Citi and Societe Generale Express Divergent Views over Base Metals Price Outlook 

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According to the Ministry of Energy, President Hakainde Hichilema has commissioned the 100 MW Phase II expansion of the Chisamba Solar Power Plant in Central Province, bringing the facility's total installed capacity to 200 MW. The project represents another step in Zambia's efforts to diversify its electricity generation mix and strengthen energy security as demand from key economic sectors continues to increase. Speaking at the commissioning ceremony, President Hichilema said additional generation capacity would support households, businesses and industrial development, while highlighting the importance of reducing Zambia's dependence on hydropower. The country experienced significant electricity supply challenges during recent drought conditions, which affected hydropower generation and placed pressure on energy-intensive industries. ZESCO Managing Director Justine Loongo said the project created approximately 1,480 jobs during construction, with 95% of positions filled by local residents, highlighting the wider economic benefits of energy infrastructure investment. The expansion comes as Zambia aims to significantly increase copper production towards its long-term target of 3 million tonnes annually. Copper mining operations require large and stable electricity supplies for activities including ore processing, concentration and smelting. Recent power shortages demonstrated the vulnerability of relying heavily on hydropower, particularly during periods of low rainfall. By expanding solar generation capacity, Zambia is strengthening the resilience of its national power system and creating additional support for future mining investments, including new copper projects, mine expansions and processing facilities. A more diversified energy mix could help reduce operational risks for mining companies and improve the country's ability to attract further investment into the copper sector.

According to foreign media reports, global mining company BHP has forecast lower copper production for the 2027 financial year, mainly owing to declining ore grades at its flagship Escondida mine in Chile. The guidance comes despite the company delivering another strong operating year, underpinned by robust copper and iron ore production and continued progress on its long-term growth strategy. BHP produced approximately 1.95 million tonnes of copper during the financial year ended June 30, 2026, meeting its production guidance of 1.9 million to 2.0 million tonnes. The company also achieved record iron ore production of 265 million tonnes, reflecting stable operations across its major mining assets. Despite the expected decline in copper output next year, BHP remains optimistic about its long-term growth prospects. The company continues to advance several key development projects, including expansion pathways at Escondida, Spence and Copper South Australia. It is also progressing the Resolution copper project in the United States, expanding its investment in Faraday, and moving forward with the Vicuña copper project in Argentina after it received approval under the country's large investment incentive programme. Meanwhile, construction of the Jansen potash project in Canada remains on schedule, with first production expected next year. The lower production outlook from Escondida, the world's largest copper mine, could provide additional support to global copper prices if market demand remains strong. At the same time, BHP's continued investment in new copper projects reflects confidence in the long-term demand outlook driven by electrification, renewable energy infrastructure and electric vehicle manufacturing.