[Australian Typhoons Continued to Disrupt, and Import TCs Kept Falling]: Weekly data showed that the average weekly domestic SMM Zn50 TC held flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell $6.02/dmt MoM to $5.23/dmt...

[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.

BHP has selected its largest-ever group for the annual Xplor program, which supports early-stage mineral exploration.On Monday, the Australian miner announced that the 2026 cohort will include 10 companies—a record number—with total seed funding of US$5 million. The group consists of six early-stage exploration companies and four technology firms, highlighting the growing role of data analytics in mineral discovery.BHP stated that the selection reflects a more integrated approach to early-stage exploration, where geological insight, data, and emerging technologies increasingly come together, and cross-disciplinary collaboration is becoming central to the evolution of discovery.

The record of investor relations activities of Yunnan Copper from June 11 to June 13, 2025, recently released by Yunnan Copper, shows: Regarding the company's basic information, Yunnan Copper introduced: Yunnan Copper was listed on the Shenzhen Stock Exchange in 1998. Its main businesses cover copper exploration, mining, beneficiation, smelting, extraction and processing of precious metals and minor metals, sulfur chemical industry, and trade. It is an important production site for copper, gold, silver, and sulfur chemicals in China. Among them, the capacity for copper cathode is 1.4 million mt. The company is the only publicly listed firm in the copper industry of Chalco and China Copper. In Q1 2025, the company produced 348,900 mt of copper cathode, up 48.15% YoY; 5.80 mt of gold, up 95.63% YoY; 128.48 mt of silver, up 54.31% YoY; 1.3872 million mt of sulphuric acid, up 23.61% YoY; and 13,900 mt of copper in copper concentrates, down 15% YoY. At the end of Q1 2025, the company's total assets were 49.256 billion yuan, with an asset-liability ratio of 62.39%. It achieved an operating revenue of 37.754 billion yuan, up 19.71% YoY; a total profit of 922 million yuan, up 14.11% YoY; a net profit attributable to publicly listed firms of 560 million yuan, up 23.97% YoY; and a basic earnings per share of 0.2793 yuan, up 23.97% YoY. II. Q&A Session 1. In the face of the sluggish processing fee situation this year, what measures has the company taken to respond? Yunnan Copper stated: On the one hand, the company has strategically planned for "digital and intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying secondary (copper), and meticulously managing minor (metals)", and increased the extraction of urban mines and minor metals. On the other hand, in 2025, the company focuses on the key work of extreme operation, striving to promote high-quality development of the company, and advancing cost reduction with iron determination. After several years of cost reduction, quality improvement, and efficiency enhancement, the costs of the company's main products have certain competitiveness. In addition, the company has increased the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to enhance the company's comprehensive competitiveness. 2. What is the expected impact of the current smelting processing fees on the company's profits? Yunnan Copper stated: Since this year, long-term contracts and spot TC have seen significant declines compared to last year. The company has offset the adverse impact of the decline in processing fees through measures such as cost reduction, expanding procurement channels, and increasing direct supply of ore from mines. In addition, the company focuses on the layout of secondary copper and minor metals, while continuing to increase the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to offset the profit pressure caused by the decline in processing fees. 3. What is the approximate sales volume and price of sulphuric acid for the company this year? Yunnan Copper Science & Technology Development Co., Ltd. stated: Sulphuric acid is a by-product of the company's copper smelting process, and its price varies due to regional factors. In Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 4. What efforts has the company made in resource acquisition? Yunnan Copper Science & Technology Development Co., Ltd. stated: The company attaches great importance to the replacement of mine resources and has increased capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper resource metal content, achieving the annual target and realizing annual reserve increases greater than mine output consumption for four consecutive years. In addition, on the basis of managing existing mines and smelters well, the company actively focuses on high-quality copper resource projects. 5. The company announced its intention to issue shares to purchase a 40% stake in Liangshan Mining held by Yunnan Copper Group. What is the current progress, and what advantages will it bring to the company? Yunnan Copper Science & Technology Development Co., Ltd. stated: On May 13, 2025, the company issued the "Announcement on Suspension of Trading for the Purpose of Planning to Issue Shares to Purchase Assets and Raise Supporting Funds", indicating that the company is planning to issue shares to purchase a 40% stake in Liangshan Mining Co., Ltd. held by Yunnan Copper (Group) Co., Ltd. and raise supporting funds. Currently, the company and relevant parties are actively promoting various aspects of this transaction. Liangshan Mining is a copper resource production and smelting enterprise spanning the copper mining, beneficiation, and smelting industries, covering copper, iron, and sulphuric acid products. Liangshan Mining owns high-quality copper resources such as the Lala Copper Mine and Hongnipo Copper Mine, currently capable of producing approximately 13,000 mt of copper concentrates, 119,000 mt of copper anodes, and 400,000 mt of industrial sulphuric acid annually. Liangshan Mining is one of the core copper resource production and smelting bases under China Copper Corporation. As of the end of March 2025, the high-quality copper mine resources it holds, including the Hongnipo Copper Mine, Lala Copper Mine, and Hailin Copper Mine, have a copper metal reserve of 779,700 mt, with an average copper grade of 1.16%, higher than the current average copper grade of 0.38% at Yunnan Copper Science & Technology Development Co., Ltd. In 2024, it successfully bid for and obtained the exploration rights to the Hailin Copper Mine in Huili City, Sichuan Province, with a mining area of 48.34 square kilometers, further enhancing the resource reserve potential of Liangshan Mining. In addition, the copper mining costs of the mines owned by Liangshan Mining are relatively low, demonstrating good cost competitiveness. The sulphuric acid sales prices in south-west China, where Liangshan Mining is located, are also relatively favorable. This time, the company intends to acquire a 40% stake in Liangshan Mining held by its controlling shareholder, Yunnan Copper Group, which can further resolve horizontal competition and ensure the faithful implementation of relevant commitments. Meanwhile, Liangshan Mining boasts significant resource advantages and a solid profitability foundation, with a return on net assets higher than the industry average. Upon completion of the Hongnipo Copper Mine, it will reach a medium-to-large scale among copper mines, further enhancing its profitability. After the injection of Liangshan Mining into Yunnan Copper, it can effectively increase the publicly listed firm's equity copper resource reserves, enhance the overall asset and profit scale as well as the industry position of the publicly listed firm, facilitate the full play of business synergies by the publicly listed firm, strengthen the reserve of high-quality resources and capacity layout, enhance comprehensive strength and core competitiveness, and promote the high-quality development of the publicly listed firm. In addition, this acquisition is a specific measure taken by the company to implement the relevant opinions of the SASAC of the State Council on improving and strengthening the market value management of listed firms controlled by central state-owned enterprises, and to carry out M&A and restructuring activities that are conducive to enhancing the investment value of listed firms, which is conducive to safeguarding the rights and interests of the listed firm and all its shareholders. 6. What is the construction status of the Hongnipo Project of Liangshan Mining? Yunnan Copper stated: The Hongnipo Copper Mine is currently in the construction phase. The total identified ore reserves amount to 41.606 million mt, with an average copper grade of 1.42% and a copper metal content of 592,900 mt. The company will closely monitor the project's construction progress and strictly fulfill its information disclosure obligations in accordance with relevant regulations such as the "SZSE Listing Rules". Please stay tuned for the company's announcements. According to the record of Yunnan Copper's investor relations activities on March 26, 2025 (Interpretation Meeting Series I for the 2024 Annual Report) previously announced by Yunnan Copper: In 2024, Yunnan Copper adhered to the guidance of Party building, continued to strive and forge ahead, comprehensively implemented the decisions and deployments of the company's Party committee and board of directors, overcame unfavourable factors such as a significant decline in TC and the shutdown of the old facilities of Xinan Copper, and maintained a stable operating situation. The company produced 1.206 million mt of copper cathode, 12.71 mt of gold, 348.99 mt of silver, and 4.8286 million mt of sulphuric acid throughout the year. As of year-end 2024, its total assets amounted to 43.557 billion yuan, with an asset-liability ratio of 57.66%. It achieved operating revenue of 178.012 billion yuan, total profit of 2.316 billion yuan, net profit attributable to the publicly listed firm of 1.265 billion yuan, and basic earnings per share of 0.6312 yuan. The company intends to distribute a cash dividend of 2.4 yuan (tax included) for every 10 shares to all shareholders, without converting capital reserves into share capital. What is the construction progress of the relocation project of the Xinan Copper Branch previously announced by the company? Yunnan Copper previously responded during an institutional survey: The electrolysis system of the upgrade and renovation project for the relocation of Xinan Copper was commissioned with load at the end of June 2024, and the pyrometallurgy system entered the load commissioning phase in mid-October 2024, successfully producing copper anodes. As of now, the overall project for the relocation and upgrade of Xinan Copper has been fully completed and is currently in the load commissioning phase. This project is conducive to optimizing the company's smelting layout and production processes, achieving efficient comprehensive utilisation of resources, reducing production costs, and enhancing the company's overall competitiveness, aligning with the company's development needs for green, low-carbon, large-scale, short-process, low-cost, and digital intelligence. When asked about the company's progress in resource acquisition in 2024, Yunnan Copper previously responded during an institutional survey: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. When analyzing the company's core competitiveness, Yunnan Copper mentioned that its good resource reserves are one of its core competitiveness factors: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. The company's main mines, including the Pulang Copper Mine, Dahongshan Copper Mine, and Yangla Copper Mine, are mainly distributed in the Sanjiang Metallogenic Belt, with favourable metallogenic geological conditions and potential for further prospecting. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. The 2025 financial budget plan disclosed by Yunnan Copper in its 2024 annual report indicates the following production plans for the company's main products in 2025: The company expects to produce 54,600 mt of copper in copper concentrates, 1.52 million mt of copper cathode, 16 mt of gold, 680 mt of silver, and 5.364 million mt of sulphuric acid throughout the year. The investment plan for 2025 is 1.617 billion yuan, covering fixed asset investments, digital projects, and geological exploration projects. During a survey, Yunnan Copper stated that in Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 》Click to view SMM spot copper prices 》Subscribe to view historical SMM spot metal price trends Reviewing the sulphuric acid price trend in Q1, it can be seen that: In Q1, both domestic and overseas demand was strong, leading to an increase in the price of smelting acid. As of March 28 (week), the average weekly price of smelting acid (sulphuric acid) in Yunnan was 780 yuan/mt, up 280 yuan/mt from the average weekly price of 500 yuan/mt on December 27, 2024 (week). From the perspective of the average price increase, the Q1 increase was 56%. According to SMM, domestically, in Q1, sulphuric acid prices were supported by "spring ploughing" and the cost of raw materials. Overseas, demand was relatively strong in Q1, with export prices also rising to a relatively high level in recent years. After reaching a high average annual price of 780 yuan/mt, with the end of spring ploughing, the operating rates of downstream fertilizer enterprises declined, and domestic demand weakened. Domestic sulphuric acid prices began to weaken from mid-to-late April. In early May, influenced by the end of the spring ploughing season, sulphuric acid prices in many parts of the country were still in the process of pulling back, with significant declines particularly in the south China market, while prices in the northern market remained relatively stable overall. In mid-May, domestic sulphuric acid prices showed mixed performance, mainly due to the continuous release of fertilizer export information and the gradual implementation of related policies, leading to a gradual rebound in downstream demand. Sulphuric acid prices in the south stopped falling and stabilized. After entering late May, sulphuric acid prices in many parts of the country rose again. Since June, sulphuric acid prices in Yunnan have remained stable at the beginning of the month. However, recently, influenced by the escalating geopolitical conflicts and the resulting uncertainties, domestic sulphur and sulphuric acid prices have both risen significantly in the past week, with sulphuric acid prices showing a 15.38% increase in the week ending June 13, with its average price (as of the week ending June 13) rising to 600 yuan/mt.

According to MiningNews.net, in Q1, Australia's exploration sector was experiencing a significant downturn, with key indicators such as financing, exploration investment, and corporate cash reserves showing stagnation or substantial declines. Consulting firm BDO described Q1 as "the most disheartening quarter in recent years" in its latest report. The poor start to 2025 was reflected in a sharp 19% drop in mineral exploration investment to AUD 635 million, the lowest level since Q2 2021. The average investment per company was AUD 860,000, the worst performance since Q1 2021. The average cash surplus of exploration companies fell by 3% to AUD 9.8 million. Only 26 companies were able to raise more than AUD 10 million, collectively raising AUD 1.57 billion, compared to 57 companies raising over AUD 2.17 billion in Q4 of the previous year. This marked the worst period in six years. Additionally, due to mergers and acquisitions, executive appointments, or the delisting of entities that had been suspended for an extended period, the number of companies listed on the Australian Securities Exchange (ASX) decreased by 17, leaving only 747. There were no initial public offerings (IPOs) during this period, the first time since 2020. Sherif Andrawes, Head of Natural Resources and Energy Research at BDO, stated that the company's analysis of the data revealed a "worrying" state of the exploration sector. Signs of capital discipline and cautious spending suggest that the situation may deteriorate further in the future, especially since the federal budget in May abolished support policies such as the Junior Minerals Exploration Incentive (JMEI), which may pose greater challenges for junior exploration companies. "The significant decline in financing and exploration expenditure indicates increased investor caution and rising market uncertainty," Andrawes said. "Our quarterly analysis shows a poor start to 2025. In previous quarters, exploration companies had demonstrated some resilience in the face of weak commodity prices, particularly for uranium and lithium." Financing for lithium companies dropped by 90% to AUD 68.95 million, while financing for uranium miners came to a complete halt. As a safe-haven asset, gold mining companies emerged as a bright spot. Among the 26 companies that raised funds, 16 were gold miners, particularly Predictive Discovery and Black Cat Syndicate. Gold mining companies raised AUD 621 million, more than double the amount raised in the same period last year. Copper mining companies raised AUD 122 million, and silver exploration companies raised AUD 120 million. "M&A activity in the sector has also increased, with major transactions including Gold Fields' acquisition of Gold Road Resources and Ramelius Resources' acquisition of Spartan Resources," Andrawes said. Given the current market volatility, BDO expects gold to continue to dominate the trend in H2 2025.

According to Mining Weekly, the Australian Bureau of Statistics (ABS) released mineral exploration data for Q1 2025, showing declines both quarter-on-quarter (QoQ) and year-on-year (YoY). ABS data indicates that mineral exploration investment in Australia fell by 18.4% QoQ in Q1, a decrease of 181 million Australian dollars, and by 11.5% YoY, a decrease of 105 million Australian dollars. Regarding the above data released by ABS, Warren Pearce, President of the Association of Mining & Exploration Companies (AMEC), believes that this trend aligns with what its member companies have been saying. "Exploration has never faced such significant obstacles, and it is extremely difficult for companies to raise funds." "We keep hearing how important the mining industry is to the national economy, but we haven't seen any substantive support." He emphasized that reforms are necessary to reverse this trend. "From land use and environmental approvals to coexistence with the renewable energy sector, these issues were once distant but are now upon us." Quarterly exploration investment peaked at 1 billion Australian dollars in 2023 but fell to 804.7 million Australian dollars in Q1 2025. Drilling activities also declined. Greenfield drilling fell by 21.9% QoQ, with total footage decreasing by 11.6%. Western Australia, the engine of Australia's mineral exploration, experienced the largest decline. Mineral exploration investment in the state fell from 715 million Australian dollars in Q3 2023 to 530.6 million Australian dollars, a QoQ decline of 19.5% and a YoY decline of 4%. Copper, nickel, and base metals were most affected. Exploration investment in the Northern Territory was 22.5 million Australian dollars, the lowest level since Q2 2017. Greenfield exploration investment in the Northern Territory fell by 49% QoQ and 54% YoY, from 36.6 million Australian dollars in Q4 2023 to only 7.3 million Australian dollars in Q1 2025. The trend in Queensland was consistent with the national trend, with exploration investment falling from 165.9 million Australian dollars in Q4 2023 to 104.7 million Australian dollars. The rainy season in the state, including severe flooding, was the main reason for the decline. Over the past year and a half, exploration investment in South Australia decreased by 28 million Australian dollars, from 79.5 million Australian dollars in Q4 2023 to 51.7 million Australian dollars in Q1 2025. While most regions experienced declines, the situations in New South Wales and Victoria were different. Exploration investment in New South Wales increased by 6.1% in Q1, and in Victoria by 18.1%, mainly due to enhanced gold and mineral sands exploration activities. "Tasmania showed relatively stable performance, with a 2% increase to 10 million Australian dollars. However, on an annualized basis, this represents a 33% increase."

Guinea has just made a move that could send tremors through global commodity corridors, cancelling from 50 plus to 129 mineral exploration permits in a single sweep.

[SMM Magnesium News] Turpan City has thoroughly implemented the deployment of the new round of strategic action for mineral exploration breakthroughs at the national and autonomous regional levels. In Toksun County's Keziletage and Shanshan County's Jianxi No.1, 3.653 billion mt and 1.235 billion mt of dolomite ore have been respectively identified, meeting the general industrial indicators for dolomite used in magnesium smelting. This provides core raw material support for the construction of a magnesium-based new material industry in Turpan City. Relying on resources such as dolomite and limestone, the city is planning to build a magnesium-based new material economic industrial park, which is expected to drive social investment exceeding 5.5 billion yuan.

On May 21, North Copper stated on the investor interaction platform that the company has gold-related businesses. In 2024, the company sold 6,319 kg of gold, generating sales of 3.56 billion yuan, accounting for 14.77% of the total revenue. A small amount of gold is associated with the company's self-produced ore. The performance briefing announced by North Copper on May 20 revealed the following: 1. In the 2024 annual report, what is the progress of the company's major non-equity investment projects underway during the reporting period as of 2025? In particular, has there been an improvement in the returns from the high-performance rolled copper strip project with an annual production capacity of 50,000 mt and the 2 million m² rolled copper clad laminate (CCL) project for copper rolling and processing? North Copper responded: The company's comprehensive recovery project with an annual processing capacity of 1.5 million mt (optimized and changed from 800,000 mt) of copper concentrates has reached full production standards, except for the precious metals workshop. The Yuanzigou Tailings Pond Project at Tongkuangyu Mine has been completed and put into use. The high-performance rolled copper strip foil and CCL project is currently in the trial production stage. Product production is influenced by market development, and the capacity has not been fully released, with only partial production lines in operation. With improvements in production processes and the expansion of product market development, it will have a positive impact on the company's financial indicators. 2. Apart from gold, copper, and silver, does the company have products that deeply extract rare metals from other mineral contents, such as palladium, cobalt, and molybdenum? North Copper responded: The company's smelting comprehensive recovery products include valuable metals such as gold, silver, selenium, tellurium, platinum, palladium, and rhenium. 3. The 2024 profit distribution plan has been approved by the shareholders' meeting. When is the equity registration date? North Copper responded: The company's profit distribution plan will be implemented within two months after approval by the shareholders' meeting. The equity registration date for cash dividends has not yet been determined. Please stay tuned for company announcements. 4. Has the deep mining license for Tongkuangyu Mine been obtained? If not, what stage is it currently in? Has the mining license for the peripheral area of Hujiayu Mine been obtained? Will Zhongtiaoshan Group inject assets into the publicly listed firm in the future? North Copper responded: The on-site exploration work for deep prospecting below the 80-meter elevation at Tongkuangyu Mine has been completed, and the review of the resource reserve report is currently underway. The mining license for the peripheral area of Hujiayu Mine is in the process of being obtained. According to the relevant commitments made by Zhongtiaoshan Group, the controlling shareholder of the company, during the 2021 asset restructuring, within 24 months after Zhongtiaoshan Group obtains the mining license for the peripheral area of Hujiayu Copper Mine, it will transfer part or all of the equity of Hujiayu Mining Company and the corresponding mining license for the peripheral area of Hujiayu Copper Mine to the company through a non-public agreement transfer or a public listing transfer on a property rights trading institution. 5. Given the company's low valuation, does it have any share repurchase plans? North Copper responded: As a publicly listed firm controlled by local state-owned assets, the company attaches great importance to market value management. It will comprehensively utilize legal and compliant methods to continuously improve and strengthen market value management, carry out scientific, effective, and compliant market value management practices, further enhance its value creation and realization capabilities, continuously strengthen its market value management practices, and promote the company's high-quality development in accordance with the requirements of the "Regulatory Guidelines for Publicly Listed Firms No. 10 – Market Value Management." 6. The gold and copper smelting industries are currently facing intense competition, while environmental protection requirements are becoming increasingly stringent, leaving little room for profit. Does the company have plans to expand overseas or acquire new ore sources to increase its ore reserves and capacity? Additionally, apart from introducing new electronic copper foil products, does the company have any development and construction projects aimed at extending into more technologically advanced and higher value-added fields? North Copper responded: The company is strengthening the exploration, development, and reserve augmentation of copper ore resources, accelerating the exploration of deep-seated replacement resources at Tongkuangyu Mine. It is closely aligning with the national "New Round of Strategic Action for Mineral Exploration Breakthroughs," continuously promoting in-depth cooperation with scientific research institutions and exploration units, striving for policy support for domestic mine exploration and development, and achieving new breakthroughs in the exploration of copper ore resources surrounding its captive mines and within China. The company's copper deep-processing sector will expedite the trial production process, establish mid-to-high-end differentiated independent brands, seize market share with "specialized, refined, and unique" products, form core competitiveness with independent intellectual property rights, and embark on the path of becoming a customized supplier of personalized and differentiated copper foil and strip materials. North Copper disclosed its Q1 2025 report on April 30th. The company achieved a total operating revenue of 6.838 billion yuan, up 23.56% YoY; net profit attributable to shareholders of the publicly listed firm was 371 million yuan, up 57.29% YoY; net profit excluding non-recurring gains and losses was 365 million yuan, up 63.06% YoY; net cash flow generated from operating activities was 397 million yuan, down 8.57% YoY. During the reporting period, North Copper's basic earnings per share were 0.195 yuan, and the weighted average return on net assets was 5.77%. North Copper's 2024 annual report, previously released, showed that in 2024, the company achieved an operating revenue of 24.107 billion yuan, up 156.60% YoY; net profit attributable to shareholders of the publicly listed firm was 613 million yuan, down 1.37% YoY. In its 2024 annual report, North Copper introduced its main businesses: The company is primarily engaged in the mining, beneficiation, smelting, and rolling processing of copper metals. It owns one mine, Tongkuangyu Mine, with an annual ore processing capacity of 9 million mt, and two smelters with an annual copper concentrate processing capacity of 1.3 million mt. The company's business covers the main industry chain of copper operations, making it a non-ferrous metal enterprise with profound industry experience. The company's main products include copper cathode, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with by-products such as sulphuric acid, sponge gold, and sponge palladium. Among these, the annual production capacity is 320,000 mt for copper cathode, 1.22 million mt for sulphuric acid, 25,000 mt for copper alloy strips, and 5,000 mt for rolled copper foil. North Copper introduced the production volumes of its main products in 2024: 43,600 mt of copper in copper concentrates, 313,200 mt of copper cathode, 1.0308 million mt of sulphuric acid, 6.3 mt of gold ingots, and 57.96 mt of silver ingots. Regarding the production and operation plan for 2025, North Copper outlined the production targets for its main products in its 2024 annual report: The mine will process 9 million mt of ore, produce 42,000 mt of copper in copper concentrates, 300,000 mt of copper cathode, 880,000 mt of sulphuric acid, 6 mt of gold ingots, and 60 mt of silver ingots.

The Ethiopian Finance Ministry has signed five major investment agreements worth over $1.6 billion (214.99 billion birr), primarily with Chinese firms, to strengthen the country’s minerals and energy sectors as part of its broader economic reform strategy. Announced during the Ethiopia High-Level Business Forum 2025 in Addis Ababa, the deals include a $500 million investment from Huawei Mining Processing Company for mineral exploration and an economic zone, and a $600 million pledge from Sequa Mining and Processing for coal mining. Additional agreements involve Hanergy's $360 million solar cell manufacturing project, Sesar Energy’s $250 million solar development plan, and Toyo Solar’s $14 million investment in solar cell capacity.