As of July 10, the SMM Imported Copper Concentrate Index (weekly) stood at -$132.84/dmt, down $4.59/dmt from the prior reading of -$128.25/dmt. The payable indicator for 20% grade domestic trade ore was reported at 98%-99%, up 0.5 percentage point WoW. Transaction activity in the spot copper concentrates market increased slightly this week compared to the prior week, as a mine initiated a tender. In the spot market, a trader sold 10 kt of clean ore to a smelter at a $15/dmt discount to the average of the SMM and Fastmarkets indices, for August shipment with QP at M+5. A trader sold a small parcel of land-shipped ore to a smelter at a transaction price around -$130/dmt. A trader offered H2 cargoes to smelters at fixed prices between -$145/dmt and -$140/dmt, or alternatively attempted to quote at a discount of approximately $25/dmt to the index. Market talk suggested a final deal was concluded at a fixed price of -$140/dmt. On the mine tender front, the results of Hudbay’s Constancia tender were released. On the trader side, a 10 kt spot cargo for 2026 was transacted below -$200/dmt, while a 10 kt cargo for 2027 and a 10 kt cargo for 2028 each fetched negative triple-digit figures, all with QP at M+4. Meanwhile, a large mine issued a new tender for 100,000 mt in physical content of copper concentrates, comprising 20,000 mt in 2026, and 40,000 mt each in 2027 and 2028, with QP at M+4 and a bid deadline of July 14. Additionally, SMM learned that the spot EXW payable indicators for domestically traded copper concentrates in north-west China currently trend above 99%. Overall, the spot copper concentrates market remained locked in an intense low-level game this week, with transaction prices stuck deep in negative territory. Although some smelters still have rigid restocking demand, their purchase willingness for low-priced feedstock has grown cautious, as sliding TC has significantly compressed copper smelting margins. In the short term, spot TC continues to face downward pressure, but further downside is meeting mounting resistance. On July 9, Ivanhoe Mines stated that output from the Kamoa-Kakula copper complex in the DRC is set to rise significantly in H2, driven by higher mining rates and inventory depletion. The mine produced 64,328 mt of copper (copper anode, blister copper, and saleable concentrates) in Q2, bringing the H1 total to 135,745 mt. The company maintained its full-year 2026 production guidance at 290,000–330,000 mt, implying approximately 28% HoH growth in H2 output at the guidance midpoint. On July 8, BHP announced it had awarded a contract worth over A$200 million (approximately $139 million) to China Nerin Engineering Co., Ltd. for the design and supply of key process facilities for the Olympic Dam smelter and refinery expansion project in South Australia. The contract will be executed in phases, with equipment supply subject to BHP’s final investment decision. Nerin’s work under the contract is tentatively scheduled for completion in early 2032, while BHP had previously listed 2032 as the potential first production date for the expansion. On July 7, BHP announced that its Escondida copper mine expansion project in Chile had received its first major environmental permit, officially launching the project with a total investment of approximately $14.7 billion. The Antofagasta Environmental Assessment Commission in Chile has approved early-stage work involving sulfide leaching and power upgrades, costing approximately $1.3 billion. On July 10, SMM copper concentrates inventory at eleven ports stood at 690,200 mt in physical content, up 33,200 mt in physical content from July 3. The main increases came from Yantai Port and Nanjing Port, up 23,400 mt and 15,000 mt WoW, respectively.

Ivanhoe Mines reported that its Kipushi zinc mine in the Democratic Republic of Congo produced a record 70,177 tonnes of zinc in concentrate during the second quarter of 2026, representing an 8% increase from the previous quarter and the highest quarterly output since the mine resumed operations. The company also reported second-quarter copper production of 64,328 tonnes from the Kamoa-Kakula copper complex, bringing first-half copper output to 135,745 tonnes. Ivanhoe maintained its 2026 copper production guidance of 290,000–330,000 tonnes and expects higher output in the second half of the year as mining rates increase and inventories are drawn down. The company further noted that sulphuric acid prices remain exceptionally strong, with July contracts priced at approximately US$840 per tonne, a record level.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,206/mt. In early trading, the copper price center dipped to $13,146/mt, then drifted higher, and near the end of the session touched a high of $13,270/mt, eventually closing at $13,255/mt, down 0.6%. Trading volume reached 24,000 lots, and open interest reached 246,000 lots, a decrease of 972 lots from the previous trading day, indicating long liquidation. Overnight, the most-traded SHFE copper 2608 contract opened at 101,890 yuan/mt. In early trading, the price center dipped to 101,640 yuan/mt, moved sideways then rose, and near the end of the session touched a high of 102,230 yuan/mt, eventually closing at 102,130 yuan/mt, down 0.7%. Trading volume reached 41,100 lots, and open interest reached 152,000 lots, an increase of 1,954 lots from the previous trading day, indicating bearish position building.

Ivanhoe Mines reported that the Kamoa-Kakula Copper Complex in the DRC produced 71,417 tonnes of copper in anode and blister during Q1 2026. The company maintained its 2026 production guidance of 290,000–330,000 tonnes of copper in anode or blister and expects output to increase further to 380,000–420,000 tonnes in 2027. Ivanhoe also released an updated mineral resource estimate in March and has commenced an optimized feasibility study targeting annual copper production of more than 500,000 tonnes from 2028 onwards.

SMM May 28 update: The minor metal sector strengthened on May 28. As of the close on May 28, the minor metal sector rose 3.44%. In terms of individual stocks: Sino-Platinum Metals, Yunnan Germanium Industry, and China Molybdenum hit the daily limit, while China Minmetals Rare Earth, China Tungsten And Hightech, China Northern Rare Earth, and China Rare Earth led the gains. On the news front: According to authoritative local media in Zimbabwe and Xinhua News Agency, the Zimbabwean government recently issued the Mineral Classification and Declaration, explicitly listing lithium and other high-value minerals as "critical minerals" subject to equity and export controls. The critical minerals involved include 14 types: lithium, nickel, cobalt, graphite, copper, rare earth elements, chromium, platinum group metals (PGMs), manganese, antimony, uranium, ruthenium, tungsten, and niobium. The market is focused on the impact of tightening resource-country policies on global supply chains, with sentiment warming for minor metal varieties such as antimony and tungsten. Spot market Tungsten According to SMM pricing, on May 28, the average price of wolframite concentrates (≥65%) was 415,500 yuan/standard tonne (65%WO3 basis), up 1.22% from the previous trading day. Notably, after wolframite concentrates previously experienced a 61.88% decline over more than two months, driven by increased purchasing demand in the tungsten market, tungsten prices saw a rebound over two trading days. Currently, transactions in the tungsten concentrates market have improved, suppliers are bullish and hold back from selling, high-grade ore sees an upward shift in transaction center, while medium and low-grade ore circulates more but price increases appear lackluster. Downstream APT industry operating rates have slightly improved, but with limited new orders in the industry, smelters are cautious in restocking, with only small volumes of spot orders and large orders transacted in the market. Regarding the tungsten outlook, in the short term, driven by orderly inventory destocking, the return of downstream rigid demand, and the formation of pricing consensus among industry leaders, the tungsten market has overall entered a consolidation-at-lows and recovery phase. Going forward, key attention should be paid to the execution of long-term contracts and the pace of end-use demand recovery. According to SMM surveys, downstream cemented carbide alloy enterprises have seen inventory drop to low levels, with expectations of rigid restocking demand, but influenced by the market not yet being fully stabilized, enterprises remain cautious in procurement, generally adopting a small-order purchasing model. If upstream raw material inventory continues to be cleared and supply-demand imbalances are alleviated, tungsten prices are expected to enter a stabilization and consolidation phase in June-July. In the medium and long-term, the gap in Q3 mining quota transitions may lead to a contraction in market supply, coupled with expectations of the traditional September-October peak season, the industrial supply-demand structure will continue to optimize, thereby providing bullish support for tungsten prices. Rare Earths After the rally on May 27, the average price of Pr-Nd oxide on May 28 fell 1.79% from the previous trading day, and inquiries in the rare earth oxide market were sluggish on the 28th. Affected by futures price fluctuations combined with periodic restocking by some major producers, Pr-Nd oxide prices fluctuated frequently this week. Upstream and downstream players continued their stalemate, with suppliers maintaining relatively firm offers overall, while downstream metal producers maintained a strong wait-and-see sentiment and showed low purchase willingness at high prices. Absent other news-driven factors, Pr-Nd oxide is expected to remain in the doldrums in the short term before any significant change in the supply-demand relationship. Institutional Views Huafu Securities noted in its research report dated May 24, when commenting on other minor metals: rare earths performed weakly, while tantalum pentoxide surged during the week. In the rare earth market, end-use demand from downstream magnetic material sectors remained weak, with no large-scale concentrated restocking observed — only sporadic rigid-demand small orders were transacted, and the demand side consistently failed to provide effective support for the market. Market sentiment fluctuated significantly, with frequent tug-of-war between longs and shorts. Overall industry confidence was insufficient, with a notable stalemate between upstream and downstream on offer and bid prices, and significant divergence within the industry regarding the outlook for subsequent market trends. On Friday, the market maintained a wait-and-see attitude, awaiting changes in the magnetic material restocking pace and a recovery in downstream demand. Individual stocks: for antimony, Hunan Gold, Huaxi Nonferrous, and Huayu Mining are recommended; for molybdenum, China Moly, China Gold, and CMOC; for tungsten, Jiaxin International Resources, China Tungsten High-Tech, Xiamen Tungsten, and Zhangyuan Tungsten; for rare earths, China Rare Earth, China Northern Rare Earth, JL MAG Rare-Earth, and Xiamen Tungsten. Kaiyuan Securities' mid-year 2026 investment strategy for the metals sector indicated: Copper: Supply side, most ex-China miners continued to face declining ore grades and recovery rates, with disruption factors persisting (Ivanhoe's Kamoa-Kakula copper mine, Codelco's El Teniente copper mine). Although China's domestic enterprises added incremental capacity, the overall increase was limited. Under optimistic assumptions, global supply growth from 2026 to 2027 may fall below 2%. Demand side, power demand in both China and the U.S. maintained high growth rates in H1, which is expected to contribute marginal incremental copper demand. Kaiyuan Securities believes that the supply-demand structural imbalance for copper will become more pronounced in 2026, supporting a rise in the copper price center. Lithium: Supply side, capital expenditure in the lithium industry contracted and supply discipline gradually took shape. Combined with frequent disruptions, supply elasticity in the lithium industry has declined notably compared to before. Meanwhile, energy storage demand sustained high prosperity, driving gradual improvement in the lithium demand structure and marginal easing of inventory pressure. Lithium prices are expected to see a phased recovery. Lithium enterprises with resource security, low-cost advantages, and integrated layouts are expected to see earnings recovery elasticity outperforming the industry average. Lithium mine and lithium chemicals companies with high resource self-sufficiency rates and strong cost control capabilities are worth watching. Tungsten: As a strategic metal where China holds a dominant position, tungsten ore supply is constrained by resource depletion, environmental protection, and other factors. Combined with the government's total volume control on tungsten ore mining, tungsten ore production release remains limited. Demand side, emerging sectors are boosting tungsten demand, which is expected to provide long-term support for tungsten prices. According to a CITIC Securities research report, the current metals sector valuation remains at a reasonable level, with aluminum, copper, nickel-cobalt-tin-antimony, and gold valuations at relatively low levels, and a valuation rebound is still anticipated. Sector dividends have pulled back slightly, but the projected dividend yields of some individual stocks still exceed 5%. Looking ahead to 2026, liquidity shocks are expected to ease, supply disruptions are expected to occur frequently, and certain downstream sectors are expected to sustain relatively high prosperity. It is recommended to maintain a focus on allocation opportunities in lithium, copper, rare earths, strategic metals, aluminum, and gold sectors. Recommended Reading:

May 12, 2026 8:20 AM JAKARTA – Ivanhoe Mines founder Robert Friedland said on X that China is aggressively buying up global platinum supplies and bringing them into the country on a large scale. “China is pulling platinum into the country hard,” Friedland wrote on X on Monday (11/5). A major refinery in China, he added, has reported a surge in demand for physical delivery under platinum contracts traded on the newly launched Guangzhou Futures Exchange. Speculators and industrial users are increasingly choosing physical delivery rather than closing short positions, seeking to benefit from premiums above London spot prices. Global prices have more than doubled over the past year, while inventories remain tight — around 600 kilogrammes compared with 14.4 tonnes of open interest for the benchmark June contract. Export restrictions from Beijing have further tightened international supply. Long-term supply contracts are now increasingly in demand. Platinum has become the centre of attention. Meanwhile, Friedland said the Platreef mine owned by Ivanhoe Mines in South Africa — one of the world’s largest platinum group metals (PGM) development projects — is ramping up production “to help meet this growing global demand”. Ivanhoe’s three main projects Ivanhoe Mines is a Canadian mining company focused on developing and operating world-class critical mineral deposits across Africa. The company oversees three highly strategic flagship projects: The Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), one of the world’s fastest-growing and highest-grade copper mines. The Platreef project in South Africa, which produces platinum group metals, nickel and gold. The high-grade Kipushi zinc mine. As founder of Ivanhoe Mines, Robert Friedland has positioned the company as a key supporter of the global energy transition through the supply of base metals extracted under high sustainability standards and with low carbon emissions. In operational terms, the company has recorded growth, with copper production capacity continuing to expand as it seeks to become one of the world’s largest producers. By mid-2026, Ivanhoe Mines has continued strengthening its position through extensive exploration in the Western Forelands region to identify new reserves and meet surging commodity demand from Asian markets, particularly China. Through strategic partnerships with CITIC Metal and Zijin Mining, Ivanhoe Mines has become not only a major force in the extractive sector, but also a key player in the geopolitics of securing strategic mineral supplies worldwide. (DK/MT/ZH) Source： https://www.idnfinancials.com/news/63701/robert-friedland-china-buying-up-global-platinum-on-a-massive-scale

Benefiting from both rising gold prices and increasing volumes, Zijin Mining delivered a stellar report card. In Q1, the company achieved revenue of 98.5 billion yuan, up 24.79% YoY; net profit attributable to shareholders of the publicly listed firm reached 20.1 billion yuan, surging 97.50% YoY, nearly doubling; total profit soared 115% YoY to 31.6 billion yuan, with all core financial metrics hitting record highs across the board. The underlying logic behind the accelerating profitability was clearly identifiable: the historic breakthrough in gold prices served as the most direct catalyst. The unit price of gold ingots jumped from 661.83 yuan/g in the same period last year to 1,089.04 yuan/g, a gain of over 64%, and the gross margin of mine-produced gold expanded from 52.91% to 69.60%; silver prices also surged in tandem, soaring from 5.50 yuan/g to 15.33 yuan/g, with the gross margin of mine-produced silver leaping to a remarkable 85.59%. The company's overall mine enterprise gross margin rose from 59.94% to 71.01%, and the comprehensive gross margin also climbed from 22.89% to 36.33%, with the price dividend fully realized. Meanwhile, the rise of the lithium segment was reshaping the company's profit structure. Lithium carbonate equivalent production reached 16,229 mt in Q1, compared to only 1,376 mt in the same period last year, up over 10 times YoY, with an average selling price of 101,456 yuan/mt and a gross margin as high as 61.44%. The company expects full-year 2026 lithium carbonate production to reach 120,000 mt, and plans to increase it to 270,000–320,000 mt by 2028, at which point it will rank among the world's largest lithium ore producers. The lithium business is evolving from a marginal increment to a core profit engine. Gold Prices Exceeded Expectations, with the Gold Segment Contributing Core Profits Gold was the largest engine of profit growth this quarter. The company's mines produced 23,497 kg of gold, up 23% YoY, benefiting not only from volume growth but also from a price tailwind. The average price of gold ingots reached 1,089.04 yuan/g, and the average price of gold concentrates reached 1,010.55 yuan/g, up approximately 65% and 64% YoY, respectively. The sources of incremental growth also warranted attention. Zijin Gold International's newly acquired Akyem Gold Mine in Ghana and Ridgold Polymetallic Mine in Kazakhstan, acquired in 2025, had begun contributing production, with the benefits of external M&A gradually being released. Under the resonance of high gold prices and volume growth, the gross margin of mine-produced gold business surged significantly: the gold ingot gross margin rose from 52.91% to 69.60%, and the gold concentrates gross margin climbed from 71.05% to 80.89%, delivering a notable boost to overall profits. Copper: Kamoa-Kakula Production Cuts Dragged Down Output, While Other Mines Advanced Steadily The copper segment produced 259,214 mt of mine-produced copper in Q1, down from 287,571 mt in the same period last year, primarily due to a sharp decline in equity production at the Kamoa-Kakula copper mine — plunging from 59,163 mt in the same period last year to 27,361 mt, a drop of over 50%. Excluding this disruption, the company's other copper mines all advanced in an orderly manner as planned. Of particular note was the Julong Copper Mine Phase II, which was officially commissioned in late January 2026 and contributed 60,000 mt of mine-produced copper in Q1. The capacity was still in the ramp-up stage, with further incremental output expected going forward. Rising copper prices also effectively offset the volume pressure. The average price of copper concentrates rose from 60,179 yuan/mt to 81,543 yuan/mt, with the gross margin further improving from 65.05% to 70.84%; the gross margins of electrodeposition copper and copper cathode also expanded to 61.61% and 56.20%, respectively. The smelting copper business had a gross margin of only 0.32% due to thin processing profits, but scale effects still enabled it to contribute a considerable absolute profit amount. Lithium Segment: A Leap from Zero to One, Targeting the World's Largest by 2028 The lithium business was the segment with the most dramatic changes in this quarterly report. Lithium carbonate equivalent production reached 16,229 mt (with Q1 sales of 13,329 mt), achieving an order-of-magnitude expansion from the base of 1,376 mt in the same period last year, driven by the capacity ramp-up following the successive commissioning of multiple projects including the 3Q Salt Lake lithium mine, the Lagocuo Salt Lake lithium mine, and the Xiangyuan hard-rock lithium mine. Profitability was equally impressive — lithium carbonate had an average selling price of 101,456 yuan/mt and a gross margin of 61.44%, second only to silver and ranking as the second highest among all products, reflecting the inherent cost advantages of salt lake lithium resources. In stark contrast, the lithium carbonate gross margin in Q4 last year was only 24.59%, surging nearly 37 percentage points within just one quarter, benefiting from both improved product mix and a cyclical recovery in lithium prices. Of greater strategic significance was the long-term plan: the main mining and processing workflow of the Manono lithium mine northeast project had been fully connected, and is expected to be completed and commissioned in June this year; the company plans to achieve lithium carbonate equivalent production of 270,000–320,000 mt by 2028, at which point it will become one of the world's largest lithium ore producers. Management has explicitly positioned the lithium segment as the "third pillar" core profit source after copper and gold. Cash Flow and Balance Sheet: Ample Ammunition, Strong Foundation for Expansion Financial structure side, total assets reached 549.9 billion yuan at the end of Q1, up 7.41% from the beginning of the year; the cash and bank balance was 99.4 billion yuan, a significant increase of 33.8 billion yuan from 65.6 billion yuan at the beginning of the year, with cash and cash equivalents reaching 90.3 billion yuan at period-end. The ample cash reserves provided sufficient ammunition for the company to pursue global mine M&A opportunities and fund capital expenditures on projects under construction. Net assets side, equity attributable to shareholders of the publicly listed firm reached 200.4 billion yuan, up 8.02% from the beginning of the year; the weighted average return on equity (ROE) reached 10.35%, up 3.23 percentage points from 7.12% in the same period last year, with capital return efficiency continuing to improve. The liability side saw some expansion, with short-term borrowings increasing from 32.3 billion yuan to 41.2 billion yuan, bonds payable rising from 47.4 billion yuan to 56.3 billion yuan, and total liabilities amounting to 282.5 billion yuan, an increase of approximately 21.5 billion yuan from the beginning of the year, primarily to support project construction and capacity expansion. Although the absolute scale of debt rose, the company's debt-servicing capacity was not under pressure given the significant improvement in operating cash flow, with the asset-liability ratio at approximately 51.4%, remaining well under control overall.

Ivanhoe Mines has issued its latest production guidance. Its Kamoa-Kakula project is expected to produce 290,000 to 330,000 metric tons of copper in anode form in 2026, and 380,000 to 420,000 metric tons in 2027. This represents a reduction of 90,000 metric tons compared to the previous production guidance of 380,000 to 420,000 metric tons for 2026.

Shanghai, China (January 23, 2026): Shanghai Metals Market (SMM) is thrilled to announce a strategic cooperation between the 2026 (21st) SMM Copper Industry Conference & Expo and Women in Mining Africa (WiM-Africa).

Ivanhoe Mines released its 2025 production results and 2026 guidance, confirming that the Kamoa-Kakula Copper Complex in the DRC produced 388,838 tonnes of copper in concentrate in 2025, meeting its full-year guidance. Ivanhoe reaffirmed previously issued 2026 copper production guidance of 380,000–420,000 tonnes. Ramp-up of the on-site smelter is progressing as planned, with 99.7%-pure copper anode output already averaging around 500 tonnes per day and first exports expected imminently. By-product sulphuric acid production is also underway, supporting future margin expansion. At the Kipushi zinc mine, 2025 production reached a record 203,168 tonnes of zinc in concentrate, achieving guidance, while 2026 zinc production guidance has been set at 240,000–290,000 tonnes.