Amerigo Reports 16.9 Million Pounds of Copper Production in Q2

Codelco's newly appointed chairman, Bernardo Fontaine, said the Chilean state-owned copper producer will prioritize profitability over production growth as it works to improve operational performance. The company is conducting an external review of its strategy to identify efficiency gains and new opportunities. Facing approximately US$25 billion in debt and seven consecutive years of production below expectations, Codelco is seeking to restore investor confidence. Meanwhile, Jorge Gomez will officially assume the role of executive president this week to lead the company's turnaround efforts.

Democratic Republic of Congo President Felix Tshisekedi has instructed government agencies to reduce the use of aggressive enforcement measures against mining companies, including bank account seizures and asset freezes, saying such actions should only be used in exceptional circumstances with proper legal justification. He urged authorities to prioritize dialogue, notification and conciliation to resolve disputes and maintain a stable, transparent and predictable investment environment. Tshisekedi also ordered the removal of military and police personnel illegally stationed at mining sites to curb smuggling, fraud and illegal mining activities while improving the country's investment climate.

The Democratic Republic of Congo has approved a public-private partnership with Portuguese construction firm Mota-Engil to rehabilitate the Congolese section of the Lobito Corridor railway. Backed by the US, the project will improve transport links between key mining hubs including Kolwezi, Tenke and Lubumbashi and Angola's Port of Lobito, significantly reducing export times for copper and cobalt to Western markets. Mota-Engil and the Congolese government are currently negotiating a 30-year railway operating agreement.