After returning from the Chinese New Year holiday, Q4 reports from listed miners outside China have been released one after another recently. 2025 was a period of concentrated release of new capacity at mines outside China. What was the specific situation? What are the expectations for 2026? Let us analyze it by enterprise.

[Frequent Supply Disruptions; Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC for SMM Zn50 domestic remained flat at 1,550 yuan/mt in metal content, while the SMM Imported Zinc Concentrate Index fell by $8.37/dmt MoM to $15.38/dmt...

[2026 Zinc Concentrates Benchmark Released] It was reported that the market heard this week that Teck Resources, a Canadian mining company, and a South Korean zinc company agreed on a 2026 benchmark processing fee for imported zinc concentrates of $85/dmt, a slight rebound from $80/dmt in 2025, while raising charges for silver and germanium after prices for the two metals surged.

[SMM Analysis:Overview of Q4 Copper Production of the Top 20 Global Mining Companies in 2025] According to SMM statistics, copper production by the world's top 20 mining companies in the fourth quarter of 2025 stood at 3,526 kt, a 2.1% increase quarter-on-quarter but a 10.5% decrease year-on-year.

According to a report by Bloomberg on Mining.com, the US Department of Defense (DoD) invested $18 million in Canada's 5N Plus Inc. to help the company expand its germanium metal refining capacity. Germanium is used in night vision systems and other application fields. Mike Cadenazzi, a Pentagon official, stated in an announcement regarding the deal, "Our warfighters rely on next-generation optical technologies for surveillance, reconnaissance, and targeting, and germanium is a critical material for manufacturing these devices." The US has been seeking secure supplies of critical minerals to reduce risks and external dependencies. Since 2024, the US has invested over $60 million in Canadian small and medium-sized enterprises producing these materials, including Nano One Materials Corp, which produces LFP battery cathode materials, and other enterprises producing graphite and tungsten. Since 2020, the DoD has been collaborating with the company to improve semiconductor production processes needed for space programs and to produce germanium wafers for solar cells used in defense and commercial satellites. Over the past three years, the stock price of Montreal-based 5N Plus has increased by more than 650%. In November last year, management discussed several demand trends with analysts, including accelerated developments in solar energy and artificial intelligence, which are expected to drive demand growth this year. The company, which began supplying materials for medical imaging in 2000, currently has a market capitalization exceeding C$2 billion ($1.5 billion). 5N Plus sources its germanium from Canada's Teck Resources Ltd., Europe's Umicore SA and Nyrstar NV, as well as scrap recyclers in the US. These materials are used to produce germanium wafers at the company's facility in St. George, Utah. "This funding will enable 5N Plus to significantly increase its germanium metal refining capacity and support its plan to procure germanium from underutilized and previously untapped domestic sources," said Gervais Jacques, the company's CEO. In September last year, Jacques revealed to Montreal's La Presse that the company plans to make a medium-sized acquisition in the US, followed by a smaller acquisition, to expand its manufacturing capacity.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,566/mt, dipping to a low of $9,532/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of $9,654.5/mt near the close, and ultimately closed at $9,647.5/mt, marking a decline of 0.44%. Trading volume reached 18,000 lots, and open interest stood at 291,000 lots. On Friday evening, the most-traded SHFE copper 2507 contract opened at 77,910 yuan/mt, dipping to a low of 77,810 yuan/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of 78,480 yuan/mt near the close, before pulling back slightly to close at 78,350 yuan/mt, marking a decline of 0.06%. Trading volume reached 30,000 lots, and open interest stood at 192,000 lots.

On June 13 (Friday), Condor Resources announced that its Cobreorco copper project in the Andahuaylas province of central Peru had passed a "significant" permitting milestone after its environmental impact statement was approved, bringing the project closer to the drilling phase. The permitting process was carried out by Teck Resources, which entered the project through an option and joint venture agreement with Condor at the end of 2023. Under the agreement, Teck can acquire a 55% interest in the Cobreorco copper project by investing $4 million in exploration and paying an additional $500,000 in cash within three years of the permit being issued. After exercising this option, Teck can further increase its stake in the copper project to 75% by spending an additional $6 million on exploration and paying an additional $600,000 in cash. Chris Buncic, CEO of Condor, stated, "We are delighted to have reached this significant milestone with Teck. Projects of this scale and quality are extremely rare, and we believe our partnership is just beginning, which will be an exciting journey." The approval of the environmental impact report by Peru's Ministry of Energy and Mines is the first step in obtaining the surface drilling permit for the project. Discussions with two local communities are still ongoing to complete this process.

The SMM Imported Zinc Concentrate Index for this week is $53/dmt, with a 5.26% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-45/dmt.

On June 12th, Bloomberg reported that Teck Resources and Sumitomo Metal Mining are locked in a dispute over treatment and refining charges (TC/RCs) in a major copper concentrate supply agreement. The disagreement, centered on shipments from Teck’s Quebrada Blanca and Highland Valley mines, has prompted the appointment of lawyers to select an industry expert as an independent referee. The clash highlights cracks in the traditional benchmark pricing system, after Antofagasta’s 2025 deal with Chinese smelters set TC/RCs at $21.25/2.125 cents, far below historical norms. Some Japanese buyers, including Sumitomo, have resisted adopting this benchmark amid sharply falling spot TC/RCs, which have recently turned negative. The situation underscores growing tension between well-funded Chinese smelters and financially pressured Western peers, with some smelters in the Philippines and Namibia already suspending operations.

[SMM Analysis: When It Rains, It Pours - Global Copper Concentrates Supply-Demand Balance After the Earthquake at KK Mine] At the end of May, Chinese smelters and Antofagasta commenced mid-year negotiations. In the first round of negotiations this year, miners had already offered a midpoint price of -US$15 to the smelters. This figure was significantly lower than the US$0/dmt that had circulated in the market in late April. According to SMM, many raw material procurement teams from leading smelters in the CSPT group indicated that the negotiations were fraught with difficulties, and it was exceptionally challenging to secure a favorable figure.