Tongguan Kuangjian Won the Bid for the Cuia-Mavoio Copper Mine Project in Angola, with a Bid Amount of Approximately $230 Million

On May 20, Sinomine Resource Group Co., Ltd. and Peru Kingda Mining Co., Ltd. signed a cooperation agreement at Sinomine Resource Group's headquarters on the La Haya copper mine project. Under the agreement, Peru Kingda Mining will re-register the mining rights of the La Haya copper mine located in Peru under a joint venture jointly established by both parties and controlled by Sinomine Resource Group. Sinomine Resource Group will provide funding, technology, and industry chain resource support to jointly advance the development of this copper ore resource. In the initial phase, the project will carry out Phase I exploration work, with drilling advancing simultaneously.

Chile's Second Environmental Court recently revoked the environmental permit for the "Infrastructure and Capacity Enhancement" project at Collahuasi, one of the world's largest copper mines. The project planned to invest over $3.2 billion, with the core objective of building a seawater desalination plant to extend the mine's lifespan. The court ruled that the mining company had failed to adequately consult with affected indigenous communities and that the assessment of environmental impacts on the marine environment was insufficient. The mining company stated that existing water sources could support short-term production and would not immediately affect production.

[SMM North China Copper Cathode Spot Market] Consumption in the market showed weakness during the week, compounded by the approaching month-end period, downstream capital was constrained, putting spot premiums under pressure and weakening them, and spot trading activity was sluggish.