1. Rio Tinto Considers Increasing Stake in Argentina’s Los Azules Copper Project

May 11 — According to two industry sources, Rio Tinto is evaluating the economic potential of McEwen Copper’s Los Azules copper project in Argentina and considering increasing its current 17.2% stake. The project ranks among the world’s top ten undeveloped copper deposits. Rio Tinto holds the stake through its copper technology joint venture Nuton, whose technical team is assessing the project’s economics and testing Nuton’s proprietary leaching technology. McEwen Copper’s managing director said Rio Tinto is building a pipeline of copper assets with the goal of expanding copper production, and discussions between the two parties remain productive.

2. Full Restart of Indonesia’s Grasberg Mine Delayed to 2028

May 11 — The full production restart of Indonesia’s Grasberg underground mine, the world’s second-largest copper mine, has suffered another major setback. PT Freeport Indonesia confirmed on May 8 that infrastructure damage caused by a severe mudslide last September was worse than previously expected, pushing the target for full recovery from 2027 to early 2028. The delay indicates the global copper market may face a prolonged supply shortfall from the giant mining operation.

3. China’s Copper Concentrate Imports Reach 9.92 Million Tons in Jan–Apr 2026

May 11 — Chinese customs data showed that the country imported 2.35 million tons of copper concentrate in April. Total imports during the first four months of 2026 reached 9.92 million tons, down slightly by 0.8% year-on-year.

4. Copper TC/RC Charges Expected to Stay in Double Digits in 2026

May 11 — A senior executive at Japanese metals producer Sumitomo Metal Mining said the company expects copper concentrate treatment and refining charges (TC/RCs) to remain in double digits in fiscal 2026, although lower than 2025 levels. The executive noted that some TC/RC negotiations are still ongoing. Higher copper premiums are expected to partially offset the decline in TC/RCs. The company also forecast around JPY 20 billion in losses linked to rising energy costs amid tensions involving the United States, Israel and Iran. Despite the Middle East crisis, the executive said the impact on nickel production in the Philippines would remain limited, as most sulfuric acid supplies come from Toyo’s Japanese facilities.

5. Tongguan Copper Foil Says Copper Price Fluctuations Can Be Passed Through

May 11 — Tongguan Copper Foil (301217) stated during an earnings briefing on May 8 that its products are priced under a “copper price plus processing fee” model, allowing fluctuations in copper prices to be transferred directly into product selling prices. The company also uses commodity futures hedging to reduce risks associated with raw material price volatility during operations.

6. Rio Tinto Eyes Larger Stake in Argentina’s Giant Copper Project

May 11 — As global energy transition efforts and AI data center expansion continue driving surging copper demand, mining giant Rio Tinto is accelerating its copper asset strategy. Industry sources said the company is actively evaluating an increase in its stake in Argentina’s Los Azules copper project, one of the world’s top ten undeveloped copper deposits. Rio Tinto currently holds a 17.2% interest through its copper technology subsidiary Nuton LLC and has already invested approximately USD 100 million in the project.

7. Chinese Firm Explores New Super Copper Mine in the DRC

May 11 — Chinese state-owned capital is further expanding its presence in global critical mineral resources. According to an official statement, CREC, a subsidiary of China Railway Group, has held discussions with the Democratic Republic of Congo’s mining minister regarding the potential development of a giant copper mine in the country. The project is expected to produce between 200,000 and 500,000 tons of copper annually and could become one of the world’s largest copper mines once fully operational. Notably, the proposed mine would be located in Kasai Province rather than the traditional copper-producing Katanga region, marking a geographical shift in the DRC’s copper development landscape.

8. Aurubis Raises Annual Profit Guidance for the Second Time

May 11 — Europe’s largest copper producer Aurubis has raised its full-year profit guidance for fiscal 2025/2026 for the second time this year, supported by strong metal prices and solid operating performance. The company increased its forecast for pretax operating profit to between EUR 425 million and EUR 525 million, up from the previous estimate of EUR 375 million to EUR 467 million. The improved outlook is mainly driven by elevated metal prices, stronger expected earnings from copper scrap recycling operations and higher sulfuric acid sales in the second half of the fiscal year.

9. Freeport Reaffirms Grasberg Mine Will Fully Restart by End-2027

May 11 — Freeport-McMoRan has denied recent market rumors suggesting that the full recovery of Indonesia’s Grasberg copper-gold mine would be delayed until 2028. In a statement released on Monday, the mining giant reaffirmed that the mine remains on track to achieve full production recovery before the end of 2027, maintaining the timeline announced one month earlier.

10. Sumitomo Says 2026 TC/RC Negotiations Progressing Smoothly

May 12 — Sumitomo Metal Mining said it expects to secure double-digit treatment and refining charges (TC/RCs) in 2026, although below Japan’s 2025 benchmark level of USD 25 per ton and 2.5 cents per pound. Finance manager Yasuhiro Miyake stated that higher copper premiums are expected to partially offset the decline in TC/RCs. He added that negotiations are still ongoing but are approaching completion. Rapid expansion in global smelting capacity relative to mine supply has compressed refinery margins and continued to pressure TC/RC levels. Despite lower refining fees, Sumitomo emphasized that it has no plans to reduce primary metal production.

11. Barrick Advances Lumwana Copper Mine Expansion in Zambia

May 12 — Gold and copper miner Barrick reported on Monday that the expansion project at its Lumwana super copper mine in Zambia remained on schedule and within budget during the first quarter. The company expects 2026 capital expenditure to come in at the lower end of its USD 750 million to USD 850 million guidance range, while total project capital costs are estimated at USD 2 billion. The expansion is expected to deliver first copper production by the end of the first quarter of 2028. Barrick’s overall copper output reached 49,000 tons in the first quarter, up 11% quarter-on-quarter and in line with expectations.

12. Cochilco: Codelco’s March Copper Output Falls 9.98% YoY

May 12 — Data released Tuesday by Chile’s copper commission Cochilco showed that state-owned miner Codelco produced 110,900 tons of copper in March, down 9.98% year-on-year. Output at Escondida, the world’s largest copper mine operated by BHP, fell 15.75% to 101,600 tons. Meanwhile, production at Collahuasi, jointly operated by Glencore and Anglo American, declined 10.8% to 31,400 tons.

13. China’s Tax Crackdown Disrupts Copper Trade

May 13 — “Invoices” became a key topic at a major Asian metals industry gathering as China intensified its crackdown on the so-called “invoice economy,” targeting fake trade activities and circular invoicing practices. Surveys indicated that more than half of spot copper transactions were affected by delivery delays or contract defaults. Coordinated actions by tax authorities in multiple regions have tightened invoice issuance, increasing cash flow pressure and inventory costs for traders. Industry participants expect the campaign to continue through the end of July, placing growing pressure on small and medium-sized traders.

14. Peru Election Uncertainty Threatens Billions in Mining Investment

May 13 — Market uncertainty intensified as Peru’s presidential vote count neared completion, with left-wing candidate Sanchez holding a narrow lead ahead of a potential runoff election in June. Investor concerns triggered sharp market reactions, with Peru’s April business confidence falling to its lowest level in nearly two years, while the country’s bonds and currency underperformed regional peers. Investors fear that a Sanchez administration could introduce higher mining taxes, review existing tax agreements, weaken investor protections and potentially restrict open-pit mining operations. Legislative proposals to shorten mining concession terms have also raised concerns over licensing risks for major projects. Peru, the world’s third-largest copper producer, derives around 60% of export revenue from mining and attracted roughly USD 6 billion in mining investment last year. Major global miners including Glencore and Anglo American maintain significant exposure in the country.

15. First Quantum’s La Granja Project Joins Top Tier of Undeveloped Copper Assets

May 13 — First Quantum Minerals submitted an updated NI 43-101 technical report for the La Granja copper project in Peru, jointly owned with Rio Tinto, confirming it as one of the world’s largest undeveloped copper deposits. Measured and indicated resources total 4.8 billion tons grading 0.48% copper, containing approximately 23 million tons of copper, while inferred resources stand at 5.2 billion tons grading 0.40%, containing around 20.7 million tons of copper. The project ranks as the world’s second-largest undeveloped copper project after the Pebble project in the United States. CEO Tristan Pascall described it as one of the largest copper metal transactions globally over the past 10 to 20 years. The project is expected to require more than USD 2.4 billion in investment. First Quantum is also advancing Peru’s Haquira project and Argentina’s Taca Taca project, the latter having entered Argentina’s fast-track approval process. Taca Taca is expected to produce an average of 291,000 tons of copper annually during its first ten years of operation, with cash costs estimated at just USD 0.97 per pound.

16. Arizona Sonoran Shareholders Approve Hudbay’s USD 1.48 Billion Acquisition

May 13 — Shareholders of Arizona Sonoran have approved Hudbay Minerals’ USD 1.48 billion all-share acquisition proposal. First announced in March, the transaction will combine Arizona Sonoran’s Cactus project with Hudbay’s Copper World project, creating what is expected to become North America’s third-largest copper district. The deal is anticipated to close in the second quarter of this year, subject to the remaining regulatory approvals.

17. Zambia’s Copper Output Falls Another 4% in Q1 2026

May 14 — Zambia’s mining minister said on Wednesday that the country’s copper production declined 4% year-on-year in the first quarter of 2026 to 208,992 metric tons, compared with 218,308 metric tons during the same period in 2025. The production figures include both large-scale mining operations and small-scale producers. The decline highlights ongoing production weakness among Africa’s major copper-producing nations.

18. Poland’s KGHM Reports Core Profit More Than Doubles in Q1

May 14 — Polish state-controlled copper and silver mining giant KGHM reported first-quarter earnings showing that rising global copper and silver prices significantly boosted profitability. Core profit more than doubled year-on-year to PLN 5.46 billion (approximately USD 1.51 billion), well above market expectations. Net profit reached PLN 3.53 billion during the quarter, surging more than tenfold from a year earlier and substantially exceeding analysts’ forecast of PLN 2.33 billion.

19. Codelco Accused of Overstating December Copper Production

May 15 — Chile’s state-owned copper producer Codelco, the world’s largest copper miner, is facing growing scrutiny following preliminary internal audit findings suggesting that approximately 20,000 tons of copper output may have been overstated in December 2025. The issue reportedly stems from the inclusion of unfinished material that did not meet final product standards. The additional volume enabled Codelco to report monthly production of 172,300 tons in December, the company’s highest monthly output in nearly a decade, compared with an average monthly production of 105,600 tons from January to November 2025.

20. Zambia Eases Sulfuric Acid Export Restrictions to the DRC

May 15 — Zambia’s trade minister said Thursday that the country has approved two copper producers to resume sulfuric acid exports to neighboring Democratic Republic of Congo as domestic inventories recover, signaling a partial easing of export restrictions on the key mining input. As Africa’s second-largest copper producer, Zambia’s smelters generate around 2 million tons of sulfuric acid annually, mainly as a byproduct for domestic mining operations, with surplus volumes exported to the DRC. Sulfuric acid is widely used across Central Africa’s copper belt to extract critical energy transition metals such as copper and cobalt from oxide ores.

21. Appian Expands Namibia Presence Through Omitiomire Copper Project Acquisition

May 15 — Appian Capital Advisory has completed its acquisition of Namibia-based Omico Copper, giving the mining-focused private equity firm a 95% stake in the Omitiomire copper project and significantly expanding its copper asset exposure. Appian plans to invest more than USD 400 million to develop the project into a mine capable of producing approximately 30,000 tons of copper annually over a 15-year mine life, targeting production within three years. Located about 140 kilometers northeast of Windhoek in Namibia’s Otjozondjupa region, Omitiomire is regarded as one of the country’s most advanced undeveloped copper assets.

Source：Changjiang Nonferrous Metals Network