Chile's National Institute of Statistics (INE) said on Friday that copper production in the world's largest producer, Chile, was up 5.1% YoY to 447,294 mt in June.

SMM reported on July 31: Spot quotes for cobalt-related products continued to decline this week. The spot market demand remained sluggish. Before any concentrated restocking by downstream enterprises, cobalt salt prices showed an overall slow downward trend... SMM compiled the price changes of cobalt-related products this week, as follows: : According to SMM spot quotes, the center of refined cobalt spot quotes continued to shift downward this week. Although it rose by 1,500 yuan/mt on the last trading day, as of July 31, refined cobalt spot quotes were at 338,000-355,000 yuan/mt, with an average of 346,500 yuan/mt, down 3,500 yuan/mt or 1% from 350,000 yuan/mt on July 24. From the supply-demand side, on the supply end, mainstream smelters lowered ex-factory quotes to 355,000 yuan/mt, while other small and medium smelters basically suspended external quotes due to increased loss pressures. After continued destocking in the trade sector, available-for-sale inventories dropped to relatively low levels. Some enterprises, based on bullish expectations for the future, began to slow down their shipment pace, and a few quoting enterprises maintained the spot-futures price spread at a premium of 1,000-10,000 yuan/mt. On the demand side, downstream enterprises were still in the summer break period, with generally weak purchase willingness, only maintaining small-scale rigid restocking. Overall, July-August is the traditional consumption off-season for refined cobalt, with limited demand support. In the short term, prices may continue to be in the doldrums. Cobalt Salt (and ): : According to SMM spot quotes, cobalt sulphate spot quotes continued to fall this week. As of July 31, spot quotes dropped to 81,000-82,000 yuan/mt, with an average of 81,500 yuan/mt, down 1,500 yuan/mt or 1.81% from 83,000 yuan/mt on July 24. SMM learned that the divergence between upstream and downstream for cobalt sulphate further intensified this week, with limited actual trading. On the supply side, primary smelters using intermediate products and MHP, supported by costs, still held firm quotes above 80,000 yuan/mt. Recyclers, leveraging raw material cost advantages, concentrated their quotes in the 76,000-78,000 yuan/mt range, with a few aggressive sellers able to go below 75,000 yuan/mt. The demand side remained sluggish, with downstream enterprises showing insufficient purchase willingness and leaning toward non-standard or old cargo sources to lower procurement costs. Recently, there were transactions of substandard goods and old cargo below 73,000 yuan/mt. Adjusted for quality, the actual price difference from new products was limited. However, in a weak demand environment, this price level was used by downstream as a bargaining benchmark, forcing some recyclers to passively follow suit. Moreover, after the sustained drop in refined cobalt, the cost of producing cobalt sulphate through re-dissolution fell to 72,000-73,000 yuan/mt, further strengthening downstream pressure for lower prices. In the short term, the cobalt salt market shows a slow downward trend. A stabilization and recovery will have to wait for the release of concentrated downstream restocking demand, which is expected to occur no earlier than mid-to-late August . : According to SMM spot quotes, cobalt chloride spot quotes continued to fall this week. After dropping 3,000 yuan/mt on the last trading day, spot quotes fell to 95,000-98,000 yuan/mt, with an average of 96,500 yuan/mt, a decline of 3.02% from 99,500 yuan/mt on July 24. In the spot market, SMM learned that the cobalt chloride market remained sluggish this week, with trading at minimal levels. On the supply side, from a real-time cost perspective, the cost of recycled materials and the re-smelting path for refined cobalt were already significantly lower than current market and actual trading prices. The key factor affecting enterprise pricing was that upstream smelters generally held large-scale inventories, mostly high-cost, and faced with a continuously falling market, it was difficult to lower average costs through low-price procurement. Therefore, high-cost inventory provided some support to quotes, which remained relatively firm. However, at the same time, some enterprises had already begun to gradually lower quotes to promote shipments, trying to spread out earlier losses by accelerating turnover. Yet, downstream absorption capacity was extremely limited, and even price reductions could not lead to volume trading. On the demand side, Co3O4 enterprises themselves had high inventory levels, with no signs of demand growth, and current purchase willingness was very low. Overall, in the short term, cobalt chloride prices still have downside room. : According to SMM spot quotes, Co3O4 spot quotes also showed a downward trend this week. As of July 31, spot quotes fell to 300,000-320,000 yuan/mt, with an average of 310,000 yuan/mt, down 10,000 yuan/mt or 3.13% from 320,000 yuan/mt on July 24. In the spot market, SMM learned that the Co3O4 market was also quiet this week, with low trading volumes. On the supply side, with high inventory levels, enterprises faced the dilemma of thin profits under current raw material cost accounting and the risk of inventory buildup, so they generally kept production at lower levels. Although there were occasional rumors of ultra-low-priced cargo, based on communications with various parties, the existence of some ultra-low-price deals was not denied, but they were not enough to represent the mainstream market. On the demand side, cathode plants had some inquiries, but actual purchases were limited. Current raw material inventories were sufficient to support production, with no urgent restocking needs. Overall, Co3O4 prices also have the potential to further decline in the short term. On the news front, in corporate developments, Chengtun Mining released its H1 2026 report, mentioning that the company achieved revenue of 19.264 billion yuan in H1, up 39.56% YoY; net profit attributable to shareholders of the publicly listed firm was 1.804 billion yuan, up 71.37% YoY. Chengtun Mining stated that during the reporting period, its energy metal business achieved revenue of 14.543 billion yuan, with a gross margin of 27.03%, basically consistent with the previous year. In H1 2026, copper production was 133,200 mt in metal content, cobalt production 3,700 mt in metal content, and nickel production 21,200 mt in metal content. Copper-cobalt segment: ① During the reporting period, the company's DRC copper-cobalt segment achieved stable output, with copper production reaching 132,200 mt in metal content, of which Xiongdi Mining achieved 74,400 mt in metal content. The company addressed the power shortage issue through a multi-type energy combination, building a modern energy system integrating specialization, intensification, and integration, boosting both operational efficiency and scale. ② Dali Sanxin actively advanced mine construction, aiming for trial production in Q4. Currently, land and other related procedures have been completed, well engineering is basically finished, and surface civil engineering construction is being actively promoted. ③ In April 2026, the company disclosed the planned acquisition of a 50% stake in Nkoyi Leopard Mining and Investment Limited, to indirectly obtain a 30% interest in a large specific copper-cobalt mining right. The deal was completed in July 2026, and cooperation on the mine is proceeding normally. During the reporting period, the company actively sought sustainable resource guarantees through exploration in potential areas and pursuing extensive copper resource M&A and cooperation. Furthermore, CNGR also released its H1 2026 performance forecast, expecting net profit attributable to shareholders of the publicly listed firm in H1 2026 to be in the range of 1.25-1.35 billion yuan, up 70.58%-84.23% YoY. Regarding the reasons for the performance change, CNGR stated that during the reporting period, the company seized the high-development opportunities in the global new energy industry and, leveraging its leading position in the battery materials field, achieved total sales of core products such as nickel-based, cobalt-based, phosphorus-based, and sodium-based materials exceeding 250,000 mt. By segment, ternary cathode precursor sales grew over 50% YoY in H1, with stable overall gross margin, further solidifying its industry-leading position; phosphorus-based material sales grew over 25% YoY, with profitability elasticity significantly released, successfully turning losses into profits; and sodium-ion battery precursor material sales maintained a high growth trend, continuing its industry leadership. Additionally, the company's upstream resource layout yielded notable results, with investment income from laterite nickel ore steadily increasing; the Indonesian pyrometallurgy nickel smelting project, with its cost advantages, effectively hedged local policy changes and maintained excellent profitability. Overall, the company's "resource + smelting + materials" entire industry chain integration advantage continued to deepen, with all business segments working synergistically to build a safety margin and anti-cyclical resilience for its operations.

On July 30, the Kazakh government announced that it had approved the investment agreement signed between the Ministry of Industry and Construction and Qazaq Smelter LLP for the Balkhash copper smelter project. The total private investment for the project is 750 billion tenge (approximately $1.58 billion). Construction is planned to start in 2027, with production commencing in 2030. The project is designed to produce 300,000 mt of copper cathode, 10 mt of gold, 300 mt of silver, and over 1.5 million mt of sulphuric acid annually, and will create around 1,200 permanent jobs. The Kazakh government expects that, once commissioned, the project will boost the country’s copper production by about 50% to above 800,000 mt, and increase exports of high-value-added copper products from 460,000 mt to 760,000 mt. Currently, the project is still at the stage of having its investment agreement approved, and the authorities have not yet disclosed its source of copper concentrates, process route, financing, or EPC arrangements. In addition, KAZ Minerals also plans to build another 300,000 mt/year copper smelter in the Abai Region, with a latest commissioning target of 2030–2031. If both projects proceed as planned, the combined new nominal copper cathode capacity in Kazakhstan will reach 600,000 mt/year, and the capacity for domestic smelting of copper concentrates may see a notable increase.

On July 31, the SMM Imported Copper Concentrate Index (weekly) was reported at -$159.37/dmt, down $4.61/dmt from the previous -$154.76/dmt. In July, the SMM Imported Copper Concentrate Index (monthly) was -$148.28/dmt, down $26.84/dmt from June's -$121.44/dmt. The payable indicator for 20%-grade domestic ore was reported at 98.5%-99.5%, up 0.25% from the prior period. This week, the copper concentrates spot market saw more index-based deals, with some mines conducting tenders. In terms of spot deals, there were five index-deducted transactions this week, two of which used only the SMM index as a benchmark. A trader sold 10,000 mt of clean ore at the SMM index minus $20/dmt to a smelter for September shipment, QP: M+1/M+5; a trader sold 10,000 mt of Sierra Gorda at the index minus $23/dmt to a smelter for September shipment, QP: M+1/M+5; a trader sold 10,000 mt of South American clean ore at the SMM and FM index flat minus $20/dmt to a smelter for September shipment, QP: M+1/M+5. There were market rumors that a trader sold 20,000 mt of Q4 clean ore at the index minus $20 to a smelter, of which 10,000 mt of Carmen ore with silver at 20g was priced at 90%. Also, rumors that a trader sold 20,000-30,000 mt of Q4 cargoes at the index minus $25/dmt. In terms of mine tenders, the results of a large mine's tender were out, with market rumors that 20,000 mt of HVC was traded on the smelter side at -$220/dmt for September-October shipment, QP: M+0/M+4 (buyer's option); 20,000 mt of HVC was traded on the trader side at around -$275/dmt for September-October shipment, QP: M+0/M+4 (buyer's option); additionally, 10,000 mt of QB was traded on the trader side at prices ranging from -$275/dmt to -$280/dmt for October shipment, QP: M+0/M+4 (buyer's option). Furthermore, 10,000 mt of BISHA and around 2,000 mt of Black Mountain for September-October shipment were tendered, with the results currently unknown. Overall, this week's spot deals continued to be mainly in the index-minus format, with deductions remaining at deep levels; mine tender prices fell further. Smelters maintained restocking demand but remained relatively limited in accepting deeply negative-priced cargoes. On July 29, First Quantum Minerals said it was accelerating preparations to restart the Cobre Panama copper mine in Panama, having already begun processing stockpiled ore in advance and added around 1,000 jobs. The company stated that formal negotiations with the Panamanian government over the future arrangements of the mine are gradually approaching. In May this year, the company started the first of three grinding lines, processing approximately 2.1 million mt of stockpiled ore in Q2 and producing 3,216 mt of copper concentrates. Cobre Panama currently has about 38 million mt of stockpiled ore, expected to recover approximately 70,000 mt of copper, supporting about 12 months of production at the current processing pace. The company maintained its 2026 copper production guidance of 30,000 to 40,000 mt, all from stockpiled ore processing. Meanwhile, the number of mine employees increased from about 2,350 in early April to approximately 3,000 at end-June, to support equipment commissioning, maintenance, and operational preparations. Over half of the new hires came from communities near the mine site, with female employees accounting for about 17% of new recruits. Currently, the Panamanian government is studying various options for restarting the mine, including establishing a state-owned mining company to jointly operate the mine with First Quantum, or a model where First Quantum holds a 60% to 65% interest and the government holds the remainder. The company had previously suspended the $20 billion international arbitration against the Panamanian government, creating conditions for continued negotiations between the two parties. On July 29, Glencore released its H1 2026 production report, showing that its own-sourced copper production in H1 was 397,000 mt, up 15% YoY from 343,900 mt. The production growth was mainly driven by increased mined volumes and improved feed grades in African copper operations, along with higher grades at the Antamina copper mine in Peru, partially offset by the planned closure of the Mount Isa copper mine in Australia in July 2025. Glencore maintained its 2026 own-sourced copper production guidance of 810,000 to 870,000 mt, with approximately 53% of annual copper production expected to be released in H2. The company stated that ore recovery rates and mining performance at the Collahuasi copper mine are expected to improve in H2, supporting a QoQ increase in copper production. Furthermore, although Glencore completed the sale of the Kidd Mine on June 1, reducing annual copper production by about 11,000 mt, the company has not lowered its full-year guidance. On July 28, Rio Tinto announced its H1 2026 results, with underlying earnings reaching $6.85 billion, up 43% YoY, the highest level for the same period in nearly four years. Within this, the copper and aluminum businesses, driven by demand from electrification, artificial intelligence, and the energy transition, together contributed about 56% of profit, surpassing the iron ore business for the first time to become the company's primary earnings driver. By business, copper EBITDA surged 84% YoY to $5.7 billion; iron ore EBITDA was $6.8 billion, down 1% YoY. The company stated that copper production growth and improved production efficiency in H1 were key drivers of earnings growth, while also benefiting from higher copper prices. As of July 31, 2026, SMM 11-port copper concentrates inventory stood at 664,400 mt in physical content, up 2,900 mt in physical content from July 24. The increases mainly came from Jinzhou Port and Qingdao Port, up 30,000 mt and 10,000 mt WoW, respectively; the decreases mainly came from Nanjing Port and Qinzhou Port, down 10,000 mt and 19,000 mt WoW, respectively. Overall inventory was basically flat.

Ivanhoe Mines released its second-quarter 2026 results on July 30. Its Kipushi mine in the DRC produced a record 70,177 tonnes of zinc during the quarter at a cash cost of $0.90/lb. The concentrator processed a record 200,774 tonnes of ore, averaging 38.7% zinc, while recoveries averaged nearly 92%. The company maintained Kipushi’s 2026 zinc production guidance of 240,000–290,000 tonnes and expects the mine to rank among the world’s three largest zinc mines this year. At Kamoa-Kakula, quarterly copper production reached 64,328 tonnes, with inventory build and temporary constraints affecting performance; management plans to destock inventory in the second half. Further attention should be paid to Kipushi’s second-half delivery against guidance and cost trends.

At around 15:30 on July 26, a safety incident occurred during production and construction at the underground Area 3 of Yinman Mining, a wholly-owned subsidiary of Xingye Silver&Tin, resulting in one fatality and no other injuries. On July 28, Xingye Silver&Tin announced for the first time that the underground mining areas of Yinman Mining had been suspended, while the beneficiation plant remained in normal operation. At that time, Yinman Mining had approximately 350,000 mt of surface ore, which was expected to support the beneficiation plant's production for about two and a half months. On July 30, Yinman Mining further received an "On-site Disposition Decision" (Xi) Yingji Xianjue [2026] No. 260 issued by the Xiwu Banner Emergency Management Bureau, requiring the simultaneous suspension of the beneficiation and tailings systems. As of the announcement disclosure, Yinman Mining's mining system, beneficiation and tailings systems had all been suspended. The previous plan to sustain beneficiation production using ore inventory could no longer be implemented, directly impacting mineral product production. Yinman Mining has an existing mining and beneficiation capacity of 1.65 million mt per year and is the core tin-silver mine under Xingye Silver&Tin. Xingye Silver&Tin did not separately disclose Yinman Mining's actual copper metal production in 2025. According to the original project design, Yinman Mining's copper concentrates contain approximately 1,100 mt of copper metal per year; Xingye Silver&Tin's consolidated mine-produced copper output in 2025 was 2,380.89 mt. As Yinman Mining's copper production scale is relatively small, this suspension will have limited impact on China's overall supply of copper concentrates, with the impact expected to be mainly concentrated on products such as tin and silver. Going forward, attention needs to be paid to the progress of accident investigation, tailings system rectification, and production resumption acceptance.

Glencore produced 397,000 metric tons of copper in the first half of 2026, marking a 15% increase from 343,900 tons in H1 2025. The growth was primarily driven by higher mining volumes and improved ore grades at its African operations alongside stronger grades at the Antamina mine in Peru. Following the strong operational start, Glencore maintained its full-year copper production guidance at 810,000 to 870,000 tons. The company noted that H2 performance will be bolstered by higher recovery rates and improved mining output at the Collahuasi operation in Chile. Meanwhile, Glencore’s marketing unit delivered exceptional results, generating approximately $3.3 billion in adjusted core earnings (EBIT) in H1 alone. This puts the trading division on track to approach or exceed the top end of its full-year guidance range of $2.3 billion to $3.5 billion. In contrast, cobalt production dropped 46% year-over-year to 10,200 tons due to ongoing export quotas in the Democratic Republic of Congo. Glencore strategically prioritized copper processing, holding back cobalt volumes until export restrictions ease. Full H1 financial results are scheduled for release on August 5.

First Quantum Minerals produced 184,929 tonnes of copper in Zambia during the first half of 2026, marking a 5% year-over-year increase from 176,116 tonnes recorded in H1 2025. This performance keeps the country's largest copper producer firmly on track to meet its full-year guidance. The growth was driven by solid operational outputs across both of its primary Zambian assets. Kansanshi reached 89,342 tonnes in H1—up from 86,647 tonnes in H1 2025—supported by strong processing throughput in its S3 expansion circuit. Sentinel also delivered higher volume, producing 95,587 tonnes compared to 89,469 tonnes in the same period last year. Following the H1 results, First Quantum maintained its 2026 production guidance of up to 205,000 tonnes for Kansanshi and 220,000 tonnes for Sentinel. Reaching these targets would push the company’s total annual output past 370,000 tonnes, exceeding the 361,000 tonnes produced locally in 2025. For H2, the miner anticipates stronger performance driven by higher plant throughput, improved recovery rates, and elevated ore grades at Sentinel. As First Quantum operations accounted for 41% of Zambia's 890,346 tonnes total output in 2025, this continued momentum plays a central role in supporting the Zambian government’s ambitious target to exceed 1 million tonnes of national copper production in 2026.

On July 30, Chengtun Mining’s share price declined. As of 13:22 on the 30th, Chengtun Mining was down 5.03% at 10.2 yuan per share. On the news front: Chengtun Mining’s 2026 semi-annual report released on July 30 showed that in H1 2026, the company achieved total operating revenue of 19.264 billion yuan, up 39.56% YoY; net profit attributable to shareholders of 1.804 billion yuan, up 71.37% YoY; and net profit after deducting non-recurring items of 1.913 billion yuan, up 64.63% YoY. Regarding its core business, Chengtun Mining stated in its semi-annual report that the company was committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focused primarily on copper, nickel, cobalt, and gold, with its main business types being energy metals, base metals, metal trading, and others. Chengtun Mining’s semi-annual report showed that in H1 2026, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining (BMS) achieved copper production of 74,400 mt in metal content. BMS’s specialized energy management system took shape. The Kalongwe project advanced in a coordinated manner in optimizing the production system and engineering construction; multiple technological transformation initiatives reduced material consumption, and optimized reuse of return water lowered energy consumption and enabled refined cost control. The copper-cobalt smelting projects CCR and CCM maintained stable production and operations. The company also carried out exploration in prospective areas and extension-style resource M&A to strengthen the foundation for sustainable development. In the Indonesia nickel segment, Youshan Nickel maintained stable production and operations amid global nickel market price consolidation, achieving operating revenue of 1.663 billion yuan; by improving management, optimizing processes, and strengthening industry-chain synergies, it successfully withstood market shocks. Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and product quality improved steadily; Phase II of the project carried out trial production. Huajin Mining operated steadily, achieving gold sales of 156.31 kg and operating revenue of 145 million yuan. During the reporting period, operating revenue from production and manufacturing was 18.756 billion yuan, accounting for 97.36% of the company’s total revenue, up 2.92 percentage points YoY, and it continued to maintain high-quality operations. Regarding the status of its core businesses, Chengtun Mining’s semi-annual report showed: 1. Energy Metals Business. During the reporting period, the company’s energy metals business achieved revenue of 14.543 billion yuan, with a gross margin of 27.03%, basically in line with the gross margin in the same period last year. In H1 2026, output of copper products was 133,200 mt in metal content, cobalt products 3,700 mt in metal content, and nickel products 21,200 mt in metal content. ( 1) Copper-Cobalt Segment ① During the reporting period, the company’s DRC copper-cobalt segment delivered stable output, with copper production reaching 132,200 mt in metal content, of which Brother Mining achieved 74,400 mt in metal content. The company addressed power shortage issues through a multi-type energy mix, building a modern energy system that is specialized, intensive, and integrated, driving synchronized growth in operating efficiency and scale effects. ② Dali Sanxin actively advanced mine construction and aimed to achieve trial production in Q4. At present, land and other related procedures had been completed, shaft construction was basically completed, and surface civil works construction was being actively advanced. ③ In April 2026, the company disclosed that it planned to acquire a 50% equity interest in Nkoyi Leopard Mining and Investment Limited to indirectly obtain a 30% interest in a large, specific copper-cobalt mining right. The project completed the equity closing in July 2026, and subsequent cooperation matters regarding the mine were progressing normally. During the reporting period, the company actively sought resource security for sustainable development through exploration in prospective areas and by pursuing extension-style M&A and cooperation for copper ore resources. (2) Indonesia Nickel Segment During the reporting period, the global nickel market fluctuated amid the interplay of Indonesia policy adjustments and rising cost side pressures. Youshan Nickel maintained stable production and operations, achieving operating revenue of 1.663 billion yuan and demonstrating strong operating resilience. (3) Deep Processing and Materials Segment ① During the reporting period, Keli Xin’s operating revenue increased by 25.6% from the same period last year, with rapid growth in operating performance. Meanwhile, the company continued to expand its product lines and enrich product models to meet different battery systems’ requirements for high voltage and high safety, effectively improving client response speed and product compatibility. ② Zhonghe Nickel optimized process technologies, further advanced refined on-site production management, improved recovery rates of valuable metals, and enhanced the production system’s adaptability to multi-channel raw material sources. ③ Phase I capacity of the Guizhou project was gradually released, process flows became increasingly mature, and through various refined control measures, it ensured continuous and stable production operations, with product quality improving steadily. Phase II of the Guizhou project smoothly entered trial production. 2. Base Metals Business. During the reporting period, the base metals business achieved sales revenue of 4.213 billion yuan, with a gross margin of 9.50%, up 5.61 percentage points from the same period last year. (1) During the reporting period, Chengtun Zinc & Germanium operated steadily, with notable results in comprehensive recovery; indium and germanium recovery rates both improved. Technical breakthroughs achieved cost reductions in auxiliary material and a record high in silver recovery indicators; multi-dimensional cost reduction and efficiency enhancement significantly lowered logistics and inventory expenses, and overall production operations remained stable. (2) During the reporting period, the company actively advanced the orderly construction of domestic and overseas mines. Construction of the Baoshan Hengyuan Xinmao mining engineering project progressed steadily; Huajin Mining operated steadily, selling 156.31 kg of gold and achieving revenue of 145 million yuan. 3. Metal Trading Business and Others. During the reporting period, the metal trading business achieved operating revenue of 307 million yuan. At present, the scale of the company’s core businesses continued to grow steadily, the proportion of the trading business gradually declined, and the business structure continued to be optimized, achieving solid results on the path of high-quality development. In addition, Chengtun Mining announced on July 23 that the cumulative deviation in the increase of its stock’s closing price exceeded 20% over three consecutive trading days on July 21, July 22, and July 23, 2026, constituting abnormal fluctuations in stock trading. After verification, the company found no media reports or market rumors that needed clarification or response, and found no other material events that could have a significant impact on the company’s share price. As of the date of this announcement, other than information publicly disclosed by the company in designated media, there was no other material information that should have been disclosed but had not been disclosed, including but not limited to planning major asset restructurings involving publicly listed firms, share issuances, major transactions, business restructurings, share repurchases, equity incentives, bankruptcy reorganizations, major business cooperation, introduction of strategic investors, and other major matters. The company’s current operating conditions were normal, and there had been no material changes in the internal and external operating environment. Chengtun Mining announced on July 9 that the transaction in which its wholly owned great-grand subsidiary Preeminence Holdings Limited (Preeminence) acquired a 50% equity interest in Nkoyi Leopard Mining and Investment Limited (Nkoyi) had made new progress. As of the date of this announcement, Nkoyi had completed the change of its shareholder register, and all registration and filing procedures for changes involving directors and senior management in this transaction had been completed. Preeminence had now obtained a 50% equity interest in Nkoyi, and the company had, in accordance with the Share Purchase Agreement under the transaction, paid the equity acquisition consideration to the target company. In Huafu Securities’ nonferrous metals weekly report released on July 26, its commentary on industrial metals mentioned: Industrial metals: tight inventory coupled with geopolitical tailwinds lifted copper prices strongly. From a macro perspective, the Middle East US-Iran geopolitical conflict continued to recur. Multiple parties mediated to advance ceasefire talks, but differences between the two sides were difficult to bridge quickly, and the market continued to trade the potential risk of disrupted shipping through the Strait of Hormuz. Once passage through the waterway is restricted, it would not only push up international crude oil prices and raise global smelting and logistics costs, but also affect outbound shipments of Middle Eastern sulfur, directly disrupting the supply of raw materials for ex-China hydrometallurgical copper production, continuously injecting a geopolitical risk premium into copper prices; repeated changes in news flow also amplified intraday fluctuations in LME copper. This week, tensions in the US-Iran Strait of Hormuz situation remained elevated, and shipping risks in the strait continued to affect market sentiment. Individual stocks: Copper—watch JCC, CMOC, Chengtun, Zangge, JCHX, and Beitong; for H-shares, watch NFC and Minmetals, among others. Aluminum—watch Tianshan, Hongchuang, Yunnan Aluminum, Shenhuo, Huatong, Hongqiao, and Zhongfu, among others. Citigroup recently published a report stating that it held a constructive view on the copper market over the coming weeks, maintaining its expectations unchanged for a 0–3 month short-term copper price target of $14,500 per mt and a year-end target of $15,000 per mt. Citigroup noted that over the past month, despite a pullback in speculative long positions and overall weakness in commodities, copper prices remained resilient. While demand growth remained weak, the supply side faced greater pressure. Global mine supply remained under pressure, while year-to-date scrap supply appeared to respond weakly to high prices. Chilean mine supply risks and sulfur supply constraints could, at the margin, lift market sentiment. A CITIC Securities research report said that multiple positive factors drove copper prices to again challenge $14,000, and that core drivers such as declining inventory and supply disruptions were expected to persist; most potential tariff paths remained positive for copper, and under a neutral assumption, copper prices were expected to challenge $15,000 within the year. The copper sector was still at the beginning of a valuation recovery, and the formation of expectations for price hike and improvements in market sentiment would continue to drive valuation recovery.

Rio Tinto reported underlying earnings of US$6.85 billion for the first half of 2026, up 43% year-on-year and the highest first-half result in four years. Driven by electrification, artificial intelligence and energy transition demand, its copper and aluminum businesses together contributed about 56% of group profits, surpassing iron ore for the first time. Copper EBITDA rose 84% year-on-year to US$5.7 billion, while iron ore EBITDA declined 1% to US$6.8 billion. The company said higher copper production, stronger commodity prices and productivity improvements were the key drivers of earnings growth. Rio Tinto also reported that productivity initiatives generated approximately US$870 million in benefits during the first half and remain on track to deliver annualized gains of US$1.8 billion by year-end. The company maintained its 2026 production guidance and declared an interim dividend of US$2.11 per share, its highest interim payout in four years. The miner added that it expects to achieve around half of its previously announced US$5–10 billion portfolio optimization target by the end of this year, while acknowledging uncertainties surrounding its 2030 emissions reduction target.