[SMM Review] Guangdong Copper spot Market Express on April 9: near delivery, the atmosphere of rising water in the market has declined.

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.

Capstone Copper has entered into a definitive agreement to sell its Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, to Luca Mining Corp. for total consideration of up to US$385 million, as the company moves to streamline its portfolio and focus capital on its copper growth projects.​ Under the agreement, Capstone will receive US$275 million in upfront cash, subject to customary closing adjustments, US$15 million in Luca Mining shares and US$35 million in deferred consideration payable on the first anniversary of closing. Capstone could receive a further US$60 million in contingent cash payments linked to average annual LME copper prices during 2027-2029.​ Capstone said the transaction will strengthen its balance sheet and provide additional financial flexibility to support its growth pipeline. President and CEO Cashel Meagher said the divestment will enable the company to redeploy capital into high-return growth projects while allowing management to focus on copper growth opportunities in Chile and the United States.​ Capstone will also retain exposure to potential exploration upside at Cozamin through its shareholding in Luca following completion of the transaction. Luca Mining currently owns two producing mines in Mexico, the Campo Morado and Tahuehueto operations.​ The transaction is expected to close in Q4 2026, subject to customary closing conditions and regulatory approvals, including stock exchange and Mexican National Antitrust Commission approval. The transaction is not subject to shareholder approval or financing conditions.​ The proposed sale reflects Capstone Copper's strategy to streamline its operating portfolio while directing additional financial resources toward its copper growth pipeline. Although the transaction does not represent an immediate change in Cozamin's copper production, the proceeds are expected to strengthen Capstone's balance sheet and provide greater financial flexibility as the company advances its growth projects. Completion of the transaction remains subject to regulatory and customary closing conditions.