Grupo Mexico Expects Slight Global Copper Deficit in 2026

Kazakhstan and Iran have signed a 27-year cooperation agreement to build a dedicated logistics terminal at Shahid Rajaee Port. The facility is scheduled to be completed within two years and commence commercial operations in the third year. The project opens an outbound shipping route connecting to the Persian Gulf, South Asia, Southeast Asia and East Africa, strengthens the International North–South Transport Corridor (INSTC), and expands export channels for Kazakh sulphur. In the medium to long term, it is expected to unleash Kazakhstan’s sulphur export capacity and reshape regional sulphur trade flows. Notes: The project is currently at the agreement signing stage and construction has not yet started. At least two years remain before commissioning; impacts will materialise over the long run with no immediate supply disruption. Geopolitical risks: Uncertainties surrounding the Strait of Hormuz and the situation in Iran may affect project progress. Transport route: Sulphur will need to be transported via the Caspian Sea or overland across Central Asia and inland Iran to reach the port. Customs clearance and freight stability along the entire cross-border overland corridor remain subject to variables.

Lundin Gold has identified two additional porphyry systems, Sandia Northeast and Sandia Southeast, at its Sandia copper-gold discovery in Ecuador, increasing the number of known porphyry centres at the Fruta del Norte district from five to seven. The company expects to publish a maiden resource estimate for Sandia in early 2027. The deposit currently covers an interpreted footprint of approximately 1.6 km by 700 metres and extends to a depth of about 1 km within a 5-km mineralized corridor. According to Jefferies, Sandia could support an initial resource of approximately 500 million to one billion tonnes based on its current dimensions, while remaining open to the north, east and at depth. Lundin Gold believes continued exploration success could significantly enhance the long-term value of the Fruta del Norte district and potentially support the development of a large-scale copper-gold operation.