Daily Updates on SHFE Base Metals and Stainless Steel Warrants (Nov 29)

An employee was killed in an accident at Rio Tinto's Kennecott copper mine in Utah, USA, on Thursday. Operations at the mine have been suspended following the incident, and CEO Simon Trott said he would travel to the site. The Kennecott mine produced 125,000 metric tons of copper concentrate in 2025.

Fortescue Metals has completed a deal to acquire full ownership of the Canariaco copper project in northern Peru for about C$139 million. The project hosts several mineral prospects and represents a significant exploration opportunity. The company plans to conduct technical studies and further development evaluations.

The United States and Chile have launched discussions to deepen cooperation on critical minerals including copper. The initiative aims to support mining investment, recycling initiatives and new exploration projects. Analysts say the partnership could strengthen global supply chains for key metals.