SMM News, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department at SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert at the SMM Industry Research Department, and Wu Tao, SMM Copper & Tin Ex-China Marketing Manager, visited the Zambia Chamber of Mines (ZCM), where they received a warm welcome from the leadership of the association. During the visit, the two sides engaged in in-depth discussions on topics including SMM copper prices, the SMM copper concentrates price index, the current status of Zambia's copper mines, and future development prospects. The exchange further deepened mutual trust and consensus between the two sides, laying a solid foundation for deepening cooperation and achieving mutual benefits going forward, and facilitating higher-quality collaborative development in the copper mining and broader mining sectors. Introduction to the Zambia Chamber of Mines Full Name Zambia Chamber of Mines (ZCM) Nature of the Organization The Zambia Chamber of Mines is a voluntary industry association registered by various large and small mining companies and related industry enterprises operating in Zambia. It is governed by its constitution, with a council composed of representatives of member companies serving as its decision-making body. History • Officially established in September 1942, formerly known as the "Northern Rhodesia Chamber of Mines" • Replaced by the Copper Industry Service Bureau (CISB) in 1965 • Operations suspended in 1973 due to the nationalization of the mining industry • Reconstituted and resumed operations following the privatization of Zambia's mining assets in 2000 Core Mission "To safeguard the interests of members, local communities, the nation, and all stakeholders while promoting sustainable and responsible mining development." Membership Categories Members are classified into four categories (A, B, C, and Associate Members), based on the type of mining license held, covering large mines, small mines, exploration enterprises, and mining service organizations. Core Functions • Representing the Zambian mining industry and coordinating communication with the government, regulatory bodies, and international organizations. • Promoting sustainable development, compliance, and responsible mining practices in the mining sector. • Joined the Zambia Extractive Industries Transparency Initiative (ZEITI) in 2008; Zambia achieved EITI compliance in 2012, committed to enhancing transparency and accountability in mining resource development. • Facilitating industry skills development, safety standards building, and international exchanges in the mining sector. Scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. You are welcome to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

On April 16 (Thursday), a document showed that Codelco and global miner Anglo American plan to separately submit environmental study reports to regulators for their proposed shared Andina-Los Bronces copper mine in Chile, using what they called an "unprecedented" dual-track model to streamline the approval process. The document showed that the two companies plan to submit two essentially identical applications in December for a copper mine to be jointly operated by both parties. Chile is currently the world's largest copper-producing country. Against the backdrop of an anticipated tightening in global copper supply, this model could serve as a blueprint for other major miners looking to share infrastructure and operations to boost production. The model would also allow Codelco and Anglo American to move faster and reduce risks. Codelco and Anglo American finalised this cooperation agreement in September 2025, planning to increase annual copper production by approximately 120,000 mt from 2030 to 2051, creating at least $5 billion in pre-tax value. ***"Mirror" Applications*** In areas where operations will overlap, the two companies proposed adopting identical environmental protection measures for each miner. A presentation document showed that they considered a single application submission legally unfeasible, as the Chilean constitution requires Codelco to retain ownership of its mining concessions. The two companies had also considered submitting three applications: one from each miner to extend the life of their respective mines, and a third from a joint entity responsible for operating the shared project. They ruled out this option, as it would require the enterprises to relinquish their existing open-pit mine environmental protection permits to make way for the merged mine. This "dual-track structure" also makes it possible for the two mines to resume independent operations in the future. ***On-Site Operations*** The documents detailed the plan to create a single mine site from the existing operations. Anglo American's Los Bronces mine is adjacent to Codelco's Andina mine. The two companies' plans showed that the rock barrier between them will also be mined, forming a single operating pit while keeping the project essentially within the existing footprint of the mines. A document showed that ore extracted from the shared mine site will be alternately sent to the Los Bronces and Andina processing plants, while waste rock will be dumped in each company's respective waste rock piles. To operate the two mines as an integrated system, modifications to waste rock piles, tailings facilities, pipelines, and supporting infrastructure are still required. The two companies stated that shared infrastructure can avoid redundant construction, reduce freshwater consumption, and alleviate pressure on the surrounding environment. ***Risks of a "Shared" Mine*** The two companies also identified significant risks, such as the need for close coordination with regulators, which could put pressure on Chile's already slow environmental review system. They emphasised that the project has "a very high level of public attention" and that there is a risk that environmentalists and affected communities may argue that the two reviews obscure the scale of the impacts. The Los Bronces mine has been accused for years of impacting air quality, water use, and glaciers in the high Andes region where it is located. Although Codelco and Anglo American believe the dual-track approach can reduce the risk of impacts being underestimated, they also acknowledged that it could lead to duplication of environmental protection management measures. (Wenhua Consolidated)

India plans to bid for copper mines in Chile while boosting domestic processing capacity to secure critical mineral supply.

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $12,744/mt, dipping to $12,642/mt early in the session. The price center then fluctuated upward to a high of $12,928/mt before fluctuating downward to finally close at $12,857/mt, up 1.27%, with trading volume at 22,000 lots and open interest at 293,000 lots, down 4,028 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2605 contract opened at 99,200 yuan/mt, fluctuated upward early in the session to reach 99,750 yuan/mt, then the price center gradually shifted lower to a low of 99,090 yuan/mt, followed by wild swings before finally closing at 99,310 yuan/mt, up 1.04%, with trading volume at 45,000 lots and open interest at 171,700 lots, down 2,724 lots from the previous trading day, indicating bears reducing positions.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,398/mt, dipped to a low of $12,280/mt early in the session, then the price center rose to test a bottom at $12,755.5/mt, and finally moved sideways to close at $12,705.5/mt, up 3.06%, with trading volume at 28,000 lots and open interest at 294,000 lots, down 357 lots from the previous trading day, mainly driven by bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 98,080 yuan/mt, touched a high of 98,500 yuan/mt early in the session, then the price center fluctuated lower to test a bottom at 97,890 yuan/mt, and finally closed at 98,330 yuan/mt, up 0.11%, with trading volume at 33,000 lots and open interest at 178,000 lots, down 3,110 lots from the previous trading day, mainly driven by bears reducing positions.

Panama’s government expects to issue a resolution by Tuesday allowing First Quantum Minerals to remove stockpiled ore from the closed Cobre Panama copper mine, Trade Minister Julio Molto said Monday.The mine holds about 38 million metric tons of stockpiled ore, which could yield roughly 70,000 tons of copper. First Quantum has said processing could begin about three months after formal approval and take around a year to complete.