In 2026, China's aluminum ingot inventory has continuously pulled back from a high of 1.465 million mt in early May, and by end-June cumulative destocking of 300,000 mt brought it down to 1.165 million mt, with the destocking pace steepening markedly. Last week, warehouse withdrawals surged to 170,000 mt, hitting a new single-week high in nearly four years. Driven by three factors—the supply-side proportion of liquid aluminum rising more than expected, supportive export demand, and...

In June 2026, SMM secondary refined lead production rose slightly by 2.23% MoM, but dropped sharply by 31.2% from the 2026 peak of 282,000 mt in January. The industry’s production center shifted lower continuously in Q2. SMM’s weekly operating rate for secondary lead across four provinces hovered in the range of 28.4%–29.7% throughout the month, staying well below the normal reasonable range for a prolonged period.

In June, copper cathode production stood at 1.145 million mt, down 2.09% MoM;

Zimbabwe's Finance Minister Mthuli Ncube revealed during the World Economic Forum in Dalian that the country is actively considering using its abundant mineral resources as collateral through "resource‑linked debt instruments" to finance road and railway construction projects in cooperation with China. This model aims to leverage future revenue from natural resources as loan guarantees to address the huge funding gap for infrastructure development. Ncube said Zimbabwe has held preliminary discussions with China Railway Group regarding such financing arrangements. He told reporters: "We have discussed resource‑linked debt instruments and hope to use them in the future to support infrastructure development, particularly in the road and railway sectors." Under the envisaged plan, Zimbabwe would assess project costs, toll revenue potential, and the return cycle of required resource investments to determine the scale of resource collateral and the repayment path. As Africa's largest lithium producer, Zimbabwe possesses rich mineral resources, but years of economic mismanagement and political instability have left its infrastructure severely lagging. The African Development Bank estimates that the country needs approximately US$34 billion to modernise its transport and logistics network. The proposed resource‑for‑infrastructure plan resembles the model of the US$7 billion Sicomines copper‑cobalt joint venture in the Democratic Republic of Congo with Chinese companies. As early as September 2025, Zimbabwe's President, during a meeting in Beijing with senior executives of China Railway Group, promoted a railway rehabilitation cooperation plan totalling US$533 million. The project is to be implemented by Chuantie International, a subsidiary of China Railway Group with extensive experience in African projects. The scope of work includes repair and reinforcement of existing lines and bridges, modernisation of signal systems, procurement of 17 locomotives and 209 freight wagons, construction of five new stations, and the key trunk line connecting Beitbridge and Harare – a strategic corridor leading directly to South Africa, which is vital to Zimbabwe's foreign trade. Currently, the project's financing method and formal signing date are still under final negotiation. Zimbabwe's railway network was built during the colonial era and carried up to 12 million tonnes of freight annually in the 1990s. However, decades of underinvestment, equipment obsolescence, and foreign exchange shortages have caused the railway infrastructure to deteriorate continuously. Current annual freight volume has fallen to less than 3 million tonnes – only 15% of its historical peak. Many lines are overgrown with weeds, and a large number of locomotives and rolling stock have been taken out of service, directly weakening the capacity to transport bulk commodities such as lithium, chrome ore, and coal to the ports of Mozambique and South Africa. Consequently, Chinese mining enterprises operating in Zimbabwe – including Tsingshan Holding Group, Sinosteel Corporation, and Zhejiang Huayou Cobalt – all face export bottlenecks for their products. The decline of the railway system has forced a large volume of freight onto roads, leading to a surge in heavy trucks, which in turn exacerbates road congestion, traffic accidents, and pavement damage, forming a vicious cycle. In response, the National Railways of Zimbabwe has incorporated this railway rehabilitation into a broader modernisation framework and has engaged in cooperation with 11 private enterprises. Among them, South Africa's Grindrod, through its subsidiary Beitbridge‑Bulawayo Railway Company, has already deployed three locomotives and 150 freight wagons to alleviate current transport pressures. At the same time, Zimbabwe is exploring collaboration with the University of Zimbabwe to leverage the university's innovation centre for localised railway technology R&D and talent training, building capacity for long‑term operations. Analysts point out that if this railway rehabilitation is successfully implemented, it will not only fully restore Zimbabwe's deteriorated railway network, but also provide critical logistics support for the country's US$12 billion mining target, while further deepening the strategic presence of Chinese enterprises in Zimbabwe's mining and infrastructure sectors. According to market dynamics, in recent years – and especially since the beginning of this year – lithium ore shipments from Zimbabwe have been persistently delayed at ports, with insufficient inland transport capacity being one of the main bottlenecks hindering smooth cargo arrivals. As the relevant logistics system upgrades are put into effect, this situation is expected to be significantly alleviated, and the transport efficiency of lithium materials will be notably improved, thereby injecting solid momentum into the stabilisation of global lithium supply. Sources: Mining.com , Azure Track Rail, and SMM

In the short term, high raw material prices provide solid cost support for aluminum fluoride, but bearish constraints from weak downstream fluorine chemicals and the decline in long-term hydrofluoric acid contracts are also in play. Amid the tug-of-war, aluminum fluoride prices in July have little room for significant rise or fall, and the market will continue to consolidate at highs within a range.

On 25,June,Premier African Minerals Limited ("Premier" or the "Company") has provided an update on the optimisation progress of the upgraded flotation plant at the Zulu Lithium and Tantalum Project ("Zulu"), as well as on ongoing discussions regarding the extension of the Long Stop Date under the Company's prepayment and offtake arrangements. Managing Director Graham Hill commented that the initial results from the upgraded flotation circuit are very encouraging and represent the most positive operating performance seen from the plant to date. Although commissioning was cut short due to the exhaustion of available ore feed, the circuit demonstrated a significant improvement in concentrate quality and overall operating stability compared with the previous configuration. The immediate priority is to ensure sufficient ore is available on the ROM pad to support continuous operation, as flotation optimisation requires sustained operation over an extended period. Establishing an adequate stockpile before recommencing commissioning activities is considered the most efficient approach. The objective is to operate the plant continuously for approximately 30 days, which should provide the data and operating experience required to fully optimise the circuit and assess its long‑term performance. In parallel, the Company is engaging constructively with Canmax regarding a further extension of the Long Stop Date. Discussions are positive and Canmax is currently reviewing the latest operational data generated during commissioning. Operational Performance Initial commissioning of the upgraded flotation circuit has demonstrated encouraging performance improvements. Based on internal laboratory analyses conducted during commissioning, the upgraded circuit achieved rapid froth formation following start‑up and produced concentrate grades materially exceeding those previously achieved. Internal assay results recorded sample concentrate grades exceeding 5.0% Li₂O, with peak sample grades of up to 5.58% Li₂O. These results are preliminary in nature and should not be regarded as independently verified. The commissioning programme was curtailed by the exhaustion of available ore feed, preventing the plant from undergoing the extended period of continuous operation typically required to fully optimise and stabilise the flotation circuit. The limited ore availability reflects the Company's current financial position and the associated constraints on mining activities at Zulu, with operations continuing on a reduced scale due to insufficient resources to mobilise a large‑scale mining contractor. Nevertheless, the Board believes that the encouraging commissioning results achieved to date provide a strong platform for the next phase of optimisation work and anticipates that, subject to continued operational progress and stakeholder engagement, the Company will be better positioned to secure the resources necessary to support the mobilisation of a larger‑scale mining contractor capable of providing sufficient ore for sustained plant operations. The improved performance and throughput achieved during commissioning resulted in substantially all of the approximately 6,000 tonnes of ore made available for commissioning and optimisation activities being processed. As a result, additional ore will need to be mined and stockpiled before extended optimisation activities can recommence. Further optimisation, continuous operation and independent verification, where appropriate, will be required before the Company can fully assess the performance and operational capability of the upgraded flotation circuit. Regarding the handling of concentrate produced during commissioning and test work, the Company is currently evaluating options. Subject to obtaining any necessary approvals, including the consent of Canmax where required, and compliance with all applicable regulatory and contractual obligations, the Company may seek to market and sell certain quantities of concentrate produced during the commissioning process in country. No assurance can be given that any such sales will occur or as to the timing or terms of any such transactions. ROM Stockpile and Ongoing Optimisation Programme The improved performance of the upgraded flotation circuit resulted in the processing of substantially all of the approximately 6,000 tonnes of ore that had been made available for commissioning and optimisation activities. As flotation optimisation requires sustained and continuous operation over an extended period, the Company's immediate focus is on rebuilding ore inventories on the ROM pad to support a planned continuous operating campaign of approximately 30 days. Given the current reduced scale of mining activities, the Board believes that establishing an adequate ore stockpile prior to recommencing optimisation represents the most efficient use of available resources and will maximise the value of future optimisation activities. The Company is therefore prioritising the accumulation of sufficient ore feed to support an uninterrupted optimisation programme and enable a comprehensive assessment of plant performance under sustained operating conditions. Based on current mining and stockpiling activities, the Company expects to have sufficient ore available on the ROM pad to recommence plant operations during July 2026. This timetable remains subject to mining performance and other operational factors. Long Stop Date Discussions The Company has approached Canmax Technologies Co., Ltd. ("Canmax") regarding a further extension of the Long Stop Date (see announcement on 5 January 2026 for further information) under the existing prepayment and offtake arrangements. Discussions with Canmax are constructive and positive. As part of its review process, Canmax is currently assessing the latest operational and commissioning data generated by the upgraded flotation circuit, together with the broader technical progress achieved at Zulu. While discussions remain ongoing and no definitive agreement has yet been reached, the Board is encouraged by the engagement to date and believes that both parties remain committed to finding a mutually acceptable path forward. Under the existing prepayment and offtake arrangements, the Long Stop Date is the date by which Premier will have delivered either sufficient spodumene SC6, or provided cash settlement, to Canmax to settle the advance purchase amount provided by Canmax to Premier in full. As previously announced on 5 January 2026, Premier and Canmax agreed, subject to certain conditions, to extend the Long Stop Date to the earlier of 30 June 2026 or the date on which a reputable buyer acceptable to Canmax executed a binding agreement to settle and/or manage Canmax's Prepayment Amount plus interest on terms to be agreed by Canmax. Publication of Audited Accounts The Company's report and accounts for the year ended 31 December 2025 ("Accounts") are due for publication on or before 30 June 2026 ("Publication Date"). The Accounts are at an advanced stage of preparation and remain subject to final review and auditor signoff, including consideration of ongoing discussions regarding the proposed extension of the Long Stop Date. The Company continues to work towards publication by the Publication Date. Further updates will be provided as and when appropriate. Source: polaris.brighterir.com/public/premier_african_minerals/news/rns/story/rd623px

This week, lithium carbonate and nickel sulfate prices fluctuated within a range, while cobalt sulfate prices continued to decline. By material type — ternary, LCO, and LFP — the market presented a mixed picture.

SMM June 30 News: News 13: [15k-ton Waste Li-ion Battery Recycling and Reutilization Project Launched in Linyi, Shandong] Recently, the media released the first public announcement on EIA for the annual 15,000-ton waste LIB recycling and reutilization expansion project. The project involves a total investment of RMB 50 million, located in Yinhe New District, Linyi, Shandong. It consists of a safe storage facility for waste LIBs and one waste LIB recycling and reutilization production line. Upon completion, it will achieve an annual processing capacity of 15,000 tons of waste LIB materials, recycling 12,461.55 tons of waste 3C LIB powder, waste LFP battery powder, waste NCM battery powder, and waste cell powder per year. News 14: [100k-ton Waste Li-ion Battery Recycling and Comprehensive Utilization Project Launched in Changxing, Zhejiang] Recently, the local government released the public notice on the EIA for the LIB full-life-cycle comprehensive utilization base construction project. The project involves a total investment of RMB 82.06 million, located in Xiaopu Town, Changxing County, Huzhou, Zhejiang. It consists of waste LIB recycling & regeneration, cascade utilization, and recycling & dismantling & crushing & regeneration treatment production lines, as well as LIB Pack production, cell testing & sorting, module assembly, and Pack production lines. After reaching full capacity, it will achieve an annual processing capacity of 100,000 tons of waste LIBs and electrode sheets, and an annual output of 3 GWh high-energy Pack battery packs. News 15: [120k-ton Waste New Energy Power Battery Comprehensive Utilization Project Launched in Yangquan, Shanxi] Recently, the ecological environment authority released the public notice on the draft EIA document for the annual 120,000-ton waste new energy power battery comprehensive utilization project (Phase I). The project involves a total investment of RMB 570 million, with Phase I investment of RMB 30 million, located in the Weibo Park of Yangquan High-tech Industrial Development Zone. Phase I consists of an annual 20,000-ton waste new energy power battery dismantling & crushing production line and a 5,000-ton waste new energy battery cascade utilization production line. Upon completion, Phase I will achieve an annual processing capacity of 20,000 tons of waste new energy power batteries and 5,000 tons of cascade utilization. News 16: [15k-ton Waste Power Battery Regeneration Project Launched in Jiande, Zhejiang] Recently, the local government released the EIA public notice for the waste power battery regeneration project. The project involves a total investment of RMB 137 million, located in Hangzhou Jiande High-tech Industrial Park. It consists of newly built dry process workshop, wet process workshop, comprehensive warehouse, and solid waste warehouse, adopting advanced domestic process technologies and equipping with discharging systems, pyrolysis furnaces, leaching kettles, impurity removal kettles, etc. Upon completion, it will achieve an annual processing capacity of 15,000 tons of waste power batteries and 10,000 tons of LFP battery black mass. News 17: [10k-ton LFP Black Mass Production Line Construction Project Launched in Tongren, Guizhou] Recently, the local economic development zone released the pre-approval public notice on the EIA report for the annual 10,000-ton LFP black mass production line construction project at the industrial base. The project involves a total investment of RMB 42.69 million, located on the reserved land of the existing plant area in the economic development zone. It consists of one 10,000-ton LFP black mass oxidative lithium extraction production line, which uses LFP battery black mass through acid leaching, impurity removal and other processes to produce lithium sulfate solution. Upon completion, it will achieve an annual output capacity of 27,519 tons of lithium sulfate solution.

SMM June 30 News: News 7: [25k-ton Li-ion Battery Resource-Optimized Cascade Regeneration Project Launched in Huzhou, Zhejiang] Recently, the ecological environment authority released the approval announcement for the new energy LIB resource-optimized cascade regeneration 25,000-ton project. The project involves a total investment of RMB 350 million, located in Meixi Town Lingang Industrial Park, Anji County, Huzhou, Zhejiang. It consists of one cascade utilization line, one waste LIB discharging line, two waste LIB crushing & recycling lines, and two waste electrode sheet crushing & screening lines. Upon completion, it will achieve an annual capacity of 10,000 tons of cascade-utilized waste LIBs, 10,000 tons of crushed & recycled waste LIBs, and 5,000 tons of crushed & screened waste electrode sheets, totaling 25,000 tons per year. News 8: [New Energy Vehicle and Power Battery Recycling Industrialization Project Launched in Yongping, Yunnan] Recently, the local government released the public notice on the acceptance of EIA documents for the new energy vehicle and power battery recycling industrialization project in Dali Prefecture. The project involves a total investment of approx. RMB 125 million, located in Taoxin Area, Yongping Industrial Park, Yunnan. It consists of new energy vehicle charging/swapping and LNG refueling stations, new energy vehicle dismantling and power battery cascade utilization production lines, and new energy vehicle and battery recycling technology R&D center. Upon completion, it will achieve comprehensive production capacity for new energy vehicle dismantling and power battery cascade utilization. News 9: [40k-ton Li-ion Battery Circular Demonstration Production Base Project Launched in Wenzhou, Zhejiang] Recently, the local state-owned capital investment platform, together with the local state-owned assets platform and a national high-tech enterprise, signed a Series B+ equity investment agreement. The total investment of the project is RMB 500 million, located in Wenzhou Haixiang District. It consists of a 40k-ton-level LIB circular demonstration production base. Upon completion and operation, it will fill the gap in Wenzhou's new energy battery carbon cycle recycling industry, and complete the full green chain of battery "production—application—recycling—regeneration". News 10: [20k-ton Waste Li-ion Battery Processing Project Launched in Hanchuan, Hubei] Recently, the development and reform authority released the public notice on the filing of the annual 20,000-ton waste LIB processing project. According to the notice, the project is located in Hanchuan, Hubei. It consists of facilities for annual processing of 20,000 tons of waste LIBs. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste LIBs. News 11: [55k-ton Waste New Energy Battery Recycling and Comprehensive Utilization Project Launched in Taihe, Anhui] Recently, the local government released the public notice on the draft EIA report for the annual 55,000-ton waste new energy battery recycling and comprehensive utilization project. The project involves a total investment of RMB 1.176 billion, located in the Green New Energy Base of Taihe Economic Development Zone. It is constructed in two phases. Upon completion, it will achieve an annual processing capacity of 55,000 tons of waste new energy batteries. After Phase I, it will produce 1,058.59 tons of lithium carbonate and 6,431.06 tons of iron phosphate per year. After Phase II, it will produce 2,417.5 tons of cascade-utilized batteries, 19,997.40 tons of nickel sulfate, 6,665.80 tons of cobalt sulfate, and 4,223.12 tons of lithium carbonate per year. News 12: [20k-ton Waste New Energy Battery Comprehensive Utilization Project Launched in Taihe, Anhui] Recently, the company launched the first public announcement on EIA for the annual 20,000-ton waste new energy battery comprehensive utilization project. The project involves a total investment of RMB 210 million, located in the New Energy Industrial Park, Xiaokou Town, Taihe County, Fuyang, Anhui. It consists of annual processing of 20,000 tons of waste new energy batteries and supporting sewage treatment and recycling facilities. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste LIBs (10,000 tons of NCM, 10,000 tons of LFP) and 5,000 tons of cascade utilization per year, yielding 7,000 tons of battery-grade lithium carbonate and 1,000 tons of copper powder per year.

SMM June 30 News: News 1: [2k-ton Waste Li-ion Battery Recycling Project Launched in Changsha, Hunan] Recently, the ecological environment authority released the public notice on the draft EIA report for the waste power battery recycling and resource utilization project (Phase I). The project involves a total investment of RMB 30 million, located in Ningxiang Economic and Technological Development Zone, Changsha, Hunan. It consists of one dismantling and pyrolysis production line for waste LIBs and separators. Upon completion, it will achieve an annual processing capacity of 10,000 tons of waste LIBs and separators, yielding 4,100 tons of lithium battery black mass and 2,590 tons of copper/aluminum materials per year. News 2: [20k-ton Waste New Energy Li-ion Battery Recycling Project Launched in Jieshou, Anhui] Recently, the local government released the first public announcement on EIA for the project of recycling 20,000 tons of waste new energy LIBs and producing 30,000 tons of recycled plastic products annually. The project involves a total investment of RMB 100 million, located in Tianying Science and Technology Park, Jieshou High-tech Zone. It consists of two waste LIB crushing production lines, four plastic pellet production lines, and four plastic product production lines. Upon completion, it will achieve an annual processing capacity of 20,000 tons of waste new energy LIBs, and an annual output of 20,000 tons of modified plastic pellets and 10,000 tons of plastic products. News 3: [80k-ton Waste Li-ion Battery Dismantling and Comprehensive Utilization Project Launched in Gao County, Sichuan] Recently, the local government released the public notice on the draft EIA report for the 80,000-ton waste LIB dismantling and comprehensive utilization project. The project involves a total investment of RMB 300 million, located in Yibin Circular Economy Industrial Park, Gao County. It consists of 10 battery dismantling and crushing production lines, including three LFP battery crushing lines, two NCM battery crushing lines, two LFP cathode sheet processing lines, two LFP anode sheet processing lines, and one battery cascade utilization line. Upon completion, it will achieve an annual dismantling and comprehensive utilization capacity of 80,000 tons of waste LIBs. News 4: [300k-ton Waste LFP Battery Regeneration Project Launched in Yichang, Hubei] Recently, the ecological environment authority released the public notice on the draft EIA report for the 300,000-ton waste LFP battery regeneration project. The project involves a total investment of approx. RMB 1.07 billion, located in Yaojiagang Chemical Park, Yichang, Hubei. It consists of hydrometallurgical leaching, impurity removal, lithium salt synthesis, iron phosphate synthesis, and supporting water treatment, warehousing and logistics systems. Upon completion, it will achieve an annual processing capacity of 300,000 tons of waste LFP battery packs, yielding 22,500 tons of lithium carbonate, 90,000 tons of iron phosphate, and 64,000 tons of sodium sulfate per year. News 5: [20k-ton Waste Power Battery Crushing and 50k-group Cascade Utilization Project Launched in Kashgar, Xinjiang] Recently, the ecological environment industry association released the first public announcement on EIA for the integrated project of cascade utilization and crushing & recycling of new energy vehicle waste power batteries in Kashgar Economic Development Zone. The project is located in the Chengbei Area of Kashgar Economic Development Zone. It consists of one cascade utilization production line with an annual processing capacity of 50,000 groups of waste power batteries, and one crushing and sorting production line with an annual processing capacity of 20,000 tons of waste power batteries. Upon completion, it will achieve the above-mentioned annual processing capacities. News 6: [100k-ton Retired Li-ion Battery Recycling Project Launched in Lixian, Hunan] Recently, the local government released the announcement on the launch of the new energy circular economy and energy storage equipment industry project in Lixian. According to public information, the Phase I investment is RMB 500 million, located in Lixian, Changde, Hunan. It consists of production lines for recycling and processing 100,000 tons of retired LIBs and 100,000 tons of retired PV modules annually. Upon completion, it will achieve an annual processing capacity of 100,000 tons of retired LIBs, with an estimated annual output value of RMB 1 billion.