Short supplies, weak consumption widen price spreads between high, lower-quality copper

According to foreign media reports, Lloyds Metals & Energy has been authorized to undertake preparatory works and feasibility activities aimed at assessing the potential redevelopment of the Panguna copper-gold mine in Bougainville, Papua New Guinea, nearly four decades after the operation was shut down. The Autonomous Bougainville Government granted the authorization on August 7, allowing Lloyds to carry out an approved programme of preparatory and feasibility work required to assess and plan the future redevelopment of the mine. Lloyds is acting as the approved development partner of government-owned Bougainville Minerals, which holds the mining lease covering Panguna. The project represents a potentially significant source of long-term copper supply. Panguna's remaining reserves are estimated at approximately 5.3 million tonnes of copper and 19.3 million oz of gold, while Lloyds plans to revalidate the project's resource base as part of the redevelopment process. The mine has remained closed since 1989. The latest authorization follows the granting of a 25-year mining lease to Bougainville Minerals in June, providing a framework for further evaluation of the dormant asset. However, the current approval does not permit construction or copper production to begin. Any progression into those stages will require additional approvals, meaning a potential restart remains subject to further technical, regulatory and development work. The renewed progress at Panguna is notable given the scale of the historical deposit and growing efforts globally to develop additional copper supply. The immediate impact on mine supply remains limited, but successful feasibility work and resource revalidation could provide greater clarity on whether one of the world's largest dormant copper assets can eventually return to production.

Bezant Resources PLC has completed the first blast at the Hope open pit within its 90%-owned Hope & Gorob copper-gold project in Namibia, marking a further step toward mining and future concentrate production at the project. The initial blast involved approximately 20,000 tonnes of material and is expected to liberate around 2,000 tonnes of commercially viable mineralisation. Preliminary evaluation of the exposed mineralisation indicates that its location and grade are broadly consistent with the project's existing geological block model. Following the blast, grade-control work will compare assay results from blasthole samples with the exposed mineralisation to refine ore selection. Mining and transportation of run-of-mine (ROM) ore to the Tsaoxaub Metals flotation plant are expected to begin shortly, where material will be stockpiled ahead of future plant commissioning. Preparations for further mining are also progressing. Blastholes have already been drilled for a second blast, while the mining contractor has commenced ground clearance and separation of ore and waste for haulage. Recruitment of plant operators is ongoing following the appointment of the plant site manager, while the mine geology team is working with external consultants to validate the existing block model. The first blast represents an important operational milestone as Hope & Gorob moves closer to the processing stage. The next key developments will be the delivery of ROM ore to the plant, commissioning of the flotation facility and eventual production of saleable concentrate, providing clearer indications of the project's transition from development into copper-gold production.

According to foreign media reports, Chilean copper producer Antofagasta has lowered its 2026 copper production guidance following a weather-related shutdown at its Los Pelambres mine, reducing expected output at a time when global copper mine supply remains under pressure.​ Antofagasta now expects to produce 625,000–655,000 tonnes of copper in 2026, compared with its previous guidance of 650,000–700,000 tonnes. The revised range lowers the midpoint of the company's production outlook by 35,000 tonnes and reduces the upper end of its forecast by 45,000 tonnes.​ The downgrade follows the temporary shutdown of Los Pelambres in July after extreme rainfall affected Chile's Coquimbo Region. Although no significant damage was reported to major infrastructure, repairs are required to some pipeline platforms and water-management systems following the disruption.​ Despite lower production, stronger copper prices supported Antofagasta's financial performance during the first half of 2026. EBITDA increased 27% year on year to $2.84 billion, while operating cash flow rose 53% to $2.77 billion. First-half cash costs declined 8% year on year to $1.22/lb, although the company previously indicated that full-year costs are expected to increase amid persistently elevated fuel prices.​ From a copper-market perspective, the guidance reduction represents a further downward adjustment to expected mine supply from Chile, the world's largest copper-producing country. The disruption at Los Pelambres also highlights the continued vulnerability of near-term supply to operational and weather-related interruptions, with Antofagasta's reduced production outlook adding to existing constraints on global copper mine growth.