According to foreign media reports, Resolution Copper has awarded approximately $110 million in drilling and underground development contracts as work advances at its proposed copper mine in Arizona, one of the world’s largest undeveloped copper deposits. Major Drilling America will undertake deep-hole directional diamond core drilling over the next two-and-a-half years, including drilling from the surface and from approximately 6,800 feet underground. Four large surface drilling rigs are planned for the programme, with two already on site and another two expected by the end of 2026. Redpath USA Corporation will undertake the first phase of underground development, including converting two existing shafts, each approximately 7,000 feet deep, for development activities. The contractor will also install underground infrastructure, construct a mine station at around 6,800 feet below surface and develop approximately 1,500 feet of new tunnels and supporting facilities. The contracts form part of an early phase of Resolution Copper’s planned $500 million investment programme, following completion of key environmental review and land-exchange processes earlier this year. The project is jointly owned by Rio Tinto with a 55% stake and BHP with 45%. If developed, Resolution Copper is expected to have the capacity to meet up to a quarter of annual US copper demand. However, a final investment decision remains subject to further data collection, permitting and partner approvals. From a copper-market perspective, the latest contract awards mark another step in advancing a potentially significant source of long-term US mine supply. While commercial production remains dependent on an eventual investment decision and further development, progress at Resolution is increasingly relevant as the US seeks to strengthen domestic copper supply amid rising requirements from power infrastructure, manufacturing and electrification.

Africa’s PGM industry remains highly concentrated in South Africa and Zimbabwe, which account for all 51 identified mining assets. South Africa dominates both active operations and the development pipeline, while Zimbabwe provides a smaller but strategically important second centre. Future supply growth is likely to be gradual and driven by a limited group of expansions and new mines.

The Lumwana Super Pit Expansion in Zambia remains on schedule, with first copper production targeted for the end of Q1 2028, keeping one of the country’s largest copper growth projects on its planned development timeline. According to the latest quarterly update from Barrick Mining Corporation, construction advanced during Q2 2026, with the second lift of the mill walls and roller slab completed and civil works for the primary crusher progressing. Civil construction also commenced on the transfer towers for the overland conveyor system. Most major long-lead equipment is now on site, including the mill shells and trunnions, primary crusher and tailings thickener. The expansion is expected to substantially increase Lumwana’s processing capacity and lift average annual copper production to around 240,000 tonnes once completed. The additional output would strengthen Lumwana’s role in Zambia’s medium-term copper supply growth and provide a significant contribution toward the country’s broader production expansion ambitions. From a copper supply perspective, maintaining the Q1 2028 first-production target improves visibility over Zambia’s medium-term mine supply pipeline. The project is particularly significant as Zambia seeks to translate a growing pipeline of mine expansions and new developments into sustained increases in national copper output. Continued progress at Lumwana will therefore be an important indicator of Zambia’s ability to deliver the next wave of additional mined copper supply from 2028 onward.

[SMM Express] Transport-related costs remain an important cost challenge for South Africa's chrome industry. The Minerals Council South Africa said in its latest Mining Input Cost Inflation report that chrome and manganese experienced elevated input-cost inflation in June, largely due to their reliance on transportation networks, particularly road freight, where higher fuel prices have increased operating costs. The pressure comes alongside elevated energy costs, with the Minerals Council noting that higher fuel prices and the full impact of winter electricity tariffs are expected to keep mining input-cost inflation elevated in the coming months. For chrome producers, the combination of fuel-intensive ore transportation and higher power costs could continue to weigh on margins, particularly for operations dependent on longer road-haulage routes to processing plants and export corridors.

Global chrome ore departures from major export ports totaled 717,000 mt in the week ended August 7, up 12.68% week-on-week, according to SMM's latest data. The increase was primarily driven by Maputo, which handled 496,200 mt, accounting for about 69% of total shipments. Richards Bay followed with 171,500 mt, while Mersin recorded 49,300 mt and Beira reported no chrome ore departures. The latest data also shows a notable shift in weekly flows. Maputo shipments increased from 389,300 mt in the previous week, while Richards Bay shipments eased from 180,400 mt and Mersin shipments declined from 66,600 mt. The stronger overall departures, led by Maputo, point to increased seaborne chrome ore flows from Southern Africa during the latest reporting week, with the port distribution highlighting the continued importance of Mozambique and South Africa's export corridors in global chrome ore supply.

Zimbabwe's sole operating lithium sulphate plant, run by a Zhejiang Huayou Cobalt subsidiary, has no capacity to process third-party concentrate just months before the country's export ban takes effect, according to comments from plant officials during a government site visit. No room for outside supply. The government's January 2027 ban on lithium concentrate exports aims to push miners toward domestic refining, lifting export revenue and local employment. Producers have requested more time to build their own processing plants, but authorities have instead directed them to use existing local facilities of which only the Prospect Lithium Zimbabwe Huayou plant is currently operational, and it cannot absorb outside material. Mine manager comment. "We don't have the capacity to process other minerals from outside. Our concentrator plant produces around 400,000 tons a year, so there's no room for other players," said mine manager Mthokozisi Goliath, noting the sulphate plant can only process what its own concentrator supplies. No delay to deadline. Mines minister Polite Kambamura ruled out pushing back the ban: "The January 2027 deadline is still on... We would like to urge all producers to stick to that deadline." Other plants not ready in time. Processing facilities under construction at other Zimbabwean lithium assets are unlikely to be completed before the deadline. Chinese firms have invested roughly $2 billion into Zimbabwe's lithium sector since 2021. SMM View: This tightens the bottleneck facing Zimbabwe's non-Huayou producers heading into January 2027 with Goromonzi at full capacity and rival plants unfinished, miners without their own processing routes face a stark choice between stockpiling concentrate, absorbing steep discounts on any domestic sale, or halting output altogether. This reinforces the case for closely tracking commissioning timelines at competing plants, as delays there directly translate into constrained sulphate supply and potential price support for processed material once the ban takes hold.

Nigeria has confirmed lithium reserves estimated at 3.3 million metric tonnes at a mining site near Abuja, alongside the identification of a separate polymetallic mineral province in Kaduna State that also carries lithium mineralisation. The findings were disclosed at the African Natural Resources and Energy Investment Summit 2026 in Abuja as part of the country's push to build out its critical minerals sector. The 3.3 million-tonne Abuja Lithium Site estimate was disclosed by Steron Mining and Company Limited during a facility tour for summit delegates. Company officials said the site hosts an estimated 94.8 million tonnes of total mineral resources, including lithium-bearing ore and granitic rock, with verified spodumene grades at licensed Nigerian sites ranging between 2.66% and 5.96% Li₂O with some deposits recording concentrations of up to 13% Li₂O, well above the global commercial average of 1-2%. Steron said it has since also identified tantalite occurrences at the site and continues active exploration. Nigeria's Minister of Solid Minerals Development, Dele Alake, described the Kaduna find as a "world-class" mineral province containing high grade platinum group metals, gold, nickel, copper, lithium and rare earth elements, verified by the Nigerian Geological Survey Agency in collaboration with the discovering private operator. The lithium finds build on an already active Chinese processing footprint in Nigeria. Chinese firms including Jiuling Lithium and Canmax Technology have committed more than $1.3 billion to Nigerian lithium processing capacity since 2023. A $250 million lithium processing plant built by Jiuling and Canmax in Nasarawa state, with capacity to process 3 million tonnes of lithium ore annually, came online in July 2026. SMM View: The Abuja and Kaduna find extend Nigeria's lithium resource base beyond its established Nasarawa and Kogi pegmatite belts, reinforcing the country's position as a fast-growing West African lithium ore source with an unusually mature downstream processing footprint already backed by Chinese capital. Whether the new reserves convert to bankable, licensed production will hinge on further resource verification and offtake commitments, but the existing processing infrastructure lowers the barrier to bringing new Nigerian lithium ore to market compared with peers still lacking domestic conversion capacity.

According to foreign media reports, India's state-owned Hindustan Copper is exploring plans to supply copper concentrate sourced from Chilean state miner Codelco to domestic producers Hindalco Industries and Adani, as India seeks to secure raw materials for its expanding copper industry. Hindustan Copper, Coal India and NTPC Mining are reportedly assessing opportunities involving four copper mining blocks held by Codelco in Chile. Hindustan Copper signed a preliminary cooperation agreement with Codelco in 2025, followed by a non-disclosure agreement in May 2026, with due diligence now underway. The move comes against a widening gap between India's copper consumption and domestic supply. India currently produces around 573,000 mt of refined copper annually, while domestic demand is estimated at approximately 1.8 million mt. Government estimates suggest that the country could eventually depend on imports for 91%-97% of its copper concentrate requirements by 2047. India has been expanding domestic copper smelting and refining capacity as electricity infrastructure, renewable energy, manufacturing and transport increase demand for the metal. However, expanding processing capacity without a corresponding increase in domestic mine supply increases the country's exposure to the international concentrate market. Securing access to Chilean resources could therefore provide Indian smelters with greater long-term supply security while reducing reliance on spot concentrate purchases. Market Impact: India's push into overseas copper resources could introduce additional competition for internationally traded concentrate at a time when mine supply growth is struggling to keep pace with expanding global smelting capacity. As India builds out its copper processing industry, its growing requirement for imported feedstock could increasingly influence Asian concentrate trade flows and competition for long-term supply contracts.

Hindustan Copper is conducting due diligence and is open to partners for the JV, such as Coal India and NTPC Mining.

[Flat Products] Today some HRC and other flat-product export prices were steady day on day, with HRC transaction prices at 482-485 USD/tonne. Traders reported that trading and enquiries were fairly muted today, with no clear pick-up in volume. [Billet] Today billet export FOB prices were steady to soft, with Jiangyin port offers at 450-455 USD/tonne. According to feedback, billet export enquiries increased slightly today, but competition is fierce and buyers are pressing their target prices down hard, making deals difficult to conclude. [Rebar] Today rebar export offers at Tianjin port were steady, with overall transaction prices at 474-480 USD/tonne. According to exporters, enquiries from overseas traders for rebar, wire rod and coil improved slightly today, but the market's acceptance of higher prices is low and there is a strong inclination to bargain down, leaving trading weak.