Given that the current copper concentrate TC/RCs and related pricing terms have severely deviated from reasonable market levels, and in order to promote the healthy, stable, and high-quality development of the global copper industry while implementing relevant national policies against involution, the China Smelters Purchase Team (CSPT) recently conducted further discussions and reached the following consensus, which member companies will strictly adhere to:

Reduce production capacity load by more than 10% in 2026 to improve the supply-demand fundamentals of copper concentrate.

Uphold the Benchmark system, strengthen direct cooperation with mining companies, and firmly resist unreasonable index-based pricing models imposed by traders.

Establish a supervision and management mechanism to enhance the group's management and oversight of member companies' participation in spot bidding and spot procurement activities, preventing malicious competition.

Implement a blacklist system, initiating monitoring and evaluation of suppliers and inspection agencies, and jointly boycott those suppliers and inspection agencies that maliciously disrupt the market.