First Quantum Considers Selling Stake in Taca Taca Copper Mine Amid Global Supply Rush

Glencore has announced that its Minera Agua Rica-Alumbrera (MARA) project in Catamarca, Argentina has received approval under the Incentive Regime for Large Investments (RIGI), with expected investment of about US$4 billion and long-term fiscal, customs and foreign-exchange stability including a 25% corporate income tax rate. Agua Rica hosts measured and indicated resources of about 1.2 billion tonnes at 0.47% copper, 0.20 g/t gold, 3.40 g/t silver and 0.03% molybdenum. Ore will be processed at the existing Alumbrera plant 35 km away, with potential to average more than 200,000 tpa of copper in concentrate over the first ten years. The Alumbrera restart is brought forward to H2 2027 with nearly 2,000 workers on site. The government expects construction from November 2027 and production from October 2031; the exploitation-phase EIA was submitted last month and approval is not a final construction decision.

South Africa is advancing amendments to its Second-Hand Goods Act that would further tighten controls on scrap trading, including copper, brass, bronze, aluminium, zinc, lead, nickel, tin and cobalt. Under the proposed framework, recyclers acquiring controlled metals from individuals would be explicitly required to make electronic payments and maintain detailed transaction records, while purchases from scrap-metal waste pickers would require names and identification numbers to be recorded. Public comments on the bill remain open until November 2. The legislation targets widespread cable and infrastructure theft, with copper cable theft alone estimated to cost Eskom around R5–7 billion annually, plus roughly R2 billion in replacement costs. While South Africa has already been moving toward cashless scrap transactions, the amendment would strengthen the statutory framework around traceable electronic payments, seller identification and transaction records. If enacted, compliance requirements across South Africa's copper scrap collection, recycling and trading chain would tighten further, potentially restricting the flow of anonymous or informal material into the legitimate market.

Cobre Panamá could again become a major source of global copper supply if Panama and First Quantum agree on a new operating framework. The mine produced 330.9 kt of copper in 2023 and historically supplied around 1% of global output. While stockpile processing has resumed, fresh mining remains suspended. Any restart would likely be phased, with timing dependent on negotiations, legal conditions and operational remobilisation.