China Imports and Exports of Base Metals in November 2016

KGHM Polska Miedź (KGHM) reported H1FY2026 molybdenum output at Sierra Gorda of 1.8 million lb (about 816 tonnes) on its 55% attributable basis, equivalent to roughly 1,484 tonnes on a 100% mine basis, up 6% YoY. Q2 output was 0.9 million lb (about 408 tonnes), equivalent to around 742 tonnes on a 100% basis, down 25% YoY. Higher molybdenum recovery offset lower ore grades and reduced throughput. KGHM set Sierra Gorda’s FY2026 molybdenum production budget at 2.1 million lb (about 953 tonnes) on the same 55% basis, equivalent to about 1,732 tonnes at 100%. With 1.8 million lb already produced in H1FY2026, the mine had achieved about 86% of its full-year molybdenum budget.

Ivanhoe Mines has increased the contained copper resource at its Western Forelands exploration project in the Democratic Republic of Congo by approximately 30%, further expanding the scale of the Makoko District copper discovery.​ The updated 2026 Mineral Resource includes 42 million tonnes of Indicated Resources grading 2.66% copper and 612 million tonnes of Inferred Resources grading 1.80% copper, on a 100% basis. Ivanhoe said approximately 64,000 metres of diamond drilling across 106 holes completed since its May 2025 resource update increased contained copper to around 12 million tonnes.​ The Western Forelands licence package covers approximately 2,426 sq km, more than six times the area of the adjacent Kamoa-Kakula Copper Complex. Ivanhoe describes Western Forelands as the world’s largest and highest-grade copper discovery of the past decade.​ The company is carrying out a record 94,500-metre exploration drilling programme in 2026, while the latest resource estimate only incorporates drilling completed up to March 31. Ivanhoe plans to expand drilling further in Q4 2026, including additional infill work targeting shallow mineralisation with potential for open-pit extraction.​A Makoko scoping study is scheduled to begin in Q1 2027, with conceptual mine planning already considering multiple shallow open pits.​ The 30% increase in contained copper materially strengthens Makoko’s scale and moves the project closer to formal development assessment. The planned scoping study marks an important transition from exploration toward evaluating potential mine economics. Ivanhoe also expects its experience developing the adjacent Kamoa-Kakula complex to support a faster development pathway. However, Makoko remains at an early study stage, with capital requirements, production rates and a definitive development schedule yet to be established.