Trexquant Investment LP Increases Stake in Southern Copper Corporation by 82.1%

[SMM Analysis: From Aurubis to Nexans and Wieland: Why Are European and US Copper Companies Expanding Recycling Capacity?]European and US copper companies have accelerated investment in recycled raw materials. Copper scrap is therefore becoming more than a supplement to primary copper. It is increasingly viewed as a strategic resource that can improve raw material security, diversify earnings and reduce product carbon footprints.

Tertiary Minerals has identified a new shallow copper-mineralised zone at its Mushima North project in Zambia, extending the project's mineralisation footprint beyond the area currently covered by its existing Exploration Target.​ Preliminary portable X-ray fluorescence (pXRF) results from scout drill hole 26TMNRC-076 at the newly named Western Zone returned 25 metres grading 0.38% copper from a depth of 19 metres, including 13 metres at 0.53% copper from 29 metres and a higher-grade interval of 3 metres at 0.75% copper from 33 metres. The Western Zone is located approximately 900 metres west-southwest of the existing Discovery Zone at Target A1.​ The results remain preliminary and require confirmation through certified laboratory assays, while the true widths of the mineralised intersections have yet to be established. Nevertheless, the location of the intercept is significant because it lies outside the boundary of the Discovery Zone, where Tertiary previously established an Exploration Target of 15–30 million tonnes grading 40–60 g/t silver equivalent.​ Tertiary has now completed its 39-hole, 3,639-metre Phase 4 drilling programme at Mushima North. Additional pXRF results from seven holes are expected shortly, followed by laboratory assays. The company also plans to begin metallurgical testing and Mineral Resource modelling, targeting a maiden Mineral Resource Estimate for the Discovery Zone before the end of 2026.​ The discovery remains at an early exploration stage and therefore has no immediate impact on Zambia's copper supply. However, the identification of mineralisation nearly one kilometre beyond the existing Discovery Zone suggests potential for a broader mineralised system and could increase the prospective scale of the Mushima North project if subsequent drilling and laboratory assays confirm the preliminary results.

[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.