Shennan Dian A Expects H1 2026 Net Profit of 18-21M Yuan, Reversing Previous Loss

Zambia produced 447,181.93 tonnes of copper in the first half of 2026, up only 0.45% from 445,176.59 tonnes in the same period of 2025, as stronger production at several major mines was largely offset by declines elsewhere in the sector. According to Zambia’s Ministry of Mines and Minerals Development, the improvement was supported by higher output at Konkola Copper Mines (KCM), Kansanshi, Lumwana, Lubambe and other major operations. Kansanshi’s copper production increased 2.44% year on year, helped by the S3 Expansion Project, which sustained processing throughput above design capacity and recorded its highest processed tonnage in May. Higher operating time, improved plant utilisation and stronger milling rates also supported the mine’s performance. KCM recorded a substantially stronger increase, with copper production rising 21.43% year on year. The ministry attributed the improvement to recapitalisation, increased mine development, better equipment availability and more consistent plant feed. However, the gains were not broad-based. Production declined at NFCA Mining, Chibuluma Mines and Mopani Copper Mines. Mopani’s output was affected by a planned maintenance shutdown at the Mindola Shaft in May, which temporarily disrupted ore hoisting. The ministry also identified fuel supply constraints and insufficient domestic sulphuric acid availability as factors limiting plant-feed availability at some operations. For Zambia’s copper sector, the first-half data shows that stronger performance at key large-scale mines has yet to translate into rapid national production growth. The 0.45% increase in aggregate output highlights the extent to which operational disruptions and input constraints can offset production gains from expansion projects and mine recapitalisation.

MMG’s Kinsevere operation in the Democratic Republic of Congo produced 33,800 tonnes of copper cathodes in the first half of 2026, up 33% year on year, as the continued ramp-up of the Kinsevere Expansion Project and its sulphide processing facilities supported higher output. Copper cathode production reached 16,820 tonnes in Q1, up 44% year on year, followed by 16,980 tonnes in Q2, up 24% from the same period of 2025. The improvement reflects the progressive ramp-up of Kinsevere’s sulphide processing circuit, including the concentrator and Roaster, Gas Cleaning and Acid Plant, together with increased contribution from the Nambulwa satellite pit. Kinsevere remains on track to produce 65,000–75,000 tonnes of copper in 2026. At the midpoint of the guidance range, the mine would produce around 70,000 tonnes this year, meaning first-half output of 33,800 tonnes represents close to half of the implied annual target as the expanded operation continues to ramp up. Power reliability, however, remains an operational constraint. MMG is developing a Battery Energy Storage System (BESS) to provide backup during temporary outages and improve power stability at Kinsevere. The investment highlights the importance of electricity reliability to sustaining higher utilisation rates as the expanded sulphide facilities move toward more stable production. From a copper-market perspective, Kinsevere’s H1 performance shows that additional DRC supply is beginning to emerge not only from new mines but also from brownfield expansions and the conversion of existing operations toward sulphide resources. If Kinsevere reaches the upper end of its 2026 guidance, annual copper production would approach 75,000 tonnes, reinforcing the DRC’s growing contribution to global refined copper supply.

[SMM Analysis: Millberry Payability Returns to High Levels—Why Are No. 1 and No. 2 Copper Scrap Lagging?]According to SMM market research, Millberry payability has returned to 98%-99%, while No. 1 copper scrap is quoted at 95.5%-96.5% and No. 2 at 94.5%-95.5%. Market tightness is therefore concentrated in clean, high-grade material.