Copper inventories fell further to 87,500 mt WoW, with regional trends diverging [SMM weekly data]

[SMM Flash] According to market sources: "The White House has not yet made a decision on copper cathode tariffs, and officials are weighing the potential benefits of higher copper prices possibly pushing up manufacturing costs against encouraging domestic mining." When the news was released, SHFE copper was closed, LME copper fell by more than 2%, and the nearby CL price spread was inverted. Copper prices have swung wildly recently, and all market participants are advised to stay alert to market risks.

AIC Mines has started dry commissioning of the Stage 1 expansion of its Eloise copper-gold processing plant in North-West Queensland, Australia, marking a key milestone as the company ramps up ore supply from the nearby Jericho copper mine. AIC Mines Managing Director Aaron Colleran said during the Meeting of the Mines conference on September 10 that power has been switched on at the expanded facility and dry commissioning is underway. The project remains on budget and on schedule for commissioning during the December quarter. The expansion will increase processing capacity from approximately 725,000 tonnes per year to 1.1 million tonnes per year. Underground development at Jericho, located approximately 4 km south of Eloise, is progressing alongside the plant expansion. AIC Mines expects combined mining rates from Eloise and Jericho to reach approximately 1.1 million tonnes per year by December. Recent processing trials using Jericho ore have supported the planned ramp-up. A blended Eloise-Jericho ore trial produced on-specification copper concentrate with average copper recovery of 92.3%, compared with typical Eloise recoveries of 93–95%. A separate Jericho-only trial achieved average copper recovery of 90.3%. AIC Mines' three-year production outlook targets 17,500–18,500 tonnes of copper in FY2027, rising to 20,000–22,000 tonnes in FY2028 and 25,000–27,000 tonnes in FY2029. Eloise produced 13,064 tonnes of copper in FY2026. The company has also committed to a second-stage expansion to increase processing capacity to 1.5 million tonnes per year by FY2029. The start of dry commissioning represents tangible progress in AIC Mines' transition from the existing Eloise operation toward higher combined Eloise-Jericho copper production. The Stage 1 expansion is expected to provide the processing capacity required for increasing Jericho ore supply, supporting a substantial rise in copper output over the next three financial years.

Zambian President Hakainde Hichilema has urged Vedanta Resources to accelerate plans to invest in power generation to support the expansion of Konkola Copper Mines (KCM), following discussions with Vedanta Head of Strategy and Growth Pushpender Singla.​ During the meeting, Vedanta provided an update on KCM's progress and expansion plans, including its longer-term ambition to increase copper production to 500,000 tonnes annually. President Hichilema said additional investment in power generation would support the company's mining operations while contributing to Zambia's broader energy objectives.​ The 500,000-tonne annual production ambition is not a new target. Vedanta-backed CopperTech Metals previously outlined plans to increase KCM production over time to 500,000 tonnes per year as part of its long-term expansion strategy.​ Power availability remains an important consideration for the planned expansion of copper production at KCM. The latest discussions indicate that Zambia is encouraging Vedanta to develop additional generation capacity alongside its mining investments. However, no capacity, investment amount or implementation timetable for the proposed power generation projects was disclosed.