On April 14, an SMM team, comprised of Jianhua Ye, Industry Research Director, Chundi Feng, Expert at Industry Research Institute, and Jenny Wu, Copper & Tin Overseas Marketing Manager, paid a visit to NFC Africa Mining PLC. The delegation was warmly welcomed by Jingjun Wang, Chairman of NFC Africa Mining PLC and President of the Chinese Mining Enterprises Association in Zambia (CMEAZ).

SMM, April 17: On April 14, Ye Jianhua, Director and Supervisor of the Industry Research Department of SMM Information & Technology Co., Ltd. (SMM), Feng Chundi, Expert of the Industry Research Institute of SMM's Industry Research Department, and Wu Tao, SMM Copper and Tin Overseas Marketing Manager, visited NFC Africa Mining PLC. They were warmly received by Wang Jingjun, President of the Zambia Chinese-funded Mining Enterprises Association and Chairman of NFC Africa Mining PLC. During this visit, both parties engaged in in-depth discussions and candid exchanges on core topics including NFC Africa Mining PLC's copper ore resources and production plans, product specifications and pricing rules, mining processes and equipment configuration, human resource allocation, as well as costs, taxes, and asset depreciation. During the exchange, Wang Jingjun provided a detailed introduction to the basic operations of NFC Africa Mining. The Chambishi copper mine of NFC Africa Mining consists of the main ore body, the west ore body, and the southeast ore body. The company is currently striving to build a first-class technology-driven mining company underpinned by "advanced technology, green processes, high-end equipment, and lean management," with a cumulative total investment of $1.55 billion. The company currently produces approximately 74,000 mt of copper metal content annually and employs 5,900 Zambian staff. Wang Jingjun has led the enterprise in deeply cultivating the mining sector, continuously forging ahead in promoting China-Zambia friendly cooperation, mutual development, and high-quality corporate growth. Meanwhile, as President of the Zambia Chinese-funded Mining Enterprises Association, he also discussed the important role of the association: leveraging the association platform to consolidate the strength of Chinese-funded enterprises, advancing compliance-based operational management and compliance training, and communicating and voicing concerns on relevant policies on behalf of Chinese-funded enterprises to the appropriate authorities. This exchange not only enhanced mutual trust and understanding between both parties but also laid a solid foundation for deepening future cooperation and achieving mutual benefits, helping both sides achieve higher-quality collaborative development in the non-ferrous metals sector. About NFC Africa Mining PLC NFC Africa Mining PLC (hereinafter referred to as "NFC Africa Mining") represents the starting point of China's non-ferrous metals industry's "Going Global" strategy in Africa. Approved by the central government, it was established in Zambia in 1998. China Nonferrous Mining Corporation Limited and Zambia Consolidated Copper Mines Investment Holdings PLC hold 85% and 15% of the company's equity respectively, with the Zambian government holding one special share. It currently serves as the president unit of the Zambia Chinese-funded Mining Enterprises Association. The southeast ore body of the Chambishi copper mine is the first kilometer-deep shaft mine built by China in Africa, hailed as a "landmark project of China-Africa cooperation." NFC Africa Mining is the first mining company in Zambia to introduce paste backfill green mining technology and a pioneering mining company in Africa to build a "digital mine" model project. The company was named "Advanced Collective of Central State-Owned Enterprises" twice. The "NFC Africa Mining PLC Outstanding Employee Family Open Day" was recognized as an "Excellent Case of Cross-Cultural Integration in Overseas Image Building of Chinese Enterprises." The NFC Africa Mining PLC Chambishi Copper Mine mining area consists of the main ore body, the west ore body, and the southeast ore body. is scheduled to be held on October 13–14, 2026 in Lusaka, Zambia. Welcome to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

On April 20, NFC announced the progress of its wholly-owned subsidiary's acquisition of equity in Raura involving mining rights investment. On April 17, 2026, Peru time, the transaction was completed and delivered. NFC Singapore held 99.9004% equity in Raura, and Raura will be included in the scope of the company's consolidated financial statements. Upon completion of this transaction, the company will further strengthen the management and support of Raura and facilitate a smooth transition of Raura's production and operations.

[Smelters Show High Production Enthusiasm, Domestic TCs Declined MoM in April]: Looking at weekly data, the SMM Zn50 domestic weekly average TC remained flat WoW at 1,350 yuan/mt Zn, while the SMM imported zinc concentrate index fell $4.75/dmt WoW to -$19.25/dmt...

According to an announcement by NFC, on April 2, 2026, Zhongse Indonesia Dari Mining Co., Ltd., a holding subsidiary of China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., obtained the "Environmental Feasibility Decision (SKKL) on Mining Activities of Lead-Zinc Ore by Dari Mining in SilimaPungga-Pungga Township, Dari County, North Sumatra Province" issued by the Ministry of Environment of the Republic of Indonesia. According to NFC's disclosure, the mine is an underground mine with a designed capacity of 1 million mt/year. As of 2024, the total resources/reserves of the Dari lead-zinc mine were: ore volume of 20.7009 million mt, zinc metal content of 2.2562 million mt, lead metal content of 1.3203 million mt, with an average zinc grade of 10.90% and an average

In recent years, zinc prices have fluctuated largely around the supply-demand imbalance between mining and smelting. With a significant increase in zinc concentrate supply expected for this year, prices may face downward pressure as we expected at the beginning of this year. This is the second report of two, which reviews Q1 production data from major overseas zinc mines from the Asia, Oceania and the Americas, and provides updated forecasts for full-year output.

【SMM Flash News】 According to the annual report disclosed by NFC, as of December 31, 2024, the company held five mining rights and three exploration rights for mines including the Aobao Zinc Mine, Baiyinnuoer Lead-Zinc Mine, and Darui Lead-Zinc Mine. In 2024, the Baiyinnuoer Lead-Zinc Mine processed 1.0617 million mt of ore, producing 33,000 mt of zinc metal and 8,300 mt of lead metal; the Aobao Zinc Mine processed 399,100 mt of ore, producing 36,300 mt of zinc metal.

[SMM News] According to the annual report disclosed by NFC, as of December 31, 2024, the company owned five mining rights and three exploration rights for mines such as the Aobao Zinc Mine, Baiyinnuoer Lead-Zinc Mine, and Darai Lead-Zinc Mine. In 2024, the Baiyinnuoer Lead-Zinc Mine processed 1.0617 million mt of ore, producing 33,000 mt of zinc metal and 8,300 mt of lead metal; the Aobao Zinc Mine processed 399,100 mt of ore, producing 36,300 mt of zinc metal.

Background: South Korea boasts well-developed electronics, automotive, and aerospace industries, which generate substantial demand for aluminum ingots. For instance, in automotive manufacturing, aluminum ingots are used to produce engine blocks and auto body structural components, contributing to vehicle lightweighting, improved fuel economy, and enhanced performance. In the electronics industry, aluminum ingots are utilized to manufacture electronic product casings and heat sinks. However, South Korea's domestic aluminum ingot production falls short of meeting the demands of these industries, necessitating significant reliance on imports to bridge the gap. Currently, South Korea ranks as the largest importer of aluminum ingots in Asia, excluding China. SMM has introduced the FCA Korea aluminum ingot spot premium to serve as a reference for market settlement.

The Indonesia Oman Copper Smelting Project of China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. Successfully Produced the First Batch of Cathode Plates, and the Copper Product Production Line Was Fully Connected. According to the news from China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., at 14:30 on March 25, 2025, as the mechanical arm of the stripping unit in the electrolysis workshop precisely stripped off high-purity copper cathode plates one by one, the first batch of finished copper cathode plates was successfully stacked and bundled, marking the full connection of the copper product production line of the Indonesia Oman Copper Smelting Project. The detection results showed that the purity of the copper cathode plates reached 99.99%, meeting the LME Grade A standard.