Weekly Metal Macro Report

【SMM News Flash】The European Union is considering further intensifying trade sanctions against Russia. Market sources revealed that the EU is contemplating a ban on imports of Russian platinum group metals and copper as part of new sanctions measures. Market sources indicated that, if the restrictions gain support from member states, they may cover elements such as iridium, rhodium, platinum, and copper. EU sanctions require unanimous approval from all member states, and the new package is expected to be adopted this month.

【SMM News Flash】With the Viscaria copper mine expected to resume operations by 2028, copper mining activities are returning to Kiruna, the northernmost town in Sweden. The Viscaria copper mine operated from 1983 to 1997, initially managed by the state-owned iron ore mining company LKAB and later taken over by Outokumpu. Although the Viscaria copper mine is a brownfield site, Jorgen Olsson, CEO of Viscaria, stated that it is one of the fastest-growing copper deposits in Europe, and ongoing exploration has uncovered additional mineral resources beneath the mine.

【SMM News Flash】Naipu Mining Machinery (300818) announced on February 3 that the company held a board meeting that day and reviewed and passed the "Proposal on Terminating the Subscription of Shares of Veritas Resources AG, Switzerland," agreeing to abandon its investment in the Alacran copper-gold-silver mine project in Colombia. The termination of participation in the subscription was based on changes to the originally agreed closing preconditions and other terms. The company did not commit any breach of contract and therefore is not liable for any breach of contract obligations.