Princeton NuEnergy (PNE) has announced that its advanced black mass recycling and battery-grade cathode active material facility in Chester, South Carolina is now fully operational, making it the first commercial scale plant of its kind in the United States. The facility has an annual capacity of 5,000 metric tons, which the company plans to increase to 15,000 metric tons per year by 2026, with potential expansion to 50,000 metric tons as demand grows. It primarily processes high purity black mass from manufacturing scrap and achieves a recovery yield of more than 97 percent. PNE says the project supports national efforts to strengthen domestic battery mineral production and supply chains, with Chief Executive Officer Chao Yan describing the plant as a significant step in establishing U.S. leadership in battery material recovery and manufacturing.

DMCI Mining Corp., through its subsidiary Berong Nickel Corp., has been granted a 25-year exclusive license by the government to explore, develop, and utilize mineral resources in Palawan, following the signing of a mineral production sharing agreement (MPSA) with the Department of Environment and Natural Resources for the 2,100-hectare Long Point property. The agreement, which can be renewed for another 25 years and will take effect upon registration with the Mines and Geosciences Bureau, underscores the company’s commitment to responsible mining and generating shared benefits for the local communities, according to DMCI Mining president Tulsi Das Reyes.

On August 13 Hudbay Minerals announced it has agreed to sell a 30% interest in its fully permitted Copper World project in Arizona to Mitsubishi Corporation for $600 million. The transaction includes $420 million payable at closing and an additional $180 million within 18 months, with Mitsubishi also funding its pro-rata share of future capital contributions. Phase I of Copper World has a planned 20-year mine life, producing an average of 85,000 tonnes of copper annually (about 92,000 tonnes in the first 10 years) at cash costs of $1.47/lb. The project’s total capital investment is estimated at $1.5 billion, and the partnership is expected to lift Hudbay’s leveraged IRR to around 90% based on PFS estimates. Mitsubishi, which holds stakes in several of the world’s largest copper mines, will join Hudbay in advancing a definitive feasibility study, targeted for completion by mid-2026, ahead of a 2026 construction decision. Hudbay also reached a non-binding agreement with Wheaton Precious Metals to amend its precious metals stream, adding up to $70 million in contingent payments for future expansion and changing gold and silver pricing to 15% of spot prices. Copper World’s construction is expected to create over 1,000 jobs, with 400 direct jobs and 3,000 indirect jobs once operational, delivering “Made in America” copper to strengthen the U.S. critical minerals supply chain.

[High-grade NPI market] According to SMM, supply side, domestic upstream refineries and traders continued to refuse to budge on prices, maintaining a mindset of holding back cargoes. On the consumption side, while there were high-price transactions in the market, there were also concerns that end-use consumption fell short of expectations, making it difficult to provide strong support for prices. Overall, the price of high-grade NPI continued to rise, yet fundamental support had not yet emerged.

[High-grade NPI Market] On August 13, the average price of SMM 10-12% high-grade NPI was 923 yuan/mtu (ex-factory, tax included), up 1.5 yuan/mtu from the previous working day.

The SHFE copper contract 2509 closed at 79,380 yuan/mt. If based on the BC copper contract 2509 at 70,530 yuan/mt, with an after-tax price of 79,698 yuan/mt, the price spread between the SHFE copper contract 2509 and the BC copper contract was -318. The price spread remained inverted and increased compared to the previous day.

On August 12, Nexa Resources announced that its Cerro Pasco Complex, which includes the Atacocha and El Porvenir mines, has partially and temporarily suspended operations due to an illegal blockade by a small group from the San Juan de Milpo community. The blockade is part of ongoing protest activities and has not yet had a material impact on production, with the mines currently limited to essential safety and maintenance work. Nexa stated it will continue constructive dialogue with the community and authorities to seek a peaceful and prompt resolution, reaffirming its commitment to the social and economic development of its host communities. The Cerro Pasco Complex produces approximately 1,200 tonnes of zinc per week. Based on the company’s latest 2025 production guidance, El Porvenir is expected to produce 53–62kt of zinc in concentrate and 21–26kt of lead in concentrate, while Atacocha is forecast to produce 10–12kt of zinc in concentrate and 13kt of lead in concentrate. The guidance remains unchanged at this time. SMM will continue to monitor the situation and provide updates as developments occur.

[SMM HRC Daily Trading Volume] On August 13, the combined daily trading volume of HRC among sample enterprises in four cities (Shanghai, Lecong, Tianjin, Ningbo) monitored by SMM was 11,840 mt, down 1,870 mt MoM, or -13.6%. Futures stabilized first and then declined today, while spot prices pulled back yesterday's gains, dropping by 10-30 yuan/mt. The market trading atmosphere cooled down again, with daily trading volume continuing to decrease on a MoM basis.

[SMM — Refined Copper, Import Market] The spot market has recently seen numerous offers of South American brand refined copper, and market hears that large volumes of bills of lading for CCC-P, SPCC-ILO, ENM, etc., are set to arrive concentrated in late August. According to SMM, these arrivals are mainly long-term contract cargoes that were shipped to China in July. Bills of lading for cargoes loaded in August for September shipment have not yet been declared, and there is no indication of a large incremental wave of new South American supply destined for China.

Peru’s presidential election in April could lead to disruptions at MMG Ltd.’s flagship Las Bambas copper mine, Chief Executive Officer Zhao Jing Ivo said during an earnings call on Wednesday.