Zambian Bridge Collapse Disrupts Congo's Key Copper Export Route

Atico Mining has entered into a US$111.4 million financing package with Trafigura to support the construction and development of its La Plata copper-gold project in Ecuador.​ The package comprises a US$95 million secured project finance facility and a US$16.4 million secured convertible debenture. Under the project finance agreement, Trafigura will make up to US$95 million available for construction and development of La Plata following satisfaction of customary conditions precedent.​ Drawdowns under the project finance facility will be available for approximately 2.5 years following the earlier of the start of construction or March 31, 2027. The facility will mature seven years thereafter and will carry interest at Adjusted Term SOFR plus 7.5% per year.​ Atico also entered into a subscription agreement for a US$16.4 million convertible debenture with an affiliate of Trafigura. The company expects to receive US$16 million in proceeds from the debenture, part of which will be used to repay existing debt, while the remainder will support pre-construction activities at La Plata and general corporate purposes.​ The financing transactions remain subject to customary closing conditions, including approval from the TSX Venture Exchange. Atico expects the private placement and related debt-settlement transaction to close around October 13, 2026, with the first advance under the project finance facility expected thereafter.​ La Plata is a high-grade volcanogenic massive sulphide project in Ecuador containing copper, gold and other metals. Atico currently classifies the project as being at the pre-development stage and plans to use the financing package to advance it toward construction.​ The US$111.4 million financing package represents a significant funding milestone for La Plata and strengthens Atico’s ability to move the project from pre-development toward construction. The US$95 million project finance facility is particularly important because it is directly linked to development of the mine, while the convertible debenture provides additional flexibility for pre-construction work and balance-sheet management. Attention will now turn to satisfaction of the closing conditions, initial drawdown of the project finance facility and the timing of construction activities.

Selkirk Copper Mines has reported additional high-grade drill results from its ongoing Phase 2 programme at the Minto copper-gold-silver project in Yukon, Canada, including one of the highest-grade intersections recorded at the property.​ Step-out drilling at Minto North returned 9.27% copper, 7.43 g/t gold and 54.9 g/t silver, equivalent to 15.11% copper-equivalent, over 5.4 metres in drill hole 26SCM209. The same hole also intersected a separate 9.0-metre interval grading 0.97% copper, 2.58 g/t gold and 8.4 g/t silver, equivalent to 3.11% CuEq.​ Selkirk said the 5.4-metre interval ranks within the 99th percentile of more than 4,300 significant historical drill intercepts at Minto. Individual one-metre samples within the interval returned peak grades of up to 17.5% copper, 15.9 g/t gold and 81.9 g/t silver.​ The company also reported additional mineralisation from Area 118, Minto Main and Copper Keel. At Area 118, infill drilling intersected 2.54% copper, 1.25 g/t gold and 10.7 g/t silver over 3 metres, while another hole returned 1.61% copper, 0.59 g/t gold and 8.3 g/t silver over 6.9 metres.​ Selkirk's Phase 2 programme had originally targeted 50,000 metres of drilling. As of September 28, the company had completed 52,485 metres in 224 drill holes, equivalent to 105% of the planned meterage. Drilling is expected to continue until mid-October, with the remaining work focused on geotechnical data collection, water-monitoring wells and exploration of newly identified geophysical targets.​ The latest Minto North results further demonstrate the presence of high-grade copper-gold-silver mineralisation within areas relevant to Selkirk's planned restart strategy. The 5.4-metre interval is particularly notable because it ranks among the highest-grade intersections historically drilled at Minto. However, these are exploration results rather than additions to the current Mineral Resource Estimate. Attention will therefore remain on how the Phase 2 drilling is incorporated into future resource modelling and feasibility-level mine planning for the proposed restart of the Minto operation.

A Panamanian government commission is expected to recommend restarting the suspended Cobre Panama copper mine through a state partnership with First Quantum Minerals, according to Reuters, citing two sources familiar with the matter.​ The commission is set to formally submit its recommendation to President José Raúl Mulino, who will make the final decision on whether and how the mine could restart. The proposed structure would involve a joint venture between the Panamanian state and First Quantum, although a final agreement with the miner would still need to be negotiated.​ Cobre Panama has remained suspended since 2023 after widespread public opposition over environmental and governance concerns, followed by a Supreme Court ruling that declared the mine's operating contract unconstitutional.​ The operation had accounted for around 1% of global copper production before it was idled and was previously First Quantum Minerals' largest revenue-generating asset, contributing around 40% of the company's revenue.​ According to foreign media reports, the Panamanian government has been weighing the economic importance of the mine against continuing public concerns over environmental oversight and the distribution of economic benefits. A government study published earlier in September estimated that the mine's closure had resulted in the loss of more than 30,000 jobs and reduced taxes and royalties to the state by nearly US$1.4 billion.​ Foreign media previously reported that Panama was considering a model under which the mine's underlying concession would remain with the state while First Quantum retained operational control. A 60–65% stake for First Quantum had also been discussed, although it remains unclear whether those terms are part of the current proposal.​ A formal recommendation to restart Cobre Panama would represent a significant step toward potentially returning one of the world's largest copper mines to production. However, the restart remains uncertain because President Mulino has not yet made a final decision, a joint-venture agreement with First Quantum has not been reached, and the legal structure of any new operating arrangement would still need to address Panama's current restrictions on new mining concessions. Given Cobre Panama's previous contribution of around 1% of global copper supply, any credible pathway toward a restart will remain closely watched by the copper market.