhstan holds an investment option for a 51% equity stake in JCC Fengkan's wholly-owned subsidiary, AIFC. First Quantum is a global mining company listed on the Toronto Stock Exchange in Canada, primarily producing copper, gold, and nickel, with assets mainly located in Zambia, Panama, Argentina, Peru, and other countries. The company holds 154 million shares of First Quantum through its wholly-owned subsidiary, accounting for 18.47% of First Quantum's issued shares.

SMM Analysis: SMM's December 2025 blister copper RCs in south China were quoted at 1,400-1,600 yuan/mt, with an average of 1,500 yuan/mt, up 250 yuan/mt MoM...

SMM Morning Meeting Minutes: LME copper opened at $12,191/mt overnight, maintaining high-range fluctuations after opening. After touching a high of $12,230/mt, its price center gradually declined, then touched a low of $12,028/mt, before rising again and fluctuating rangebound to finally close at $12,133/mt, up 0.65%. Trading volume decreased by 8,111 lots to 18,000 lots, and open interest fell by 2,248 lots to 340,000 lots, largely driven by bears reducing positions. The most-traded SHFE copper contract 2602 opened at 95,910 yuan/mt overnight, hitting a high of 96,000 yuan/mt early in the session. Copper prices then gradually moved lower, probing a low of 94,180 yuan/mt, and finally closed at 95,020 yuan/mt, down 0.25%. Trading volume decreased by 162,000 lots to 145,000 lots, and open interest fell by 14,000 lots to 244,000 lots.

SMM Morning Meeting Minutes: LME copper opened at $11,196/mt overnight, initially dipped to $11,177/mt, then the center of copper prices gradually shifted upward, touching a high of $11,334/mt, before fluctuating downward and finally closing at $11,232.5/mt, a gain of 0.51%, with trading volume reaching 27,400 lots and open interest at 334,000 lots. Overnight, the most-traded SHFE copper contract 2601 opened at 89,410 yuan/mt, initially touched a high of 89,920 yuan/mt, then fluctuated downward to a low of 89,010 yuan/mt, before fluctuating upward and finally closing at 89,380 yuan/mt, a gain of 0.62%, with trading volume at 73,900 lots and open interest at 229,000 lots.