MMG Limited, a subsidiary controlled by state-owned China Minmetals Corp., has completed the $1.875 billion acquisition of the Khoemacau copper mine in Botswana. Situated in the Kalahari Copper Belt, the asset features copper reserves exceeding 6 million metric tons and mining rights spanning over 4,000 square kilometers. The project marks the largest overseas copper mine acquisition by a Chinese company since 2018 and stands as the single largest investment by a Chinese enterprise in Botswana to date. First commissioned in June 2021, Khoemacau currently targets an annual production baseline of 60,000 tons of copper and 1.6 million ounces of silver in concentrate, with near-term expansion plans positioned to scale output toward 130,000–155,000 tons of copper annually. China currently maintains a domestic copper resource dependency rate exceeding 70%, importing over 60% of its copper ore from Chile and Peru. This strategic transaction diversifies Chinese supply channels beyond South America, bolstering raw material security amidst accelerating demand driven by global decarbonization, electric vehicles, power grid infrastructure, and emerging clean technologies.

SMM Steel, July 28 – According to SMM statistics, total estimated shipments of mainstream market resources this week were 241,900 mt, down 1.75% WoW from last week's shipment level. By market: Table 1: Comparison of Mainstream Market Arrivals Source: SMM Steel Shanghai Market: HRC shipments in Shanghai increased WoW this week. Specifically, as the price spread between north and east China widened earlier, local procurement of northern resources increased, leading to concentrated recent arrivals at ports; shipments from south China steel mills were stable WoW. Going forward, the current price difference between north and south China remains high, so northern resources still offer procurement cost-effectiveness, while southern resources are relatively stable. In the short term, the arrival level of mainstream resources in Shanghai will have limited room for change. Chart 1: Shanghai Market Arrival Volume Source: SMM Steel Lecong Market: Shipments to Lecong decreased this week. Specifically, resources from north China were basically stable, with one of the two mainstream resources up and the other down; WG could not sustain the high shipments of last week, resulting in reduced arrivals this week. Going forward, mainstream resources have been shipped more to south China recently. As the price difference between south and east China is not significant currently, steel mills may shift shipments more towards the east China market. In the short term, arrivals in south China will remain in a consolidation range. Chart 2: Lecong Market Arrival Volume Source: SMM Steel SMM releases HRC shipment data for mainstream markets every Tuesday. To subscribe or follow more data, please scan the QR code below.

SMM learned that during a computing power resource exchange on July 28, a supplier quoted 128 high-end computing units, not to be split, with a delivery period of 2-3 weeks at 13.2 million yuan per unit, and payment terms of 25% down payment with a letter of guarantee. A relevant personnel from an operator questioned the high quote, stating that a nearby investor had recently acquired 16 units of the same model as 4-week futures at just over 10 million yuan per unit. The supplier responded that nowadays, if a buyer hesitates even slightly, the supply is immediately snatched away, and the same batch of goods is being sought after and contacted by multiple parties. The difference of over 3 million yuan per unit between the quoted price and the market feedback on the transaction price for the same batch reflects the low transparency of quotes in the high-end computing power futures market.

SMM, July 28 – To deepen understanding of the high-end automation equipment manufacturing and technology trends in the motor industry chain, strengthen the foundation for industry surveys, and promote resource integration and collaborative innovation across the industry chain, on the afternoon of July 28, Fan Cui, head of the SMM Motor Business Unit, and her delegation visited Ningbo Niulan Automation Equipment Co., Ltd., where they held discussions with General Manager Li Chongcai and toured the production workshops to observe the operating conditions of full-line automation equipment. The visit was themed “ Focusing on Smart Equipment, Boosting Industry Collaboration .” During the discussion session, General Manager Li Chongcai elaborated on the company’s development layout, R&D system, and core product advantages. Deeply engaged in the field of motor-specific automation and smart equipment for years, the company’s product portfolio covers three major segments: standard standalone machines, non-standard full-line automated production lines, and complete smart detection equipment. This enables intelligent production covering the entire motor manufacturing process, from winding, paper insertion, magnet mounting, pressing, and bobbin assembly to finished-product performance testing and burn-in testing. After the discussion, accompanied by General Manager Li Chongcai, the SMM survey team visited the production, assembly, and equipment testing workshops, where they closely observed the assembly techniques, debugging processes, and finished-product testing conditions of various motor automation equipment. They gained detailed insights into the operating principles, process advantages, and mass-production stability of multi-station winding equipment, intelligent servo pressing equipment, and fully automatic motor lines, acquiring first-hand knowledge of the latest technology iterations and application capabilities in current motor automation equipment. Combining discussions and on-site workshop observations, this visit comprehensively enhanced SMM’s frontline understanding of the upstream motor automation and smart equipment sector, further enriching industry survey data and research bases, and laying a solid foundation for subsequent market analysis, trend forecasting, and precise upstream-downstream resource matching. About Ningbo Niulan Automation Equipment Co., Ltd. Founded in 2020, Ningbo Niulan Automation Equipment Co., Ltd. is located in Ningbo, Zhejiang Province. With technical expertise and specialization in motor manufacturing processes, the company continuously promotes advanced motor manufacturing processes and leads automation technology innovations. Its equipment is distributed across China and exported to countries including Russia, India, Iran, South Korea, and Turkey. The company’s existing plant area is 4,800 square meters. It is a manufacturing enterprise integrating R&D, production, sales, and services, with motor production automation equipment as its core business. The current team comprises 45 employees, including elite R&D engineers accounting for 40% (18 people), 5 software programming engineers, and 15 experienced debugging technical personnel. Excluding affiliated enterprises: Niute Precision Machinery currently has 12 employees, primarily providing processing and manufacturing of equipment parts for Niulan, equipped with CNC, slow wire, precision grinding machines, and other standard processing equipment, fully ensuring the efficient supply of equipment parts for Niulan. Choose Niulan equipment, create premium motors—efficient, reliable, reassuring. Company Contact: General Manager Li Chongcai Tel: 15356881507 SMM Contact: Director of Motor Division Fan Cui Tel: 13816522387 Email:

Australian miner AKORA Resources recently announced it has completed a total equity financing of approximately A$3.3 million to support the advancement of the Bekisopa high-grade iron ore project in Madagascar . The first phase of Bekisopa plans to build a production facility with an annual capacity of 2 million mt of direct shipping ore (DSO) at an average iron grade of 61.6%. The company said the funds raised will support project approvals, development preparations, and financing discussions. AKORA stated that, with the assistance of financial advisor Grant Samuel, it is engaging with potential strategic partners, offtake financiers, and engineering and infrastructure enterprises, including multiple potential partners from China, India, and Eastern Europe, and related work is expected to continue in Q3 2026. The company's management also traveled to Madagascar in May to communicate with the country's mining authorities, local governments in the project area, and local communities regarding project development. The Bekisopa project is wholly owned by AKORA and has obtained a mining license. The project's inferred resources are 194.7 million mt , at a grade of 32.0% iron ore, with a mine life of 6 years. The project's probable ore reserves are 9.068 million mt at a grade of 53.0% iron ore, with an average strip ratio of 0.52. In the initial stage of the project's first phase, the ore is planned to be transported by road to Toliara port for export. Phase two proposes to develop and build grinding and magnetic separation facilities to produce low-impurity iron ore concentrates with a grade above 67%.

Brazilian Rare Earths (BRE) has moved a step closer to developing its Amargosa Bauxite-Gallium Project in Brazil after its newly created subsidiary, Alurion Resources Limited, raised approximately A$50 million (USD 24.5 million) through an initial public offering (IPO) in Australia. The company issued 47,619,048 fully paid ordinary shares at an offer price of A$1.05 (USD 0.74) per share, with the proceeds earmarked to accelerate development of the USD 119 million project. The funding will support land acquisitions, technical studies, environmental licensing, exploration activities, community programmes, safety initiatives and equipment purchases as Alurion advances the project.

Chihong Zinc & Germanium stated on its investor interaction platform that the company, together with Chinalco Group, Aluminum Corporation of China (Chalco), Yunnan Copper, and Chalco Capital, jointly established Chalco Qianxing to create a rare metals industry chain extension platform. Chalco Qianxing's daily operations will strictly adhere to the basic principle of "equal shares, equal rights, and equal responsibilities." All investors will enjoy equal dividend rights according to their respective shareholding ratios, and will also enjoy priority subscription rights for corresponding proportions of capital increases in accordance with laws and regulations. Leveraging strategic synergy and resource complementarity with Chalco Qianxing, the company can sustainably consolidate its core competitive position in the upstream of the germanium industry chain. Simultaneously, by holding a 20% stake in Chalco Qianxing, the company can sustainably share in the operating income and equity appreciation of Chalco Group's various rare metals extending to high-value-added downstream sectors, and accelerate its entry into other strategic metals besides germanium, leveraging and sharing the advantages of group-based operations and the synergistic advantages of different rare metal materials industries.

Today, the Tangshan domestic ore market was generally stable. The delivered price, tax included, of 66% grade iron ore concentrates on a dry basis stood at 980-985 yuan/mt. Local iron ore concentrates resources remained relatively tight, providing some support to local ore prices. Steel mills were under environmental protection-driven production restrictions, with weak daily consumption demand, mainly consuming inventories; sellers and buyers in the market remained in a standoff. However, iron ore futures were weak recently, which was expected to exert some downward pressure on local ore prices. It was estimated that local iron ore concentrates prices would likely consolidate weakly in the short term. [SMM Steel]

“Tin” Guiding the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. The logic of traditional cycles has been completely shattered, and its strategic value is fully emerging. The tin market in 2026 presents an unprecedentedly complex pattern and profound transformation: 1. In-depth reconstruction of the supply-demand pattern, with its strategic attributes elevated to an unprecedented level. The global static reserve-to-production ratio of tin is only 14 years, and its scarcity is increasingly pronounced. The supply side faces “triple pressure”: repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC. Resource constraints have already become the new normal. Meanwhile, a fundamental shift is taking place in the demand structure. Tin has become a strategic resource bridging traditional manufacturing and the digital future. 2. A historic breakthrough in the price system, reshaping the industrial ecosystem. In early 2026, SHFE tin prices breached 470,000 yuan/mt, setting a new record high. This price breakthrough not only reflects the supply-demand imbalance but also marks a revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. 3. Technology-driven innovation and the green transition are fostering a new symbiotic ecosystem. Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition requires the tin industry to upgrade toward low-carbon and circular economy models, making recycled tin recovery and green smelting processes essential paths. All links in the industry chain must move from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the August 19-21, 2026 in Changsha, Hunan held 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for discussion. Yunnan Tin Co., Ltd. will attend this grand event, discuss industry development trends with peers, and jointly propel the tin industry to new heights. Click the to register now, and join us to witness and participate in this extraordinary, far-reaching industry event, creating a brilliant new chapter together! Yunnan Tin Co., Ltd. (hereinafter referred to as the Company) was restructured and established in 1998, with its predecessor tracing back to the Gejiu Factory Affairs Investment Bureau, which was founded in 1883 (the ninth year of the Guangxu reign of the Qing Dynasty) with official funds from the imperial court. In February 2000, the Company was listed on the Shenzhen Stock Exchange under the stock name “Tin Industry Co., Ltd.” and stock code 000960. The Company has been ranked on the Fortune China 500 for consecutive years, placing 1st among the 2023 Yunnan High-Tech Enterprises Top 100 and 2nd among the 2023 Yunnan Manufacturing Enterprises Top 100. The Company holds the world’s largest reserves of tin and indium resources, and operates China’s largest tin production and processing base. It has built up a capacity of 80,000 mt/year of tin smelting, 125,000 mt/year of cathode copper, 100,000 mt/year of zinc smelting, and 60 mt/year of indium smelting. Its key equity-holding subsidiary has a capacity of 43,000 mt/year of tin materials and 27,100 mt/year of tin chemicals. Meanwhile, the Company is the only enterprise in China that holds the qualification for processing trade with imported materials for both tin concentrates and copper concentrates, with the right to re-export. Among the Company’s main products, key products such as tin ingots, indium ingots, and deep-processed tin and indium products have unique market and brand advantages. The “YT” brand tin ingots registered on the London Metal Exchange are an internationally renowned brand and a “China Famous Brand” product certified for export quality. The Company has established a marketing and distribution system covering major tin product markets in and outside China, with offices in Chinese cities like Beijing, Shanghai, and Shenzhen as well as in Hong Kong, the US, and Germany. Its products are sold to more than 30 countries worldwide. Tin product sales account for roughly half of the Chinese market and a quarter of the global market. Since 2005, the Company’s tin production and sales volume has ranked first globally. In the future, Yunnan Tin will take the inclusion in the list of “Creating World-class Professional Exemplary Enterprises” released by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) as a major opportunity, deepen the creation work, focus on enhancing core competitiveness and strengthening core functions, further strengthen resource expansion, modern mining, raw material manufacturing, reinforce conservation-oriented development and utilization of resources, promote intelligent mining and intelligent smelting, and strive to become a world-class provider of key non-ferrous metal raw materials featuring distinctive professional advantages, innovation-driven development, lean management, and distinctive characteristics. Yunnan Tin Co., Ltd. was restructured and incorporated in 1998, with its origin tracing back to the Gejiu Mining & Merchants Bureau funded and established by the imperial court in 1883. In February 2000, the Company was listed on the Shenzhen Stock Exchange under the stock short name "Yunnan Tin" and stock code 000960. It has been featured on the Fortune China 500 list for consecutive years, ranking No.1 among Yunnan Top 100 High-tech Enterprises 2023 and No.2 among Yunnan Top 100 Manufacturing Enterprises 2023. The Company holds the world’s largest reserves of tin and indium resources, and operates China’s largest tin production and processing base. Its self-owned production capacities stand at 80,000 tons of tin smelting, 125,000 tons of cathode copper, 100,000 tons of zinc smelting and 60 tons of indium smelting per annum. Key invested subsidiaries boast annual capacities of 43,000 tons of tin materials and 27,100 tons of tin chemicals. Meanwhile, it is the only domestic enterprise qualified for import and re-export processing of both tin and copper concentrates in China. Among the Company’s core products, tin ingots, indium ingots, and deep-processed tin-indium products enjoy distinctive market and brand advantages. The registered "YT" brand tin ingot on the London Metal Exchange (LME) is a world-famous brand and a national "China Top Brand" for export quality. The Company has built a marketing and distribution network covering major domestic tin product markets across Beijing, Shanghai, Shenzhen and other cities, as well as Hong Kong, the United States, Germany and other overseas regions, with products sold to more than 30 countries worldwide. Its tin product sales account for roughly half of China’s total market demand and one quarter of the global market, and the Company has maintained the world’s top position in tin output and sales volume since 2005. Being shortlisted in the State-owned Assets Supervision and Administration Commission’s list of "Enterprises Pioneering the Development of World-Class Professional Leading Companies" as a major strategic opportunity, Yunnan Tin will thoroughly advance related development initiatives. Centering on boosting core competitiveness and reinforcing core functions, the Company will further consolidate resource expansion, modern mine construction and raw material manufacturing businesses. It will strengthen the protective development and utilization of mineral resources, advance smart mining and intelligent smelting, and strive to grow into a world-class supplier of key non-ferrous metal raw materials featuring prominent professional advantages, innovation-driven development, lean management and distinctive industrial characteristics. Contact Information Tin Ingot Product Sales: Luo Huayuan 18516225787 Tin Material Product Sales: Zhang Xuefeng 13577064765 Tin Chemical Product Sales: Lin Jun 18687193400 Tin Raw Material Procurement: Duan Pengfei 13577328782 Long Press to Scan QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

According to Miningweekly, Idaho Strategic Resources (ISR), listed on the New York Stock Exchange, has discovered heavy rare earth ore containing yttrium at its Diamond Creek project in Idaho, US. The company's latest sampling in four different exploration areas along a 3.2-kilometer linear belt showed rare earth mineralization. From north to south, the four areas are Contact, "LuckyGem," Simer, and Frank Burch. The average total rare earth oxide (TREO) grade of these four areas is 1.8%, with enrichment in heavy rare earths, and the heavy rare earth oxide (HREO) grade generally exceeds 0.2%, including a yttrium oxide grade of 0.13%.