Chinese Stainless steel scrap prices gain on 9th June, 2015

MMG Limited, a subsidiary controlled by state-owned China Minmetals Corp., has completed the $1.875 billion acquisition of the Khoemacau copper mine in Botswana. Situated in the Kalahari Copper Belt, the asset features copper reserves exceeding 6 million metric tons and mining rights spanning over 4,000 square kilometers. The project marks the largest overseas copper mine acquisition by a Chinese company since 2018 and stands as the single largest investment by a Chinese enterprise in Botswana to date. First commissioned in June 2021, Khoemacau currently targets an annual production baseline of 60,000 tons of copper and 1.6 million ounces of silver in concentrate, with near-term expansion plans positioned to scale output toward 130,000–155,000 tons of copper annually. China currently maintains a domestic copper resource dependency rate exceeding 70%, importing over 60% of its copper ore from Chile and Peru. This strategic transaction diversifies Chinese supply channels beyond South America, bolstering raw material security amidst accelerating demand driven by global decarbonization, electric vehicles, power grid infrastructure, and emerging clean technologies.

Global primary copper supply is projected to face a 25% deficit by 2035 under current policy settings despite record-high prices, as new project development fails to keep pace with demand, according to a report by the International Energy Agency (IEA). The IEA highlighted declining ore grades as a core structural headwind, noting that average copper ore grades worldwide have dropped by 40% since 1991. This depletion has significantly increased project complexity and capital expenditure. Capital intensity for brownfield expansions has escalated by 65% since 2020, approaching levels historically associated with new greenfield developments. Concurrently, greenfield discoveries have slowed dramatically, with only 5% of all copper deposits identified over the past 35 years discovered within the last decade. In the near term, project delays, cost overruns, and mine disruptions continue to tighten the copper concentrate market. Furthermore, limited availability of sulfuric acid has emerged as a key operational risk for solvent extraction-electrowinning (SX-EW) cathode production, compounding immediate supply constraints across global operations.

Santacruz Silver reported Q2 2026 production of 1.57 million oz of silver, 23,240 mt of zinc, 3,165 mt of lead and 337 mt of copper across its operations in Bolivia and Mexico. This was equivalent to 2.81 million silver-equivalent oz, or 59,680 zinc-equivalent mt. Silver production at the Bolivar mine increased 32% QoQ.