Diversified mining company South32 announced that the fourth grinding line project at the Sierra Gorda open-pit copper mine has received final investment approval following completion of a feasibility study. The study confirmed that this brownfield plant expansion project is expected to deliver attractive returns. By installing a fourth grinding line, expanding crushing and flotation capacity and associated process infrastructure, the project is expected to increase Sierra Gorda mine’s annual processing capacity from 48 million mt to 60 million mt. Sierra Gorda is a large-scale conventional open-pit copper mine located in the Antofagasta region of northern Chile. South32 holds a 45% stake in the mine, with KGHM holding the remaining 55%. The project is expected to achieve first production in FY2030 and reach full capacity in FY2031.

According to SMM, the JFR union in Peru's Moquegua region has started a strike, which is expected to delay shipments from the Quellaveco mine and Grupo México's mines. Moreover, the strike may spread to the Matarani port in Arequipa; if it affects this port, it will further impact the shipment pace of other major mines such as Las Bambas, Cerro Verde, and Constancia. It remains to be confirmed whether the strike will extend to Arequipa, and further developments will be reported separately.

CopperTech Metals has postponed its planned US initial public offering (IPO), citing increased volatility across the global copper mining equity sector. The company had planned to raise approximately US$423.5 million by offering 23.5 million shares, targeting a valuation of up to US$3.57 billion. According to the company, the decision was made after carefully assessing current market conditions and heightened volatility in copper-related equities. Uncertainty surrounding the upcoming US Section 232 copper investigation, shifting supply expectations and broader capital market volatility have weighed on investor sentiment. CopperTech, established by Vedanta Resources, owns and operates Konkola Copper Mines (KCM) in Zambia.

When asked, "The company extracts the following by-products during copper smelting: rhenium, germanium, indium, gallium, bismuth, selenium, tellurium, platinum, palladium, antimony, and cadmium. Is this true? And what was the annual production of each in tonnes in 2025? Please reply, thank you!" Tongling Nonferrous Metals responded on the investor interaction platform on June 29 that the company fully leverages its comprehensive resource utilization advantages, recovering associated platinum, palladium, rhenium, and other rare and scattered metals during the copper smelting process to enhance by-product profit contribution, and the overall production volume accounts for a relatively small share. The company's overall operating performance of the rare and scattered metals business in 2025 has been reflected in the annual report. Tongling Nonferrous Metals replied to investor questions on the investor interaction platform on June 29: (1) The company's main business includes copper ore mining and beneficiation, smelting, and copper processing, and it has competitive advantages in mineral resource reserves, copper smelting, and deep processing. It is one of the most comprehensive integrated copper producers in China, with horizontal expansion and vertical extension of its industry chain, giving it a competitive edge in industry chain integration. (2) As of now, the specific projects related to the industrial park mentioned above are still in the preliminary survey and proposal evaluation stage; no final decisions have been made, nor have internal reviews or relevant administrative approval procedures been carried out. There is a degree of uncertainty about project implementation. The company will strictly comply with information disclosure laws, regulations, and regulatory requirements, and will perform its information disclosure obligations in a timely manner when the projects achieve substantive progress and meet disclosure thresholds. All material matters of the company are subject to the formal announcements published on the designated information disclosure media. Investors are advised to invest rationally and be mindful of investment risks. (3) Regarding the client situation of Jinxin Copper Branch, please refer to the company's announcements on statutory information disclosure platforms. Tongling Nonferrous Metals stated on the investor interaction platform on June 29: The copper wire rod capacity of Jinxin Copper Branch is in the process of gradual release; subsequently, based on market demand and its existing capacity, it will effectively plan capacity to ensure efficient resource allocation. As of now, Jinxin Copper's orders are normal and all operations are proceeding in an orderly manner. For specific orders and shipment volumes, please refer to the company's announcements on the statutory information disclosure platform. In response to the questions: "1. What was the average selling price of the 6.21 million mt of sulphuric acid produced in 2025? And what were the sales volume and average selling price of sulphuric acid in the first five months of this year? 2. What is the specific reason for the asset impairment loss of 1.627 billion yuan in Q1 2026? With non-ferrous metal prices generally rising, is the company's earlier provision for inventory impairment hiding profits? After the inventory for which impairment has been provided is sold, will profit be restored by an equivalent amount? 3. The company holds 600 million shares of Tongguan Copper Foil. Based on today's closing price of 200 yuan, the equity position has an unrealized gain of 119 billion yuan. Does the company plan to sell at an opportune time to realize the investment gain?" Tongling Nonferrous Metals replied on the investor interaction platform on June 26: 1. Regarding sulphuric acid sales volume and average selling price: Sulphuric acid is a by-product of the company's smelting process, and its selling price is market-oriented, affected by multiple factors including regional supply-demand patterns and demand from downstream fertilizer and chemical industries. The company's overall operating performance of the sulphuric acid business in 2025 has been reflected in the annual report, and 2026 operating data should be referred to in subsequent periodic reports disclosed by the company. The company will continue to monitor the sulphuric acid market and dynamically optimize production and sales pace to maximize the operating profit of by-products. 2. For the reasons for the Q1 2026 asset impairment provision, please refer to the company's Announcement on Asset Impairment Provision (Announcement No.: 2026-024) disclosed on cninfo.com.cn on April 29, 2026. The company strictly follows accounting standards for enterprise accounting treatment, and there is no hiding of profits. According to accounting standards, when inventory for which a price decline provision has been made is subsequently sold, the corresponding inventory price decline provision is simultaneously written off, reducing the current period's operating costs, thereby positively restoring profit for the period. However, it is not an equivalent amount; the write-off amount is capped at the originally provided amount for that inventory and will not generate additional profit beyond the original provision. 3. Tongguan Copper Foil is a controlled subsidiary of the company, and the company holds 72.38% of its equity. Its financial data are fully consolidated into the company's consolidated financial statements. From an accounting perspective, fluctuations in the secondary market share price of a controlled subsidiary represent changes in market valuation only. In cases where equity is not disposed of, or is partially disposed of without losing control, it will not affect the net profit in the company's consolidated statements for the current period. As of now, the company has no plan to sell Tongguan Copper Foil shares opportunistically. If equity disposal is involved in the future, the company will strictly comply with state-owned asset supervision and securities regulatory requirements, fulfilling review procedures and information disclosure obligations. An investor asked on the investor interaction platform: Dear Board Secretary, regarding the Mirador Phase II (Mirador) Mining Contract Amendment (Adenda), its status was updated from "awaiting signature" to "signed/notification process" when a shareholder inquired on April 21, 2026. May I ask whether ECSA, controlled by the company, has now received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project? Tongling Nonferrous Metals stated on the investor interaction platform on May 21 that as of now, China Railway Construction Tongguan Investment Co., Ltd. (of which ECSA is the main operating entity for the Mirador copper mine) has not yet received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project. Please refer to the company's announcements on the statutory information disclosure platform for updates. Tongling Nonferrous Metals released its Q1 report showing: The company achieved operating revenue of 64.67 billion yuan in Q1 2026, up 83.61% YoY; net profit attributable to shareholders of the listed company was 1.338 billion yuan, up 19.12% YoY; and net cash flow from operating activities was 6.632 billion yuan, up 473.09% YoY. Tongling Nonferrous Metals announced in its Q1 report matters concerning project delays at a controlled subsidiary: In recent years, Ecuador's political situation has been volatile with frequent personnel changes, and leadership changes at the competent ministry have led to personnel changes at the working level, greatly affecting policy continuity and administrative efficiency, thereby impacting the progress of signing the Mining Contract for the Mirador Phase II copper mine project. Since 2025, the company and ECSA have strengthened engagement with the relevant authorities of Ecuador's new government through multiple channels and at various levels. The latest round of preliminary negotiations for the Mining Contract for the Mirador Phase II copper mine project has been completed and submitted to the competent ministry for review. Given the significant differences in investment and operating environments between Ecuador and China, the volatile political situation, and the lack of stability in the legal environment, the specific timing for signing the Mining Contract for the Mirador Phase II project is still uncertain. As a result of the aforementioned factors, the formal commissioning of the Mirador Phase II project, once completed, can only commence after its Mining Contract is signed. For details, please refer to the company's Announcement on Subsidiary Project Delay disclosed on cninfo.com.cn on January 5, 2026. Tongling Nonferrous Metals disclosed in its 2025 annual report: In 2025, the company achieved total operating revenue of 172.825 billion yuan, up 18.68% YoY; net profit attributable to the parent company was 2.415 billion yuan, down 14.02% YoY. Tongling Nonferrous Metals announced: In 2025, the company overcame unfavourable factors such as tight copper concentrate supply and low TCs, and carried out in-depth activities to increase production and efficiency, and reduce costs and tap potential. In 2025, the company produced 197,700 mt of copper in self-produced copper concentrates, 1.9548 million mt of copper cathode, 400,700 mt of semi-finished copper products, 6.2185 million mt of sulphuric acid, 20.51 mt of gold, 579.55 mt of silver, 376,200 mt of iron ore concentrates, and 382,100 mt of sulphur concentrates, successfully achieving the annual production tasks. Regarding its main business activities, Tongling Nonferrous Metals stated in its 2025 annual report: The company is a large-scale integrated copper producer covering copper mining and beneficiation, smelting, processing, and trading, with main products including copper cathode, sulphuric acid, gold, silver, copper foil, and copper plate/sheet and strip. The company has deep technical accumulation, a leading industry position, and significant competitive advantages in copper mining and beneficiation, copper smelting, and copper foil processing. The 2026 operating plan disclosed by Tongling Nonferrous Metals in its 2025 annual report shows: 1. Core operating indicators In 2026, the company will strive to achieve various core product production targets, specifically: 227,600 mt of copper in self-produced copper concentrates, 2.108 million mt of copper cathode, 455,000 mt of semi-finished copper products, 22,000 kg of gold, 650 mt of silver, 7.07 million mt of sulphuric acid, 344,000 mt of iron ore concentrates (60%), and 308,000 mt of sulphur concentrates (35%), anchoring production and operational objectives with quantified indicators. A research report from Guosen Securities published on April 22 indicated that the company's copper smelting segment's profitability is industry-leading. In 2025, Jinlong Copper achieved a net profit of 800 million yuan; if simply converted by capacity, Jinguan Copper Branch's net profit was approximately 1.22 billion yuan. Excluding the newly commissioned Jinxin Branch, the three existing smelters had a combined annual net profit of 2.64 billion yuan. The decent profit of copper smelters including the company in 2025 can be attributed to factors such as raw material inventory cycles, high sulphuric acid prices, high copper smelting recovery rates, and high prices for by-product gold and silver. Compared with several other large copper smelters, whose main smelters had net profit margins mostly around 0.5%, Tongling Nonferrous Metals' main smelters all had net profit margins around 2%, significantly above the industry average. Mirador Phase II may come online in August. The company expects to produce 228,000 mt of copper concentrates in 2026. Based on past trends, domestic copper ore production is 50,000 mt per year, and Mirador Phase I production is 130,000 mt per year, so Mirador Phase II is scheduled to produce 50,000 mt in 2026, implying production start-up around August 2026. In 2025, China Railway Construction Tongguan Investment achieved a net profit of 1.93 billion yuan, and the Mirador project company reached a net profit of 3.79 billion yuan, demonstrating strong profitability. Mirador Phase II mining and beneficiation costs are only about 70% of Phase I. If Phase I costs are 28,000 yuan/mt, a rough calculation puts Phase II costs at 19,600 yuan/mt. If by-product gold and silver partially offset copper costs, Mirador Phase II costs could be negative. Risk warnings: risk of wild swings in copper prices, risk of copper concentrate TC declines.

Bunker Hill Mining has announced the shipment of the first ore from its rebuilt Bunker Hill mine in Idaho, marking a major milestone in the project's restart. The company said mining and processing activities will be ramped up progressively, with the concentrator expected to reach its nameplate capacity in 2027. Bunker Hill is a historic polymetallic mine producing primarily silver, lead and zinc, with associated copper mineralization. The restart will strengthen North America's critical minerals supply chain by adding new production capacity as the operation ramps up.

Anglo American and Chile's state-owned miner Codelco have completed a definitive agreement to integrate the mine plans for the adjacent Los Bronces and Andina copper operations after receiving all required regulatory approvals. The joint mine plan is expected to deliver an additional 2.7 million tonnes of copper between 2030 and 2051, generating more than US$5 billion in pre-tax net present value, with benefits shared equally by both companies.

Legacy Minerals has commenced ground geophysical surveys at its Battery and Mascotte prospects within the Mt Carrington Project in New South Wales, Australia. Fender Geophysics has begun a dipole-dipole induced polarization (DDIP) survey across six priority lines, aimed at identifying extensions to high-grade gold-silver zones at Mascotte and locating potential higher-grade copper mineralization at Battery. The project boasts significant polymetallic potential; in previous drilling campaigns, drill-hole MSDD003 returned a high-grade intercept of 18.7% lead, 8.7% zinc, and 43g/t silver over a 1-meter interval. Data from this three-week geophysical program will be integrated with ongoing surface sampling and mapping to refine geological models. Concurrently, work is underway towards a new 2026 mineral resource estimate to inform an upcoming scoping study, with follow-up drilling at Mascotte scheduled to commence shortly after the geophysical analysis is complete.

When asked, "What are the technological content and barriers of the company's rolled copper foil? Who are the domestic and international competitors? Which companies are downstream clients?" North Copper responded on the investor interaction platform on June 25: The technological content and barriers of the company's rolled copper foil are reflected in: 1. The long process flow of rolled copper foil, involving disciplines such as smelting, rolling, metal heat treatment, and electrochemistry, requires continuous trial production to accumulate a process database. This represents a long-term experiential barrier that cannot be quickly reverse-engineered. 2. Capital and hardware thresholds, with extremely high equipment investment, high barriers for equipment installation, commissioning, and operation, and severe limitations on product width and ultra-thin gauge. 3. Barriers in rolling and forming processes, which are also the highest thresholds—covering product thickness, sheet flatness, internal structure, and mechanical properties, as well as the synergistic barriers of dozens of interconnected processing steps. The consistency control across the entire process is far more demanding than the single-step electrodeposition process for copper cathode foil. Regarding the statement, "The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² copper clad laminate (CCL) project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation," North Copper responded on the investor interaction platform on June 25: The CCL construction portion of the company's 50,000 mt high-performance rolled copper foil and 2 million m² CCL project has not yet commenced due to insufficient relevant technology and talent reserves, out of prudence. Next, the company will decide on the CCL investment and construction plan based on thorough market surveys and scientific validation. North Copper responded on the investor interaction platform on June 25: The company seizes market opportunities, closely monitors downstream market demand, focuses on R&D for mid-to-high-end copper strip products and structural adjustments for rolled copper foil products, and is committed to filling gaps in its process lines and reaching its capacity standard, striving to turn losses into profits as soon as possible. Regarding the question, "When will the company's semi-annual report performance forecast announcement be released?", North Copper responded on the investor interaction platform on June 25: The company has scheduled the disclosure of its 2026 semi-annual report for August 27. If the conditions for a performance forecast are met, the company will release the announcement within the stipulated time. When asked, "After the implementation of the 'Regulations on the Implementation of the Mineral Resources Law of the People's Republic of China', has the related work on applying for the mining permit for the newly added copper ore at the Tongkuangyu Mine been accelerated? Could you discuss the company's near-term plans? If progress goes smoothly, based on the ore's copper grade and after deducting relevant costs, how much profit is this expected to bring to the company?" North Copper responded on the investor interaction platform on June 24: The detailed survey of deep-seated replacement resources at the Tongkuangyu Mine is a project to add reserves outside the current mining right's boundary at depth (elevation range: 80m to -325m), which is conducive to increasing the company's copper resource reserves and extending the mine's service life. Given that the replacement resources identified by the detailed survey have reached a large scale, according to reserve review and filing requirements, the exploration level must be achieved for resource reserve filing and for initiating the transition from exploration to mining. As the mine's production level shifts downward, the company will conduct further exploration work for deep-seated replacement resources at the next production level. The company currently has no relevant deep exploration plans. Regarding the question, "As a third-generation core substrate material for IC lead frames, could you briefly introduce the production and latest order status of your company's 5,000 mt chromium zirconium copper alloy product?", North Copper responded on the investor interaction platform on June 23: Our company has completed the casting ingot product for C18150 (chromium zirconium copper alloy); the subsequent copper strip process is currently under trial production. There are no orders at present. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has not yet established a cooperative relationship with NVIDIA. On June 17, North Copper stated on the interaction platform in response to an investor's question that the company has a comprehensive market cap management system, consistently centering market cap management on enhancing intrinsic value. Through methods such as focusing on core business growth, optimizing governance structures, strengthening information disclosure, and implementing shareholder return plans, it is committed to achieving long-term alignment between the company's value and its market performance. Should there be arrangements such as share buybacks or capital increase plans, the company will promptly issue relevant announcements. On June 15, North Copper stated on the interaction platform in response to an investor's question that, relying on scientific research breakthroughs at the Shanxi Provincial Key Laboratory of New Copper-based Materials, the company's copper strip and foil product structure is undergoing further adjustment and optimization. All production and operation activities are proceeding in an orderly manner, and product orders are growing steadily. On June 4, North Copper stated on the interaction platform in response to an investor's question that the company's management places high importance on extending the industry chain and has made positive progress in deep copper processing. During the 15th Five-Year Plan period, the company will rely on its existing copper strip and foil production lines to achieve new breakthroughs in scientific research, product structure adjustment, and capacity enhancement, thereby empowering the company's high-quality development. Performance: North Copper's previously released 2026 Q1 report showed that in Q1, the company achieved operating revenue of 10.044 billion yuan, up 46.89% YoY; net profit attributable to shareholders of the parent company was 615 million yuan, with a YoY increase reaching 65.74%. Regarding the reasons for the increase in operating revenue, North Copper stated in its Q1 report that it was mainly due to an increase in product sales volume and rising prices. Additionally, North Copper's 2025 annual performance report showed that the company achieved operating revenue of 27.916 billion yuan in 2025, up 15.80% YoY; net profit attributable to the parent company was 791 million yuan, up 29.01% YoY. 2025 main product production: copper cathode produced was 300,300 mt, sulphuric acid 766,000 mt, gold ingots 6.4 mt, and silver ingots 68.5 mt. In its 2025 annual report, North Copper described: The company's main business is the mining, beneficiation, smelting, and rolling processing of copper metal. Currently, its captive mine has an annual ore processing capacity of 9 million mt and self-produced copper content of 43,000 mt. Its copper smelting capacity is 320,000 mt, along with gold ingots 10.8 mt, silver ingots 170 mt, and sulphuric acid 1.22 million mt, while it also comprehensively recovers valuable metals like platinum, palladium, selenium, and bismuth. Deep copper processing products include high-performance copper and copper alloy strips, rolled copper foil, etc., of which copper alloy strip capacity is 25,000 mt/year and rolled copper foil capacity is 5,000 mt/year. The company already possesses an integrated industry chain from mining, beneficiation, and smelting to rolling processing. The company's 'Zhongtiaoshan' brand Grade A copper is registered on the Shanghai Futures Exchange and the Shanghai International Energy Exchange, and its 'Zhongtiaoshan' brand gold and silver ingots are registered on the Shanghai Futures Exchange. The mineral exploration situation disclosed in North Copper's 2025 annual report showed that the company completed the detailed survey project of deep-seated replacement resources at the Tongkuangyu Copper Mine (below 80m elevation), with primary completed workloads: prospecting roadway 140.6m, 12 drill chambers/2,823.6m³, 12 drill holes (including 3 hydrogeological holes), drilling footage 7,268.62m, 1:2000 special hydrogeological, engineering geological, and environmental geological survey 6㎢, geophysical logging 2,065.61m, and pumping tests for 3 holes; 8,091 samples analyzed and tested, 46 rock/mineral test groups, 99 small-weight samples, 20 copper phase analysis samples, 10 complete chemical analysis samples, and 12 complete water quality analysis samples. On February 20, 2025, the Shanxi Mining Association organized the completion of supervision and field acceptance work for the resource detailed survey project, issuing supervision and field acceptance reports. In early March, the company completed the compilation of the 'Special Hydrogeological, Engineering Geological and Environmental Geological Detailed Survey Report for the Deep Part of the Tongkuangyu Mine'. On March 17, the Shanxi Mining Association organized an expert review which was passed. In May, the company completed the compilation of the 'Detailed Survey Report on Deep-seated Replacement Resources at the Tongkuangyu Copper Mine in Yuanqu County, Shanxi Province' (hereinafter referred to as the report). On May 23, the Shanxi Mining Association organized an expert review which was passed, and an review opinion was issued. According to the report, as of December 31, 2024, within the 80m to -325m elevation range of the Tongkuangyu mining area, cumulative identified industrial orebody (No. 5) resources amounted to 103.718 million mt of copper ore with an average grade of 0.84% and a metal content of 869,600 mt. Associated gold metal content was 8,930 kg at an avg. grade of 0.09g/t; associated molybdenum metal content was 3,727 mt at an avg. grade of 0.011%. Low-grade copper ore resources amounted to 34.625 million mt with an avg. grade of 0.25% and a metal content of 88,200 mt. The scale of discovered resources reached large-size, marking a significant prospecting achievement and providing a solid resource guarantee for the company's industry chain layout. Regarding the company's copper ore resource reserves, North Copper announced in its annual report, As of year-end 2025, the Tongkuangyu Mine had retained copper ore resources above 80m elevation of 204.664 million mt, with a copper metal content of 1.2501 million mt. Additionally, below 80m elevation at the base of the Tongkuangyu Mine's current mining right, the cumulative identified industrial orebody (No. 5) copper ore resources was 103.718 million mt, with an average grade of 0.84% and a metal content of 869,600 mt. For the 2026 production and operation plan, North Copper mentioned in its 2025 annual report: Main product production: copper cathode 300,000 mt, sulphuric acid 800,000 mt, gold ingots 6 mt, silver ingots 60 mt, to maximize economic benefits. A research report from Huaxi Securities on June 14 pointed out: In the medium and long term, copper, as a key metal for energy transition, possesses strategic allocation value under the policy guidance of the 15th Five-Year Plan. On the supply side, entering 2026, major mines globally have continued to experience strikes and production halts this year, keeping the supply profile relatively tight. From a macro perspective, the probability of a US Fed interest rate cut during the year still exists. In the long term, the macro environment supports copper prices, and the US dollar is expected to continue depreciating, supporting a positive outlook on copper prices. Furthermore, strong supply-demand fundamentals support copper prices. China's macro policies are expected to continue exerting force, and stimulus measures in sectors like electric power infrastructure, NEVs, and home appliance consumption could further expand. Beneficiary stocks: [Zijin Mining], [CMOC], [JCHX], [Jiangxi Copper Corporation], [Western Mining Co., Ltd.], [North Copper], [Tongling Nonferrous Metals], [Yunnan Copper].

CopperTech Metals has launched plans for a US initial public offering (IPO), seeking to raise approximately US$423.5 million through the sale of 23.5 million shares priced between US$16 and US$18 each. The offering could value the company at up to US$3.57 billion. CopperTech, established by Vedanta Resources, owns and operates Konkola Copper Mines (KCM) in Zambia. The company plans to invest approximately US$2.7 billion over the next five fiscal years to increase copper production at KCM, targeting average annual output of around 270,000 tonnes from fiscal year 2030 onward.

Breaking News | SGS Audit Shows Cobre Panama Mine Compliance Rate Near 88%, Obstacles to Production Resumption Further Cleared On June 19, Panama's Ministry of Environment released the final audit report by Switzerland's SGS on First Quantum's Cobre Panama copper mine. The audit covered 370 commitments from 2019 to 2023, with an overall compliance rate of approximately 88%. Technical and operational standards scored the highest (90.20%), followed by environmental compliance. SGS pointed out that issues were concentrated in areas such as biodiversity management, and do not constitute structural deficiencies. According to SMM, maintenance of key equipment at the mine is proceeding normally. If the production resumption permit is granted, production is expected to resume at a relatively fast pace. The mine has been suspended since November 2023, with an annual capacity of approximately 350,000 mt of copper. The Panamanian government has established a cross-departmental working group to evaluate subsequent decisions.