CME Group metals volume shoot up during May

Boliden Somincor has awarded Master Drilling a contract to construct two 630-metre-deep, 4.5-metre-diameter raisebored shafts at its Neves-Corvo copper-zinc operation in Portugal. The first 630-metre pilot hole has already been completed in just 24 days, setting a new Master Drilling record. While no incremental copper production guidance was disclosed, the project represents continued investment in deep underground infrastructure at one of Europe’s key operating copper mines.

The EU's scrap export policy has taken another important turn. India, Thailand and Malaysia failed to meet environmental requirements in the European Commission's draft assessment covering metal waste, potentially preventing them from directly importing affected EU scrap streams once the new Waste Shipment Regulation takes effect. Under the WSR, exports of non-hazardous waste to non-OECD countries will generally be prohibited from May 21, 2027, unless the destination and specific waste streams are approved. The Commission's first final list is due by November 21, 2026, so a copper scrap ban is not yet confirmed.

Vicuña Corp., the 50/50 joint venture between BHP and Lundin Mining, has awarded the construction contract for Sections A1 and A2 of the Northern Corridor in Argentina, advancing enabling infrastructure for the integrated Josemaria and Filo del Sol copper-gold-silver project. The contract was awarded to a joint venture comprising Contreras, BBC (Boetto y Buttigliengo Constructora) and San Juan-based Construmin following a technical and economic evaluation process that also considered local participation. The awarded sections cover 63.6 kilometres between Angualasto and Junta La Palca, passing through Malimán, and form the first portion of the broader Northern Corridor, which is reported at approximately 220 kilometres. The route is intended to provide future access to the Vicuña project through San Juan Province and support logistics requirements associated with upcoming development stages. The scope of work includes earthworks, embankment construction, excavation and blasting, drainage systems, retaining structures, signage and other road-safety infrastructure. Vicuña is being advanced through a staged development strategy, with Josemaria expected to form the first stage of development, followed by subsequent development of Filo del Sol. BHP has indicated that a Stage 1 final investment decision could occur as early as the end of 2026. The contract award marks another tangible infrastructure milestone for Vicuña as BHP and Lundin Mining advance one of the world’s largest undeveloped copper districts. Development of reliable road access will be important for construction logistics and future operations at the remote project. While the award does not alter the current production timetable, it demonstrates continued progress on enabling infrastructure ahead of a potential Stage 1 final investment decision.