May 7, 2020 LME basic Metal inventory

Armenia’s Statistical Committee reported Jan–Jul 2026 molybdenum concentrate output of 10,403.5 tonnes, up 25.2% YoY, while ferromolybdenum production fell 47.4% to 907.2 tonnes. SMM calculates that July concentrate output was about 1,517.5 tonnes, up 22.4% YoY, while ferromolybdenum output declined 27.1% to about 176.0 tonnes. The figures show a widening divergence between upstream concentrate and ferromolybdenum production. Concentrate tonnage represents product mass, not contained molybdenum.

MMG has sanctioned a roughly $900 million expansion of its Khoemacau copper mine in Botswana's Kalahari Copper Belt, including pre-2026 expenditure. The project lifts capacity to about 130,000 tonnes of copper in concentrate per year with over 4 million ounces of silver, via a new 4.5 Mtpa processing plant and three underground mines at Zone 5 North, Mango and Zeta North-East. Total milling capacity exceeds 8.0 Mtpa. 2026 guidance is 48,000 - 53,000 tonnes of copper in concentrate, first concentrate is targeted in the first half of 2028. Life-of-mine average C1 cash costs are forecast below $1.60/lb, down from $2.05/lb in mid-2025.

Glencore has been selected by the US government as a founding partner in VaultCo, a strategic critical-minerals reserve designed to strengthen US supply chains. Backed by the Export-Import Bank of the United States (EXIM), the initiative pairs EXIM financing of up to $10 billion with nearly $2 billion in private capital. Under the public-private model, Glencore will source, procure and deliver critical minerals and base metals to build strategic US inventories, supported by a $500 million EXIM commitment to Glencore. The program aims to reduce US exposure to supply disruptions.