SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.

From January to February, the value added of industrial enterprises above the designated size in Baotou increased by 5.3% YoY. Among the three major categories, two rose and one declined. The value added of the mining industry increased by 20.2% YoY, manufacturing rose by 4.5%, and the production and supply of electricity, heat, gas, and water fell by 1.4%. Nearly 60% of industries recorded positive growth. Among 34 major industry categories, 19 maintained growth in value added, representing a growth breadth of 56%. Among them, the value added of the raw chemical materials and chemical products manufacturing industry increased by 97.4%, boosting the growth of value added of industrial enterprises above the designated size by 6.1 percentage points.

According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

[SMM Aluminum Express News] Sierra Leone's Minister of Mines and Mineral Resources, Hon. Julius Daniel Mattai, has been actively promoting a value addition strategy for the country's mining sector. The minister addressed investors, policymakers, and mining industry leaders at events organized by MineAfrica Inc. He outlined plans to shift away from simply exporting raw minerals toward greater in-country processing and sustainable resource management.

The Africa Finance Corporation and the Federal Government of Nigeria signed an agreement to invest in three major mining projects. One of these includes $1.3 billion for an aluminum refining project. The agreement was signed under the Solid Minerals Development Fund (SMDF), a sovereign investment fund aimed at promoting private sector-led growth in the mining industry. Under the agreement, the parties will carry out a geoscience mapping program to improve mineral data and reduce exploration risk, encouraging more investors to participate in the sector. They will also create a joint investment vehicle to accelerate exploration and mining development in Nigeria.

South Africa's mining industry still faces obstacles from regulatory and operational bottlenecks, requiring long-term sustained investment in exploration and development to fully unlock its potential. South Africa's mining industry and its direct suppliers provide nearly 900,000 jobs and sustain 3.6 million livelihoods. The mining industry has a strong multiplier effect, and developing the mining sector can promote economic growth and create employment opportunities. However, developing the mining industry requires investment, which also demands a globally competitive regulatory and operational environment, said Mthenjane Mzila, Director of the Minerals Council South Africa (MCSA).

According to a Bloomberg report cited by Mining.com, Algerian President Abdelmadjid Tebboune inaugurated a jointly constructed railway, which is crucial for this OPEC member's large-scale development of iron ore and represents one of its initiatives to diversify the economy. The opening of this railway enables the Gara Djebilet iron ore mine, located near the border between Algeria and Morocco, to ship its first cargo, a project that has been in the making for decades. The Algerian National Mining Company (Sonarem) is the main participant in the project. This new railway line, built by Algerian state-owned enterprises, connects the remote iron ore mine with the cities of Tindouf and Béchar Province. From there, an existing railway line links to the Mediterranean coast and the city of Oran, where Turkish Tosyali Holding operates a steel plant. Algeria is an important natural gas supplier to Europe, with oil and gas accounting for three-quarters of its export value and half of its fiscal revenue, but it is highly susceptible to energy price fluctuations. Therefore, the country is seeking other sources of income and is currently attempting to vigorously develop the mining industry.

In January-November 2025, Ukraine’s mining industry reduced iron ore exports by 4.9% compared to the same period in 2024, to 28.77 million tons. China is traditionally the largest consumer of Ukrainian iron ore. During this period, shipments of raw materials in this direction amounted to 15.29 million tons (+17.3% y/y). Slovakia received 4.08 million tons (-8.3% y/y), and Poland received 3.91 million tons (-16.7% y/y). In November, Ukraine exported 2.21 million tons of raw materials, which is 8.7% less than in the previous month and 10.2% less than in November 2024. 1.29 million tons (+12.4% m/m; +26% y/y), to Slovakia – 366.19 thousand tons (-2.9% m/m; -5.2% y/y), and to Poland – 171.28 thousand tons (-57% m/m; -58.1% y/y).

According to a report on the BNAmericas website, a fund established by the Brazilian Development Bank (BNDES) and the National Financial Institution (Finep) has already screened 50 projects related to the critical minerals supply chain, with a total of 5 billion reais ($900 million) in funding available. The fund aims to increase investment to promote the development, innovation, and downstream processing of critical minerals, including lithium, graphite, copper, nickel, rare earths, and other materials crucial for clean and renewable technologies, thereby driving a transformation in the domestic mining industry. In a statement, BNDES said that the funds could be accessed through financial instruments such as credit, subsidies, and non-reimbursable support. The bank estimates that financing these selected projects is expected to bring in 45.8 billion reais in investment. These projects include 10 rare earth projects, 8 lithium projects, 6 graphite projects, 4 copper projects, and 4 silicon projects. Valdir Farias, CEO of mining consulting firm Fioito, said, "This initiative by BNDES and Finep is extremely important for the Brazilian mining industry, as it not only finances projects and initiatives in their early stages but also opens up opportunities for more investors to get involved in the mining sector, in addition to unlocking investments related to critical minerals." He added, "BNDES plays a significant role in Brazil's financing market and will actively encourage other market participants to provide additional funding for early-stage projects. In Brazil, many financial institutions lack understanding of the real risks and high-return potential of these projects, which often face difficulties in securing financing." The screening of these projects and initiatives was part of a public call held earlier this year, during which BNDES and Finep received a total of 124 applications from companies and consortia seeking funding to develop technological and industrial solutions to meet the growing demand for critical minerals. Each selected company and group is now allowed to submit only one business plan, with a minimum funding of 20 million reais. José Luis Gordon, Director of Development, Innovation, and Foreign Trade at BNDES, said, "We are advancing strategic investments that combine innovation, sustainable development, and the creation of high-quality jobs." "The selection of these project proposals reflects President Lula's commitment to creating development opportunities for the country and the Brazilian people. We are paving the way for sustainable growth, developing national industries, and achieving global leadership in the energy transition," he added. According to data from the Brazilian Mining Institute (Ibram), from 2025 to 2029, rare earth projects in Brazil are expected to attract $2.17 billion in investment, representing a 49% increase compared to the expected growth from 2024 to 2028. Projects funded by BNDES-Finep include those of Canada's Aclara Resources, Australia's Meteoric Resources, and Viridis Mining & Minerals, as well as Mineração Serra Verde, which is controlled by global investment firm Denham Capital.

The fund jointly established by the Brazilian Development Bank (BNDES) and the National Financial Institution (Finep) has selected 50 projects related to the critical minerals supply chain, with a total of R$5 billion ($900 million) in funding support. The fund aims to increase investment and promote the development, innovation, and downstream processing of critical minerals, covering vital materials such as lithium, graphite, copper, nickel, and rare earths, to drive transformation in the domestic mining industry. BNDES stated in its announcement that the funds can be accessed through financial instruments such as credit, subsidies, and non-reimbursable support.