Zimbabwe Cabinet received and approved the Report on Tours to Economic Flagship Projects in Midlands and Masvingo Provinces, which was presented by Honourable Vice President Gen. (Rtd.) Dr. C.G.D.N. Chiwenga.The Vice President led a high-profile delegation on a comprehensive tour of key economic flagship projects in Midlands and Masvingo Provinces as part of the ongoing nationwide assessment of their contributions to Gross Domestic Product, community development, and alignment with the country’s industrialisation and beneficiation objectives. The tour encompassed various mining, industrial, infrastructure, and health projects across both provinces, highlighting their strategic significance and developmental impact. In view of the observation that all the mining companies visited are engaged in ore extraction and the exportation of raw minerals, Cabinet reaffirms its commitment to maintaining the ban on raw mineral exports. This measure is intended to promote value addition, beneficiation, industrialization, and manufacturing initiatives. Additionally, Cabinet has directed that the Great Zimbabwe Hydro-power model be replicated at other dams across the country to enhance power generation capacity.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.

Lodestar Minerals disclosed that mineralogical studies at its Virgin Mountain project in Arizona, US, confirmed the presence of high-grade heavy rare earths with xenotime as the principal mineral, including high proportions of dysprosium, terbium, and lutetium—three high-value elements that are in critically short domestic supply in the US and are vital to national defense systems. China currently accounts for most of the global production of the above heavy rare earths and has imposed export restrictions. Lodestar said the findings highlight the project's strategic value and will help the company secure funding and establish partnerships.

Baogang Group Mine Research Institute announced that “Xianhua Lan-niobate,” discovered under the institute’s leadership, had been officially approved as a new mineral by the Commission on New Minerals, Nomenclature and Classification of the International Mineralogical Association, with the international number IMA2025-087. This is the 29th new mineral discovered in the Bayan Obo deposit, the world’s largest rare earth deposit.This mineral is a rare rare earth–niobate mineral occurring in the East Mine and the eastern contact zone of the Bayan Obo deposit. Its discovery is of significant scientific value for studying the multi-stage, multi-episode hydrothermal superimposed mineralization process of the Bayan Obo deposit, as well as the mechanisms of global rare earth–niobium enrichment.

Recently, Hyundai Motor Group signed a cooperation agreement with Zhejiang Huayou Recycling Technology Co., Ltd. to jointly build an EV power battery recycling system in Indonesia. The cooperation covers the recycling and reuse of battery production scrap and end-of-life batteries, aiming to achieve a closed-loop resource system across the entire battery life cycle. Background of the Cooperation As the world’s largest nickel producer, Indonesia is pushing with unprecedented determination to transform itself from a raw material exporter into a global EV battery manufacturing hub. According to the Indonesian government’s plan, by 2030 the country will achieve total EV battery capacity of 100 GWh and plan to produce about 600,000 pure EVs annually. The HLI Green Power battery plant, jointly established in Indonesia by Hyundai Motor Group and LG Energy Solution, is a key part of this strategy. Located in Karawang, West Java, the plant has a total investment of $1.1 billion and began operations in 2024. It has annual capacity of 10 GWh and can supply battery cells for more than 150,000 EVs. The plant mainly supports EV models of Hyundai Motor Group in Southeast Asia, India, and other markets. However, with the rapid expansion of battery capacity, the disposal of end-of-life batteries and manufacturing scrap has become an increasingly prominent issue. The Indonesia Battery Association forecasts that by 2030 the country’s end-of-life power batteries will reach 120,000 mt. But the existing recycling system has clear shortcomings: insufficient processing capacity, lack of technical standards, and more than 70% of processing handled through informal recycling channels. In the suburbs of Jakarta, multiple open-air acid-leaching lithium workshops have even emerged, causing soil heavy metal levels to exceed EU limits by 50 times. This cooperation carries multiple implications for the development of Indonesia’s battery industry and even that of Southeast Asia as a whole: Improving the Local Industry Chain: Through the New Energy Law, the Indonesian government has designated EVs as a national strategic industry and requires foreign automakers to commit to building battery plants in Indonesia, with 40% local sourcing of parts to be achieved by 2027. The cooperation between Hyundai Motor and Huayou Recycling helps Indonesia build a complete industry chain spanning mineral extraction, battery manufacturing, and recycling. Addressing Resource Challenges: Although Indonesia is rich in nickel resources, it produces almost no cobalt, and its lithium resources depend on imports from Australia. Through battery recycling, it can partially reduce its import dependence on critical minerals and improve resource security. Attracting More Investment: The Indonesian government has introduced fiscal incentives such as zero import tariffs, exemption from luxury sales tax, and a reduction in VAT from 11% to 1%, to attract foreign investment into the battery industry. The battery recycling cooperation in Indonesia between Hyundai Motor Group and Huayou Recycling is not only a commercial move by the two enterprises, but also a reflection of the global battery industry's transition toward a circular economy. With the rapid expansion of the EV market, battery recycling has shifted from an environmental protection issue to a matter of resource strategy and economics.

India will engage with Argentina, Indonesia, and Oman next month to secure supplies of critical steelmaking raw materials. Discussions will occur during a major international steel summit in India. The focus includes coking coal, iron ore, lithium, and ferronickel. Indonesia, possessing the world's largest nickel reserves, is targeted as a key supplier of ferronickel for stainless steel. Meanwhile, Oman provides iron ore, and Argentina is a target for lithium and other critical minerals to support state-run NMDC Limited. This initiative aligns with India's strategy to ensure steady raw material supplies to scale up domestic steel production and advance its clean energy transition.

The Indonesian president said that Indonesia invited Japan to cooperate in the fields of critical minerals, rare earths, renewable energy, and nuclear energy.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,223/mt. In early trading, it saw wide swings and climbed to $12,278/mt. Subsequently, the center of copper prices moved straight downward to a low of $12,153.5/mt, before fluctuating widely again and finally closing at $12,195/mt, up 0.44. Trading volume reached 15,300 lots, and open interest stood at 295,000 lots, down 454 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 96,100 yuan/mt and hit a high of 96,240 yuan/mt in early trading. Subsequently, the center of copper prices gradually moved lower to 95,210 yuan/mt, before fluctuating rangebound and finally closing at 95,350 yuan/mt, down 0.05. Trading volume reached 36,500 lots, and open interest stood at 183,000 lots, down 2,394 lots from the previous trading day, mainly due to bulls reducing positions.

Lloyds Metals and Energy Limited has announced that VLMH, a joint venture in which its wholly-owned subsidiary LGRF holds a 49% stake, has completed the acquisition of 100% equity in all companies under the CHEMAF Group, which is engaged in copper and cobalt mining and processing in the Democratic Republic of the Congo (DRC). This marks the first major mineral acquisition transaction closed by the joint venture platform in the DRC. Previously, the company disclosed in January 2026 the acquisition of a 50% stake in Nexus Holdco FZCO, which owns copper mining concessions and a processing plant in the DRC, with operations commencing in March 2026.

The US Treasury (OFAC) has issued new licenses lifting major sanctions on Venezuela’s gold and mining industries, including state-owned miner Minerven. Following the 2026 political shift in Caracas, this move allows companies to resume investments, provide technical services, and sign contracts. The policy aims to secure global access to Venezuela's vast reserves of gold, bauxite, and rare minerals essential for high-tech supply chains.