Several Factors Point to Sharp Rise in Spot Copper Concentrate TCs

The Zambian government has issued an Environmental Restoration Order to Konkola Copper Mines (KCM) following a pollution incident affecting the Kafue River and its tributaries in Chingola District, while the mining company has disputed claims that its operations caused the pollution.​ The incident occurred on September 28, when the Zambia Environmental Management Agency (ZEMA) received notification from KCM's Nchanga Mine of discolouration in the Kafue River. According to the Ministry of Green Economy and Environment, KCM initially attributed the discharge to an infrastructure failure involving a pipe leak at the Tailings Leach Plant and an overflow from a Pollution Control Dam.​ A joint inspection involving ZEMA, Mulonga Water Supply and Sanitation Company and KCM personnel subsequently confirmed the presence of a discharge affecting the Chingola Stream, Mushishima Stream and Kafue River. By the time inspectors arrived, the leaking pipe had been repaired and the Pollution Control Dam overflow had been contained.​ Preliminary laboratory results showed elevated turbidity and conductivity at the confluence of the Mushishima Stream and Kafue River, while pH levels remained within acceptable limits. Further testing is being conducted to determine heavy-metal levels and other water-quality parameters.​ The government has directed KCM to stop discharging effluent from the Tailings Leach Plant into the environment, remove visible tailings material from affected areas, assess the integrity of its Pollution Control Dams and tailings pipelines, and undertake clean-up and remediation of the affected water bodies. A Cost Order has also been issued requiring KCM to meet laboratory analysis and related monitoring costs, while weekly water-quality monitoring is expected to continue.​ KCM has rejected allegations that its operations were responsible for the pollution and has called for an evidence-based investigation to determine the source and root cause. The company said it was the first to observe discolouration near the Hippo Pool area and reported the matter to ZEMA. KCM also said its operations had not recorded abnormal pollution levels warranting reporting and that operations were continuing normally.​ The incident adds environmental and regulatory scrutiny for KCM at a time when the company is working to rebuild output across its Nchanga and Konkola operations. However, no production disruption has been reported and KCM says operations are continuing normally. Attention will now turn to the outstanding laboratory results, the implementation of the Environmental Restoration Order and whether further regulatory or operational measures follow once the investigation into the source and extent of the pollution is completed.

Kobrea Exploration Corp. announced the approval of a US$4 million 2026/27 exploration programme for the Western Malargüe Mining District in Mendoza Province, Argentina, fully funded by BHP. The programme includes diamond drilling at the El Destino copper-gold-molybdenum porphyry target, induced-polarisation surveys at El Destino and KBX-17, as well as geological mapping, geochemical sampling and hyperspectral work. The exploration alliance covers seven projects totaling approximately 733 square kilometres, where copper, gold and molybdenum geochemical anomalies have been identified. SMM analysis: approval of the new budget moves the BHP-Kobrea partnership from an alliance framework into an active drilling phase. However, the properties remain at an early exploration stage, with no molybden

Glencore plans to submit the environmental impact report for its El Pachón copper-molybdenum project in Argentina in Q1 2027 and aims to secure approval under the Incentive Regime for Large Investments, or RIGI, before July 2027. Glencore previously reported approximately 6 billion tonnes of mineral resources grading an average 0.43% copper, 2.2 g/t silver and 130 g/t molybdenum, equivalent to around 0.013% Mo. Based on the disclosed tonnage and average grade, the resource contains roughly 780,000 tonnes of in-situ molybdenum, although this does not represent reserves, recoverable metal or future production. During the 2025/26 exploration season, the project completed 53 drill holes totaling 21,246 metres and advanced preliminary road and bridge infrastructure.