Copper prices edged down as market awaiting Fed meeting

Epiroc has secured an approximately SEK610 million (US$64 million) order from MMG Limited and its mining contractors, China Huaye and 23MCC, for underground mining equipment to support the expansion of the Khoemacau Copper Mine in Botswana. The order includes face drilling rigs, production drilling rigs, cable-bolting rigs, loaders and underground mine trucks, together with remote-control systems, spare parts, training and on-site technical support. The equipment will support MMG’s ongoing Khoemacau expansion, which is designed to increase annual production capacity from approximately 60,000 tonnes to 130,000 tonnes of copper metal in concentrate. The project includes construction of a new 4.5 Mt/y processing plant, which will lift total milling capacity to more than 8 Mt/y, alongside development of Zone 5 North, Mango and Zeta North-East. First copper concentrate from the expansion is expected in H1 2028. Epiroc said delivery of the new underground fleet will begin in Q4 2026 and is expected to be completed by Q2 2028, broadly aligning with the expansion schedule. The ordered fleet includes Boomer face drilling rigs, Simba production drilling rigs, Cabletec cable-bolting rigs, Scooptram loaders and Minetruck underground trucks, with several units equipped for automation and remote-control operation. The equipment order represents another execution milestone for the already-approved Khoemacau expansion, rather than a new production target. With procurement progressing and equipment deliveries scheduled through Q2 2028, the project continues to advance toward MMG’s planned increase in copper-in-concentrate capacity to 130,000 tonnes per year. The expansion represents a significant planned increase in Khoemacau’s copper production capacity in Botswana’s Kalahari Copper Belt.

Sibanye-Stillwater has approved investment to proceed with the Mt Lyell copper-gold project in Tasmania, Australia, moving the historic operation toward a restart after more than a decade on care and maintenance. The company said the project has received a positive investment decision from its board, with steady-state production expected at approximately 26,000 tonnes of copper per year, alongside around 16,000 oz of gold and 116,000 oz of silver annually. First production is targeted for early 2029. The project is expected to require approximately A$490 million of capital investment and support an initial 23-year mine life. Sibanye-Stillwater plans around US$4.1 million of expenditure in H2 2026 as Mt Lyell moves into the execution phase, while broader project execution is expected to begin in H1 2027. The Tasmanian government has also confirmed the restart decision and said the project could create up to 300 jobs. Mt Lyell has been on care and maintenance since 2014, making the latest board approval a significant step toward bringing the mine back into production. The project forms part of Sibanye-Stillwater’s broader organic growth programme, alongside other approved investments across its portfolio. The positive investment decision establishes a clearer pathway for Mt Lyell to return to production and add around 26,000 tonnes per year of copper to future Australian supply at steady state. However, first production remains targeted for early 2029, meaning the project still needs to progress through execution and construction before contributing new copper units to the market.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 02 Sep , 2026