India Has Yet to Decide on Scrapping Pre-Shipment Inspections for Metal Scrap Imports

Sindicato N°2 de Supervisores y Staff at BHP's Escondida copper mine in Chile rejected the company's final wage offer, with 95% voting to authorise strike action. The union of about 1,020 supervisors objected to limited pay improvements, multi-tasking requirements and a proposed 14x14 shift rotation. Chilean law now mandates at least five days of government mediation, extendable by five more, before any legal walkout. The mine produced 1.26 million tonnes in fiscal 2026, down 3% year on year, with fiscal 2027 guidance of 1.0-1.1 million tonnes. Production is currently unaffected, but the vote compounds supply risk after a fatal accident halted operations in late September.

Kazakhstan is exploring deeper cooperation with Aurubis in copper recycling and secondary resource processing. During President Kassym-Jomart Tokayev's visit to Germany, the two sides discussed potential joint investments covering complex copper-bearing feedstock processing, associated-metal recovery, recycling and localization of downstream production. Trend Of particular relevance to the copper scrap market, Kazakhstan's state-owned Tau-Ken Samruk and Aurubis are considering cooperation on processing copper scrap and technogenic mineral formations in Kazakhstan, with the parties discussing a joint action plan for prospective projects. No investment amount, processing capacity or specific project has yet been announced, meaning the initiative remains at the discussion stage. If advanced, however, it could extend Aurubis' complex secondary copper feedstock and recycling activities into Central Asia.

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.