This article explains the 2026 revision of Vietnam's Mineral Law, including adjustments to mineral classification, optimization of mining permit rules, and enhancements to mineral control. These changes may have a significant impact on mining enterprises, particularly those involved in metallic mining activities in Vietnam, possibly affecting areas such as business operations, policy and tax compliance, upstream mining, and open new opportunities in mineral recycling business.

The PSJ Cobre Mendocino copper project has applied for Argentina’s Large Investment Incentive Regime (RIGI), with planned investment of around $630 million. If approved, it would become the first major metal mining project in Mendoza province. The development could strengthen Argentina’s position in global copper supply.

On Feb 24, 2026, China placed 20 Japanese firms, including Subaru, on an export control watchlist for unverifiable end-use of dual-use items. This signals tighter controls on critical minerals and tech amid geopolitical and supply chain shifts. The analysis examines the firms' supply chain roles and the long-term industrial implications.

[SMM Survey: North American Magnesium Industry Accelerates Layout, Chinese Export Prices Rise, Global Magnesium Market Awaits Post-Holiday Volume Release] Recently, the global magnesium industry has shown a pattern of accelerated regional layout alongside trade competition. In North America, Western Magnesium relocated to a new plant in Las Vegas, accelerating the construction of its clean magnesium demonstration production line; it plans to commission its continuous vacuum reduction process within six months, aiming to verify scalability feasibility and promote low-carbon magnesium production. Innomin Minerals is advancing a large magnesium ore project in British Columbia, Canada, with drilling confirming near-surface wide mineralization, magnesium grade consistently above 20%, leaching recovery rate close to 99%, and associated nickel, cobalt, and platinum group metals further highlighting the resource value. On the export market, post-Chinese New Year, China's magnesium ingot FOB offers broke through $2,400-2,450/mt, showing a significant increase compared to pre-holiday levels. Orders accumulated during the holiday are mainly for March shipment, with concentrated post-holiday shipments by traders boosting short-term activity; however, overseas buyers, affected by high ocean freight rates and high prices, are placing orders cautiously, with a strong wait-and-see sentiment. Industry insiders expect a potential peak in new overseas orders from late February to early March, with subsequent trends needing to monitor the pace of European inventory digestion and changes in ocean freight rates.

[Mining and Metallurgical Enterprise Dynamics] Yesterday, China Nonferrous Metal Mining (Group) Co., Ltd. and China Gold Group Co., Ltd. signed a comprehensive framework agreement to deepen strategic cooperation. In the fields of geological exploration and mineral resource development, the two parties will collaborate on prospecting, exploration, resource investment, and development, focusing on key metallogenic belts both domestic and overseas, as well as regions along the Belt and Road, jointly expanding the overseas mineral resource market.

On June 16 (Monday), Ecuador's Ministry of Mines announced on Monday that the country had initiated the registration of new mining concessions for the first time in seven years, aiming to attract more mining projects and curb illegal mining operations. Due to concerns about irregularities in the concession system, the country closed the registration of mining concessions in 2018 and has not awarded any new concession contracts since then. "Mining needs regulation to ensure investment and promote environmentally and community-responsible development," said Ines Manzano, the country's Minister of Mines, at a press conference. The ministry will open registration in several phases, starting with small-scale non-metallic mining. The next phase, targeting small-scale metal mining, will begin in September. The country will open registration for other types of mining in early 2026. "We have revised the regulations and will issue guidelines to promote the proper development of the mining value chain." Ecuador mainly produces copper, gold, and silver, and the country's mining export value exceeded $3 billion last year. Despite having abundant resources, the country has lagged behind regional countries such as Peru and Chile in developing large-scale mining due to opposition from indigenous communities and unfavorable court rulings. The government has also proposed new mining royalties, which have sparked strong opposition from the country's mining chamber. Carolina Jaramillo, a government spokesperson, said on Monday that the new mining royalties would correspond to the size and type of mining projects and that "open dialogue" was ongoing with industry representatives.

China Nonferrous Mining Corporation Limited (01258) announced that on June 16, SM Minerals entered into a subscription agreement with AM shareholders, pursuant to which SM Minerals agreed to issue and allot subscription shares, and the company agreed to subscribe for such shares at the subscription price. The company will pay the subscription price through share subscription, acquiring a 10.5% stake in the issued share capital of SM Minerals. The subscription price will be primarily used for technical exploration and development work at the Benkala Mining Project. This strategy helps to reduce investment risks and effectively utilize the resources and expertise of SM Minerals. The subscription price amounts to US$11,763,850, and the company shall pay the amount to the escrow account or designated bank account of SM Minerals (as confirmed by SM Minerals, the company, and AM shareholders) in immediately available funds on the closing date in accordance with the subscription agreement. According to the subscription agreement, the three parties agree to use their best efforts to cooperate in good faith to negotiate and finalize the definitive agreements, including but not limited to entering into an option agreement for the company to further acquire an aggregate of 65% of the issued shares of SM Minerals from the original shareholders by the final date. The announcement by China Nonferrous Mining Corporation Limited outlined the contents of the preliminary agreement: the company, SM Minerals, and AM shareholders entered into preliminary agreements on November 20, 2024, January 24, 2025, and April 25, 2025, respectively, concerning the transfer of 5,265 shares of SM Minerals (representing 5% of the issued share capital of SM Minerals) for a consideration of US$5,000,000. The closing of the preliminary agreement was completed on May 16, 2025. Regarding the reasons and benefits of the acquisition, China Nonferrous Mining Corporation Limited stated: SM Minerals is registered at the Astana International Financial Centre (AIFC) in Kazakhstan and, through its subsidiaries, owns assets such as the Benkala North mining right (with copper metal reserves of approximately 1.5 million mt) and the Benkala South exploration right, meeting the conditions for large-scale mining. This investment provides an opportunity for the group to expand its business into the copper mining sector in Kazakhstan, optimize its mineral resource portfolio, and enhance its market position and competitiveness. The addition of copper resources will drive the optimization of the group's resource strategy and future growth, marking a crucial step for long-term development. By signing the preliminary agreement, subscription agreement, and option terms, the company hopes to achieve a controlling stake in SM Minerals in the future. China Nonferrous Mining Corporation Limited also announced on June 16 that its subsidiary, CNMC Hong Kong Holdings, signed the 2025 Gecamines Copper Cathode Purchase Agreement with Gecamines on June 16, 2025. The total value of the agreement is approximately US$67.03 million, for the purchase of 7,000 mt of high-grade copper cathode processed through the hydrometallurgical method by CNMC Huaxin. CNMC Hong Kong Holdings is a subsidiary of the company. Gecamines holds a 40% stake in the company's subsidiary, Kampombo Mining, and is a connected person at the subsidiary level of the company under the Listing Rules. Therefore, in accordance with Chapter 14A of the Listing Rules, the transactions proposed under the 2025 Gecamines Copper Cathode Purchase Agreement constitute connected transactions for the company. According to the 2024 annual report previously released by CNMC, the company achieved revenue of $3.817 billion in 2024, up 5.8% from $3.606 billion in 2023. Net profit was $558 million, up 46.2% from $381 million in 2023. Profit attributable to owners of the company was $399 million, up 43.6%. Basic earnings per share were approximately 10.34¢, an increase of approximately 2.91¢ from 7.43¢ in 2023. In the financial review, the cost of sales was $2.767 billion, up 1.4% from $2.729 billion in 2023, primarily due to increased sales of blister copper and copper anodes, as well as rising international copper prices. Gross profit was $1.049 billion, with the gross profit margin increasing from 24.3% to 27.5%. The company effectively controlled distribution and selling expenses, which decreased to $8.7 million. In terms of business segments, the hydrometallurgy and smelting segments performed well, with external sales revenue from the hydrometallurgy segment reaching $1.094 billion and from the smelting segment reaching $2.722 billion. Overall, despite a decline in the production of copper cathode and cobalt hydroxide, the overall revenue growth remained significant, primarily driven by rising copper prices and improved production efficiency. When commenting on CNMC's 2024 annual report and Q1 2025 results, Minsheng Securities stated that the company's net profit attributable to shareholders in 2024 reached a record high, mainly due to rising copper prices. In Q1 2025, the company's net profit attributable to shareholders increased significantly both YoY and QoQ, primarily due to rising copper prices and the normalization of copper production. Key highlights: ① Endogenous growth: CNMC's subsidiaries, including CNMC Africa Mining, CNMC Luanshya, and Chambishi Hydrometallurgy, will research and advance the following projects over the next 3-5 years: expansion of the Chambishi Southeast orebody, the new mine at CNMC Luanshya, the mining and beneficiation project at the Samba mine, and the production resumptions at the Gangpofu West orebody and MSESA orebody, indicating substantial room for endogenous growth. ② Extensive M&A: At the group level, to address horizontal competition, the DRC company and the Deziwa copper mine are expected to be injected into the publicly listed firm. ③ Rare high-dividend copper target. Risk warnings: Continuous decline in smelting and processing fees, decline in copper prices, and geopolitical risks. In its research report commenting on CNMC, Guosen Securities stated: Regarding core mines: In 2024, CNMC Africa Mining produced approximately 68,200 mt of copper anodes, down approximately 11% YoY; CNMC Luanshya produced approximately 44,400 mt of copper cathode, up approximately 2% YoY, and 4,159 mt of copper anodes, down approximately 47% YoY; Gangpofu Mining produced approximately 34,400 mt of copper cathode, up approximately 4% YoY. High Dividend Payout Ratio: The company plans to distribute a dividend of 4.2893¢ per share, with a total dividend amount of approximately $167 million, accounting for 42% of the company's net profit attributable to shareholders in 2024. The company has maintained a dividend payout ratio of over 40% for four consecutive years since 2020, with its dividend payout ratio and dividend yield ranking among the leading levels in the industry. The company's captive mine is expected to gradually increase its annual copper production to approximately 300,000 mt in the medium and long term. Risk Warnings: Risk of mineral product selling prices not meeting expectations, risk of the company's project construction progress not meeting expectations, and risk of changes in policies related to mineral resources in overseas countries.

On June 12th, Bloomberg reported that Teck Resources and Sumitomo Metal Mining are locked in a dispute over treatment and refining charges (TC/RCs) in a major copper concentrate supply agreement. The disagreement, centered on shipments from Teck’s Quebrada Blanca and Highland Valley mines, has prompted the appointment of lawyers to select an industry expert as an independent referee. The clash highlights cracks in the traditional benchmark pricing system, after Antofagasta’s 2025 deal with Chinese smelters set TC/RCs at $21.25/2.125 cents, far below historical norms. Some Japanese buyers, including Sumitomo, have resisted adopting this benchmark amid sharply falling spot TC/RCs, which have recently turned negative. The situation underscores growing tension between well-funded Chinese smelters and financially pressured Western peers, with some smelters in the Philippines and Namibia already suspending operations.

Date Set! 2025 SMM Copper Conference will be officially held from October 15-17! Register Now The conference will focus on technological breakthroughs, market trends, policy coordination, and international cooperation within the copper industry chain. It will feature keynote speeches, industry matchmaking, project signings, technology exhibition, and other sessions. We sincerely invite leading enterprises, research institutions, financial institutions, and industry experts from both domestic and overseas markets to participate and jointly explore new paths for the coordinated development of the industry chain. Conference Highlights Copper Industry Gathering The SMM Copper Conference is an annual grand event for the copper industry, bringing together industry leaders, traders, analysts, and other professionals from around the world. Participants have the opportunity to discuss and understand the latest trends, challenges, and opportunities in the copper market. SMM Copper Industry Carnival Gala Dinner The Copper Metal Carnival Gala Dinner is the social highlight of the annual conference, exclusively for invited VIP guests. It provides a unique networking opportunity and is one of the most important social events in the metal industry. Data & Analysis The SMM Copper Conference offers a wealth of market data and analytical reports to help participants gain in-depth insights into market dynamics and future trends. Participants can access detailed data and insights on copper metal prices, trading volumes, warehousing conditions, and more. Cutting-Edge Topic Discussions The Copper Conference includes multiple panel discussions and speeches covering a wide range of topics, from market forecasting to technological innovation, supply chain management, and the use of financial instruments. Through these discussions, participants can gain a more comprehensive understanding of the industry and practical insights. Global Perspective & International Collaboration The conference will explore the current state and future development trends of the metal industry from a global perspective, promoting international cooperation and exchanges. It features an online 1V1 appointment system to facilitate global participants in arranging meetings and exchanges. It serves as a centralized communication platform for long-term contract negotiations among upstream and downstream participants in the metal mining, smelting, and trading sectors. Register to Attend Target Attendees Downstream industries of copper mining, smelting, processing, and end-use applications · Copper Raw Material Sector Copper Mining Enterprises · Third-Party Service Providers Processing equipment, environmental protection equipment, automation equipment, etc. · Others Government, associations, industry experts, university research institutions, financial institutions, media, platforms, associations, futures companies, securities firms, and banks. · Copper Smelting Sector Copper Smelters · End-Use Sector Electronics, electrical, automotive parts, semiconductors, cables, circuit boards, PV, batteries, etc. · Processing Sector Copper rod, copper plate/sheet and strip, copper billet, copper busbar, copper pipe & tube, copper foil Register to Attend Overall Schedule Conference Agenda Forum 1: Precision Copper Processing Intelligent Manufacturing Forum October 15, Afternoon 13:30-14:00 2025 Copper Processing Material Capacity and Industry Analysis 14:00-15:00 Roundtable Discussion: Current Status and Future Trends of Copper Processing in 2025 15:00-15:30 Market Applications and Trends Outlook for Copper Pipes and Rods 15:30-16:00 Direct Rolling Technology for Secondary Copper: A Closed-Loop Path from Scrap to High-End Copper Rods 16:00-17:00 Roundtable Discussion: Where Should the Copper Industry Go Amid Overcapacity? Main Forum October 16, Morning 09:00-09:20 Opening Ceremony Speech 09:20-09:40 Global Copper Industry Chain Supply-Demand Pattern and Price Forecast for 2025 09:40-10:10 China's Copper Resource Strategy and Countermeasures for Overseas Investment Risks 10:10-10:30 Secondary Copper: The Key to Circular Economy for Breaking Resource Constraints 10:30-10:50 Planning for High-Quality Development of China's Copper Industry 10:50-11:10 Tea Break 11:10-12:00 Roundtable Discussion: Breakthroughs in the Copper Industry: Triple Challenges of Resources, Technology, and Markets 12:00-13:30 Buffet Lunch + Lunch Break Registration Forum II: Key Application Forum for Copper-Based New Materials October 16, Afternoon 13:30-14:00 Current Status and Trends of Global New Energy Development 14:00-14:30 Preparation Technology for New Generation High-Performance Rolled Copper Foil 14:30-15:00 Future Strategies for NEV Products and Application Trends of Green Materials 15:00-16:00 Roundtable Discussion: New Materials and New Applications in Intelligence, AI, Robotics, etc. 16:00-16:30 Effect of Thermomechanical Treatment on the Microstructure and Properties of Cu-Ni-Si Alloy 16:30-17:00 Application of Intelligent Technology in Copper Alloy Design and Strip Processing Forum III: Forum on Low-Carbon Energy Transition in the Copper Industry October 16, Afternoon 13:30-14:00 Interpretation of China's Copper Industry Policies and Transition Pathways under the "Dual Carbon" Goals 14:00-14:30 Innovation Practices in Green Mines and Low-Carbon Smelting Technologies 14:30-15:00 Research on Energy and Carbon Efficiency in Various Links of the Copper Industry 15:00-16:00 Roundtable Discussion: Symbiosis of Metals and Energy 16:00-16:30 Analysis of Costs and Opportunities for Copper Enterprises in the Carbon Trading Market 16:30-17:00 Practical Cases of Revenue from ESS Technologies for Enterprises Registration for Attendance

As a critical material in fields such as aerospace, integrated circuits, and high-speed rail transportation, high-end copper alloys have an increasingly prominent strategic position. Despite China's copper semis production and consumption ranking first globally for consecutive years, with a self-sufficiency rate of general copper semis reaching as high as 96%, the country still heavily relies on imports for high-end copper alloy products. To address this "chokehold" challenge, SMM recently launched an initiative for industrial resource integration, collaborating with upstream and downstream enterprises in the industry chain, as well as research institutions, to meticulously produce the "2026 China Copper Alloy Materials Sourcing Guide" , aiming to advance the localisation process of high-end copper alloy materials and facilitate the transition from being a "major material producer" to a "leading material powerhouse." This time, CNMC Zhengrui (Shandong) Copper Industry Co., Ltd. actively participated in the joint production of the sourcing guide as a partner, jointly promoting the healthy and rapid upgrading of China's copper alloy materials industry chain. CNMC Zhengrui (Shandong) Copper Industry Co., Ltd. , affiliated with China Nonferrous Metal Mining (Group) Co., Ltd., is the only enterprise in China with full-chain production capabilities, including processing of base materials for copper foil, high-precision copper foil rolling, surface anti-oxidation, reddening, and blackening treatments. It is the largest high-precision copper alloy plate, strip, and high-precision rolled copper foil production site in Shandong Province, renowned domestically, and welcomes cooperation discussions. Main Products: Copper and copper alloy plates, strips, and sheets (red copper, cupronickel, brass, iron bronze, copper-nickel-silicon, copper-nickel-tin, etc.); Copper and copper alloy rolled foil materials (high-flexibility copper foil, blackened foil, reddened foil, anti-oxidation bare foil, alloy foil, etc.) Contact Information Gao Ming Director of Sales Department 138 6954 2345 Click here to receive a free copy of the "2026 China Copper Alloy Materials Sourcing Guide" SMM Contact Person Zhang Wencheng 187 6645 7954 zhangwencheng@smm.cn