News

The SMM Africa Critical Minerals Conference 2026 (ACM2026) , hosted by Shanghai Metals Market (SMM), wrapped up with great success in Lusaka, Zambia on September 15‑16. Focusing on the development of strategic minerals such as copper, cobalt, lithium, and tin in Africa, local deep-processing transformation, green mine construction and energy infrastructure upgrading, this premium event has brought together 400+ industry representatives from Chinese and African government agencies, top miners, commodity traders, investors, and technical service providers to jointly explore high-quality development paths for Africa's critical minerals industry chain. Huawei presented its mine microgrid solution at this conference. Joseph Yao, President of Mining Micro-Grid Business at Huawei Digital Power , delivered a keynote speech titled "Eco‑Partnerships for Green African Mines: Huawei's Mine Microgrid Practices under the IPP‑PPA Model". Huawei's delegation also held business talks with ZESCO, Zambia's national power utility, covering mine energy supply, new‑energy deployment and collaborative power‑infrastructure build‑out. As the global energy transition continues to advance, the new energy industry is steadily boosting demand for critical minerals such as copper and cobalt. Africa is rich in strategic mineral resources and is accelerating its upgrade from exporting mineral raw materials to a high-value-added industry chain encompassing local smelting and deep processing. Mines, as power-intensive sites, require stable and low-cost green power supply, which has become a core factor constraining the implementation of mining projects and the release of capacity in Africa. Leveraging the IPP-PPA (independent power producer investment + long-term power purchase agreement) cooperation model, distributed new energy microgrids can provide reliable power nearby for open-pit mines and smelter sites, helping mines reduce electricity costs and carbon emissions, and supporting the implementation of Zambia's strategy for local copper ore processing. (Joseph Yao, President of Mining Micro-Grid Business at Huawei Digital Power) Joseph Yao shared an overview of Huawei and its Digital Energy business, introducing Huawei as a leading provider of ICT infrastructure and smart terminals, a technology-driven enterprise with operations across many countries worldwide, focusing on core business segments such as smart PV and grid-forming ESS. He noted that Africa's mining sector is generally plagued by power shortages. High diesel costs erode mine profit margins, unstable power supplies risk production disruptions, while ESG requirements also impose constraints on mineral exports. He proposed a three-step path for the sustainable development of African mining: Firstly, supply green electricity to mines through digital energy infrastructure to reduce carbon emissions; Secondly, electrification transition of mining equipment; Thirdly, reshape production processes through AI platforms and intelligent management systems, optimize equipment scheduling, and improve mine capacity and production efficiency. He also highlighted Huawei's mine microgrid system. Rather than a standalone piece of equipment, it is a complete energy solution integrating photovoltaic‑storage systems, intelligent dispatching, diesel backup power supplies, control systems and management software. It breaks the conventional single‑power‑source model to enable energy self‑sufficiency and efficient energy management at mining sites. Citing the large‑scale microgrid project for Saudi Arabia's Red Sea Global as a case study, he explained that this city‑level microgrid achieved major technical breakthroughs underpinned by Huawei's robust in‑house R&D capabilities and power‑simulation laboratories. Huawei possesses independent R&D capacity for core power‑electronic components such as IGBTs, and delivers one‑stop services covering design, simulation and project delivery. Together with ecosystem partners, it also provides full‑lifecycle engineering consultation and on‑site implementation support. The successful delivery of this project has laid a solid foundation for microgrid deployment in mining scenarios. He specifically addressed the widespread funding pain points confronting African mining projects. Under the IPP‑PPA ecosystem model, domestic and international investors can be brought in to finance mine‑energy projects. Mining companies, as power purchasers, sign long‑term power‑purchase agreements to secure stable mine operations, while investors obtain steady returns, forming a sustainable commercial closed‑loop. In his speech, Joseph cited several African mine microgrid implementation cases. Among them, after the completion of the Kamoa-Kakula mining microgrid project in the DRC, green electricity will replace a large amount of diesel power generation, significantly reducing mine electricity costs and carbon emissions, and delivering a good return on investment. For this Chinese-funded miner's copper mine project in the DRC, microgrid upgrades sharply reduced electricity costs and significantly improved the mine's capacity utilization rate, verifying the practical value of green electricity microgrids in African mine scenarios. He summarized Huawei's three core capabilities: a globalized business platform, end-to-end one-stop microgrid solutions, and a diverse ecosystem partner system that includes investors, EPCs, and design consulting agencies. He added that Huawei is looking forward to establishing partnership with more investors to develop energy projects across Zambia and wider Africa, secure power supplies for critical‑mineral industries including copper and lithium, jointly foster green mines in Africa, and build a low‑carbon and sustainable industrial future. During the conference, the Huawei delegation held a business meeting with representatives from Zambia's national power utility ZESCO. Against the backdrop of accelerating green transformation in African mining and continuously growing power demand in mining areas, the two sides exchanged views on topics of common concern such as power infrastructure construction and new energy support, and expressed their intention to jointly explore potential areas for cooperation. Africa's mineral industry is at a critical window for industry chain upgrading. Huawei, drawing on its technological strengths in new energy and smart power, will partner with IPP investors, local power authorities and mining operators to build an open‑cooperation ecosystem. Leveraging its proven mine microgrid solutions, Huawei aims to deliver green, reliable power supplies for African mining and smelting projects, advance the low‑carbon transition of Africa’s critical minerals industry, and deepen practical China‑Africa cooperation across the mining and energy sectors.

SMM, September 20: According to the latest customs data, China's total tungsten product imports in August 2026 reached 5,590.6 mt, up 39.3% MoM from July. Based on tungsten content of related products, SMM estimates August imports at 2,477.6 mt in metal content, up 97.8% YoY. Cumulative tungsten product imports in 2026 totaled 25,839.5 mt, up 91.7% YoY . On the export side, total volumes remained under pressure. August tungsten product exports totaled 1,289.7 mt, down 5.2% MoM and down 28.4% YoY. Exports in metal content were 1,054.3 mt, down 31.7% YoY. Cumulative tungsten product exports in 2026 reached 9,071 mt in metal content, down 15.6% YoY. Tungsten is a critical strategic rare metal for China and a core raw material for cemented carbide, semiconductors, high-end equipment, and military materials. Although China's tungsten reserves account for about 80% of global tungsten reserves, domestic ore grades are declining year by year, environmental protection and compliance rectification continue to tighten, incremental domestic concentrate output is limited, and many overseas countries are stepping up tungsten ore stockpiling. Against this backdrop, increasing imports of initial tungsten raw materials may hold longer-cycle strategic significance and importance for the sustainable development of the tungsten market. In the import market : SMM customs data shows that in August 2026, China's tungsten concentrate imports in physical content reached 5,505.8 mt, up 39.6% MoM, with YoY growth as high as 152% . Cumulative tungsten concentrate imports in 2026 totaled 25,026.4 mt, up 116.0% YoY. The overseas rush for tungsten ore resources continued. China's large-scale absorption of overseas ore sources is essentially about using low-cost overseas ore to supplement smelting raw materials under the strategic tungsten resource control framework, thereby reducing consumption of high-quality domestic tungsten ore. By supply source, August tungsten concentrate imports were dominated by Myanmar (46%) and Mozambique (26%), followed by Kazakhstan (14%). Most of the ore flowing into China from Myanmar and Mozambique is low-grade polymetallic associated ore , with low import unit prices. These regions lack supporting polymetallic beneficiation processes, while China's tungsten beneficiation and smelting technologies are relatively mature and can effectively process some overseas low-grade and associated tungsten resources. The diversification of overseas ore sources reduces supply risk from any single country. In the short term, tungsten concentrate imports show a volume increase with price decline pattern, as low-priced overseas ore continues to flow in, offsetting upward pressure on domestic tungsten concentrate prices. Since June, Mozambique tungsten ore imports have increased month by month, reaching 1,432 mt in August, mainly shipped to Hunan. This year, Hunan has strengthened economic and trade cooperation, and provincial ore traders have increased development and imports of Mozambique's mineral resources. Mozambique has no large single primary tungsten deposit ; the tungsten ore flowing into China is essentially associated low-grade polymetallic ore , with tungsten as a by-product and the main minerals being heavy sand minerals such as zirconium, titanium, tantalum, and niobium. • Full-year outlook: Taking into account import changes in other countries and regions, SMM expects China's total tungsten concentrate imports to reach 38,000 mt in 2026, up 90% YoY, effectively offsetting the decline in domestic tungsten concentrate production. Export market: With strict controls in place, tungsten product exports are gradually shifting toward deep processing. In July, China's tungsten product exports rose 5.5% MoM to around 1,360 mt, with the main growth coming from non-dual-use items such as tungsten hexafluoride, ammonium metatungstate, and ferrotungsten. In January-July, China's total tungsten product exports reached 7,781 mt, down 13% YoY. Among these, APT, tungsten powder, and unwrought tungsten bar and rod saw the largest YoY declines. Tungstic acid, tungsten hexafluoride, and tungsten bar and rod led export growth. APT exports in August were zero, with cumulative YoY volume pulling back sharply; ammonium metatungstate, tungstic acid, and tungsten trioxide and other oxides saw sharp YoY declines in the month, as primary tungsten chemical raw material exports continued to be compressed to prevent strategic resources from flowing out in the form of low-priced raw materials. However, high-end tungsten products showed structural highlights: tungsten carbide exports in August reached 303.4 mt, surging 178.3% MoM; tungsten bars, rods, profiles, and other shaped tungsten products rose 262.5% YoY in the month, with cumulative growth of 74.2% YoY; tungsten hexafluoride (a specialty tungsten material for semiconductors) was up 43.8% YoY cumulatively in 2026. Some tungsten carbide export orders to Japan were approved, driving a recovery in monthly export data, but overall domestic export approvals remained strict, and exports of dual-use items are unlikely to see significant growth in the short term. In addition, looking at tungsten carbide export unit prices, most tungsten carbide powder exported to Japan in August was high-end product, with unit prices mostly above 2,000 yuan/kg, while products exported to South Korea and other destinations were mostly concentrated at 1,100 yuan/kg. China's tungsten carbide export unit prices remain much cheaper than those in markets outside China. Over the same period, APT prices in the European market continued to consolidate around $3,000/mtu, while European tungsten carbide spot prices reached as high as $300/kg, creating a price spread of up to 900 yuan/kg with some of China's exported products. In end-use cemented carbide blade products, end-user products showed structural divergence. Cemented carbide metalworking blade exports edged up 1.9% MoM but fell 15.4% YoY, while imports were basically flat, reflecting weak end-use demand in overseas manufacturing. It is worth noting that while upstream tungsten carbide raw material exports rebounded sharply in the short term, finished tool exports did not improve in tandem, indicating that overseas cemented carbide enterprises were mostly restocking raw materials, and end-use machine tool cutting demand has yet to recover substantively. Halogen tungsten lamp exports shrank sharply by 42.6% MoM, reflecting the long-term trend of LED replacing traditional light sources, while imports surged 170% MoM. However, the absolute import volume was very small, representing only a short-term order pulse in industrial specialty lighting. This category accounts for a low share of tungsten consumption and has limited impact on the overall tungsten supply-demand pattern. From the perspective of strategic risks and shortcomings, the current import and export structure still has two core pain points. First, the dependence on imported raw materials is rising rapidly, import sources are relatively concentrated, and fluctuations in overseas ore supply, logistics, and geopolitics can easily cause short-term shocks to China's industry chain, so the stability of resource supply needs to be further strengthened. Second, although the export share of high-end tungsten products has increased, some ultra-high-precision tungsten-based materials and special tungsten alloys still face technical barriers, and in the high-end market there is still competitive pressure from enterprises outside China, so the premium capability at the top of the industry chain has not yet been fully consolidated. At the same time, the contraction in total export volume has also compressed, to a certain extent, the overseas market space for China's midstream capacity, and the precision of supply-demand matching still needs to be optimized. Overall, the current adjustment of China's tungsten import and export structure is a benign change that aligns with national strategy, adapts to industrial upgrading, and conforms to the global landscape. In the short term, the pattern of expanding imports and shrinking exports may suppress domestic tungsten market prices for a while, but from the perspective that the transition period always needs time to trade for space, in the medium and long term, a high-end, high-premium export structure will continue to enhance the global competitiveness and pricing power of China's tungsten industry chain.

Zambia’s gold market is larger and more complex than official production figures suggest. The study examines Kansanshi’s role, formal buying from artisanal miners, central-bank purchases, proposed VAT changes and plans for a gold ETF. It also explains the vast difference between Zambia’s and the UAE’s 2023 customs records, stressing that the gap requires shipment-level reconciliation and may not automatically be treated as proof of smuggling or lost tax revenue.