April 7 quotation of scrap copper in Guangdong

China Mining Resources Group (Sinomine Resource Group) announced that its Kitumba copper mine project in Zambia's Central Province has commenced full-line trial production, marking the transition of the project's mining and beneficiation facilities from construction into the production ramp-up stage.​ According to the company's latest announcement, production preparations for the mining and beneficiation facilities were completed on September 21, 2026, local time in Zambia, after which full-line ore feeding officially began. Copper concentrate is being produced during the trial-production phase.​ The company said it will determine whether the copper concentrate produced during this stage will be sold externally or retained as feedstock for the project's downstream smelting facilities, taking into account copper concentrate market conditions and progress on construction of the smelting project.​ Kitumba is being developed as an integrated mining, beneficiation and smelting project in the Mumbwa area of Zambia's Central Province. The project has a designed raw ore processing capacity of 3.5 million mt/year and cathode copper capacity of 35,000 mt/year. At full production, the project is expected to produce an average of approximately 33,000 mt/year of cathode copper and 55,000 mt/year of copper concentrate.​ The project has a designed operating life of 15 years, with total copper metal production estimated at approximately 570,200 mt over the operating period.​ Construction of Kitumba's smelting facilities remains underway. Sinomine expects production preparation or trial production for the smelting facilities to be completed in Q4 2026, with formal production scheduled to begin in Q1 2027.​ The commencement of full-line trial production marks a key step in the development of the Kitumba project as its mining and beneficiation facilities enter the operational ramp-up stage. Copper concentrate produced during the initial phase could either enter the market or be retained for downstream processing, depending on market conditions and progress at the smelting facilities. Attention will now turn to the pace of the project's ramp-up and progress toward the planned start of formal smelting operations in Q1 2027.

Meridian Mining has completed a Definitive Feasibility Study (DFS) for its Cabaçal gold-copper-silver project in Mato Grosso, Brazil, outlining total life-of-mine copper production of approximately 180,634 mt as the company advances the project toward a final investment decision. The September 22 DFS outlines a 13.9-year mine life based on a conventional open-pit operation. Processing throughput is planned to initially reach 2.5 million mt/year before expanding to 4.5 million mt/year from Year 4. Average copper recovery over the life of the mine is estimated at 92.8%. Initial capital expenditure is estimated at US$322 million, including a 10% contingency, tax credits and pre-investment associated with the planned processing expansion. A further US$56 million of expansion capital is included in the project economics. The DFS estimates an after-tax NPV5 of US$2.09 billion and an IRR of approximately 108% under its base-case assumptions. The study supersedes Cabaçal's March 2025 Preliminary Feasibility Study and incorporates an updated and larger Mineral Reserve estimate, an optimized mine plan and improved metallurgical performance. Meridian said it has already started pre-construction investment on multiple fronts, with US$15.9 million in capital contracts committed. Documentation for the project's Installation Licence was submitted to Mato Grosso's environmental regulator in May 2026 and remains under review. The company is also progressing project financing as it works toward a final investment decision. Completion of the DFS advances Cabaçal toward the development stage and provides a clearer outlook for potential future copper supply from the project. The planned expansion of processing capacity to 4.5 million mt/year from Year 4, combined with estimated life-of-mine copper production of approximately 181,000 mt, establishes Cabaçal as a prospective new source of copper concentrate in Brazil. However, construction remains dependent on project financing, the required Installation Licence and a final investment decision.