SMM Evening Comments (Mar 1): Shanghai nonferrous metals fell across the board on Monday

Nigeria has announced the discovery of a new polymetallic mineral province in Kaduna State containing copper, nickel, lithium, rare earth elements, platinum group metals and gold, describing it as one of the country's most significant critical minerals discoveries in recent years. The discovery was made by Steron Mining in collaboration with the Nigerian Geological Survey Agency (NGSA). At the same time, Steron Mining reported approximately 3.3 million tonnes of lithium reserves at its Abuja project, with total mineral resources estimated at 94.8 million tonnes. The Nigerian government said it will continue promoting domestic mineral processing and value-added development to strengthen its position in the global critical minerals supply chain. That infrastructure, power supply and regulatory challenges remain key factors affecting future project development.

Rio Tinto is reportedly in early-stage discussions with commodity trading giant Vitol regarding the formation of a freight and logistics joint venture. According to market sources, the talks include potential cooperation in freight management and freight risk management tools, although the structure and scope of any agreement have yet to be finalized. The discussions reflect Rio Tinto's ongoing efforts to strengthen supply chain efficiency and improve value creation across its commodity portfolio, including copper. The move follows the company's broader strategy of streamlining operations and enhancing commercial capabilities after ending acquisition talks with Glencore earlier this year.

Anglo American and Chile's state-owned miner Codelco have completed a definitive agreement to integrate the mine plans for the adjacent Los Bronces and Andina copper operations after receiving all required regulatory approvals. The joint mine plan is expected to deliver an additional 2.7 million tonnes of copper between 2030 and 2051, generating more than US$5 billion in pre-tax net present value, with benefits shared equally by both companies.