Molybdenum Mark sustainability certification gains ground as ESG pressures grow

Copper Mark

Molybdenum Mark sustainability certification is rapidly gaining ground as ESG demands reshape global metals markets. Over 40pc of the world’s mined molybdenum now comes from sites holding the Molybdenum Mark sustainability certification. As a result, the Molybdenum Mark sustainability certification is becoming a key reference point for buyers seeking responsible molybdenum supply.

The Molybdenum Mark sustainability certification was launched in 2022 by the Copper Mark and IMOA. It forms part of a broader family of Copper, Nickel and Zinc Marks that promote responsible production and sourcing. Therefore, producers that adopt the Molybdenum Mark can demonstrate alignment with recognised ESG and supply chain standards. The certification increasingly influences buyer preferences, potential pricing premiums and long term offtake decisions.

Global reach of the Molybdenum Mark sustainability certification

The global footprint of the Molybdenum Mark sustainability certification is expanding quickly. As of September, 28 producing sites had earned the label, with three more under assessment. Coverage has reached 100pc of mined molybdenum production in Mexico, Australia and Canada.

Meanwhile, adoption rates are also high in other major molybdenum hubs. The scheme covers 95pc of output in Chile, 92pc in the US and 67pc in Peru. US based Freeport McMoRan’s Climax Molybdenum operations were among the first to secure the certification. These figures show that the Molybdenum Mark sustainability certification is not a niche label but a mainstream benchmark.

Importantly, molybdenum supply is already well diversified outside China in both mining and processing. This contrasts with other critical materials such as tungsten, gallium and many rare earths. Therefore, the certification can amplify an existing geographical advantage by adding verifiable ESG credentials. That combination is increasingly attractive to steelmakers, energy firms and OEMs facing stricter disclosure requirements.

ESG, CBAM and market impacts for molybdenum producers

Rising ESG and carbon constraints are the main drivers behind the Molybdenum Mark sustainability certification. OEMs, energy companies and downstream sectors want proof that raw materials meet environmental and social standards. This trend is intensifying ahead of the EU Carbon Border Adjustment Mechanism’s full rollout from 2026.

Currently, molybdenum is not included in CBAM’s initial scope. However, its critical role in steel alloys, electronics and energy infrastructure positions it for possible future inclusion. In that context, the Molybdenum Mark sustainability certification could help producers prepare for emissions verification demands. Market participants already see the label as a tool to de risk future regulatory and customer audits.

Industry voices stress that mining performance now goes beyond simple tonnage and grade. “Modern mining is not only production tonnes, but also its environmental and social footprint,” one IMOA meeting attendee said. Therefore, producers that ignore ESG and certification risk losing access to premium markets or facing discounts. Over time, the Molybdenum Mark sustainability certification may influence trade flows and contract structures, not only reputations.

The Metalnomist Commentary

The rapid uptake of the Molybdenum Mark shows how ESG frameworks can move from theory to market reality in just a few years. With coverage already spanning most major producing regions, the label is poised to shape pricing dynamics and access to high value customers. Market participants should watch whether end users begin to specify Molybdenum Mark certified material in tenders, which would lock ESG performance into the commercial core of the molybdenum trade.

Mining Finance ESG Safeguards Fall Short, Says New Report

Forests & Finance

Mining finance ESG safeguards are failing to keep pace with transition-metal demand, warns a new assessment of global lenders and investors. Mining finance ESG safeguards scored poorly across 30 major institutions that back copper, lithium and cobalt projects. Mining finance ESG safeguards also lag on deforestation, indigenous rights, tailings and climate alignment, despite multi-billion-dollar funding flows.

Findings: weak policies amid rising transition-metal finance

Banks and investors supplied $493bn in loans and underwriting from 2016–2024, with an additional $289bn in bonds and shares. However, the coalition’s 34-point framework shows an average ESG score of only 22pc. Environmental protections rank weakest at 17pc, signalling systemic policy gaps. Only 13pc of institutions have clear zero-deforestation rules. None maintain robust tailings storage requirements, despite recent disasters and chronic liabilities. Social safeguards average 19pc, reflecting thin protections for indigenous rights and community consent. Few financiers require Paris-aligned transition plans. Most lack clear mine-closure and reclamation standards tied to finance.

What financiers must change now

Lenders should hard-wire comprehensive due diligence and public disclosure across entire corporate groups. They should require mineral supply chain traceability and independent monitoring with grievance transparency. Contracts must include enforceable non-compliance protocols and divestment thresholds. Climate conditions should mandate 1.5°C-aligned transition plans and credible absolute emissions targets. Finally, lenders should link capital access to tailings safety audits, zero-deforestation commitments, FPIC adherence and funded closure obligations.

The Metalnomist Commentary

Capital is the most powerful lever for safer, lower-carbon mining. Expect leading lenders to tighten eligibility screens first for tailings and deforestation, then for climate plans with hard milestones. Developers that meet verifiable ESG thresholds will gain a structural cost-of-capital advantage.

Indonesia Carbon Market CBAM Strategy Targets Green Nickel and Stainless Steel Future

Indonesia Carbon

Indonesia is accelerating its carbon market development in coordination with the European Union ahead of the 2026 CBAM rollout. The Indonesia carbon market CBAM strategy aims to help domestic producers avoid punitive tariffs by establishing a mandatory emissions trading system (ETS) and promoting decarbonization.

ETS and Green Industrial Strategy in Development

Indonesia’s Ministry of Industry is working with the European Commission to design a carbon market aligned with the EU’s Carbon Border Adjustment Mechanism (CBAM). According to Apit Pria Nugraha, Head of the Centre for Green Industry, the goal is to use carbon credits to offset CBAM tariffs for sectors like stainless steel. Although nickel is not directly included in the CBAM, it faces indirect exposure through downstream products.

Indonesia is upgrading furnaces, enhancing ESG standards, and preparing export-focused green incentives. These include preferential treatment for certified green products and financing tools to support innovation. Nugraha emphasized that companies meeting CBAM and ESG targets early will benefit from price premiums and stronger global partnerships.

Nickel Industry Prepares for ESG-Driven Market Shift

Indonesia’s nickel sector, vital to the EV battery supply chain, is adapting quickly to ESG scrutiny. Nickel Industries, a major producer, announced plans to reduce its carbon footprint by deploying solar power and heat recovery systems in high-pressure acid leaching operations. The company’s carbon intensity is projected at 6.97 tonnes of CO₂ per tonne of nickel, nearly half the industry average.

M. Muchtazar, Head of Sustainability at Nickel Industries, noted that ESG is now a top competitive factor. Compliance with EU carbon regulations is no longer optional as automakers demand cleaner supply chains for EV materials.

CBAM to Reshape Global Trade Dynamics

CBAM will act as a de facto import tariff on high-emission goods entering the EU. Simon Goess of Carboneer estimated that importers of 85,000 tonnes of pig iron, ferro-nickel, and crude steel could face up to €40 million in charges by 2034. As CBAM expands to include Class 1 nickel and indirect emissions, producers must lower carbon intensity to remain globally competitive.

Nugraha concluded that “green nickel” is more than a buzzword—it’s a strategic imperative for Indonesia’s industrial future.

The Metalnomist Commentary

Indonesia’s proactive stance on carbon pricing and ESG compliance signals a significant policy shift. By integrating CBAM-aligned mechanisms and promoting low-carbon nickel, Indonesia positions itself as a preferred supplier in the evolving global metals supply chain.

QMB Nickel Licence Review Signals Tougher Indonesia Nickel Oversight

QMB Nickel Indonesia

QMB nickel licence risk is rising after a landslide damaged a tailings facility at Indonesia Morowali Industrial Park. The Indonesian government is reviewing QMB New Energy Materials’ environmental permit, raising new uncertainty around nickel supply from one of the world’s most important battery materials hubs.

The review follows a landslide at IMIP in Sulawesi on 18 February that damaged heavy equipment and reportedly buried an operator. A final decision has not been made, but the case shows that Jakarta is applying stronger scrutiny to environmental and safety performance across the nickel industry.

QMB nickel licence pressure matters because the company has 150,000 t/yr of nickel capacity in mixed hydroxide precipitate. MHP is a key intermediate for battery supply chains, and any production disruption in Indonesia can quickly affect buyers across China, Korea, Japan, and the global electric vehicle sector.

Tailings Risk Adds Pressure to Indonesia’s MHP Supply Chain

QMB’s operations have not been fully suspended, but output has softened as site conditions continue to evolve. The only clearly unaffected portion appears to be QMB’s ESG-linked joint project with Merdeka Battery Materials, which is designed for around 40,000 t/yr and uses independent tailings infrastructure.

The incident is significant because QMB has already faced tailings-related disruption. A landslide at its tailings dam in March 2025 forced a 45-day shutdown of MHP production. The company restarted operations in May and returned to designed capacity in July.

This repeated disruption highlights a wider risk in Indonesia’s fast-growing nickel sector. Rapid capacity expansion has created major supply growth, but it has also increased pressure on waste management, tailings systems, environmental controls, and operating discipline. For battery makers, the issue is not only nickel volume, but also the reliability and ESG quality of that volume.

RKAB Quotas Tighten the Nickel Operating Environment

Indonesia is also tightening nickel supply through its RKAB production quota system. Government-approved ore quotas for 2026 are expected at around 260mn-270mn t, far below the roughly 379mn t mined in 2025. That signals a structural reduction in ore availability and a more controlled operating environment.

RKAB approvals are increasingly tied to ESG performance, which raises compliance risk for miners and processors. Companies with stronger environmental systems may gain more predictable access to ore and permits, while weaker operators could face delays, output cuts, or licence reviews.

The QMB nickel licence review therefore fits a broader policy shift. Jakarta appears to be reducing grey areas in mining regulation and linking production rights more directly to safety, environmental compliance, and operational accountability. This could support a more sustainable nickel sector, but it may also create near-term supply uncertainty.

The Metalnomist Commentary

Indonesia’s nickel market is moving from aggressive expansion toward stricter control. The winners will be producers that can prove safe tailings management, stable operations, and ESG compliance while still delivering battery-grade nickel at scale.

Indonesia nickel mine suspensions highlight tighter ESG enforcement and supply risk

Indonesia Nickel Mine

Indonesia nickel mine suspensions in southeast Sulawesi underline Jakarta’s tougher stance on reclamation and post-mining responsibilities. The Ministry of Energy & Mineral Resources (ESDM) has halted operations at 25 nickel mines over missing reclamation and post-mining guarantees. Indonesia nickel mine suspensions now sit within a broader crackdown that also targets coal, gold, iron ore, tin and asphalt producers across several provinces.

Indonesia nickel mine suspensions tied to reclamation failures and permit gaps

Indonesia nickel mine suspensions follow months of warning letters issued between December 2024 and August 2025. Regulators moved only after companies failed to respond with compliant reclamation plans and financial guarantees. The 25 affected nickel operators in southeast Sulawesi join a wider list of 190 suspended general mining licences from central Kalimantan to north Maluku.

However, the sanctions are temporary and may last up to 60 days if companies act quickly. Suspended firms must continue site maintenance, environmental management and monitoring to limit further damage. The ESDM has also sent suspension notices to some nickel mines in north Maluku, signalling that enforcement will not stay confined to one region. As a result, miners now face clear pressure to treat reclamation, guarantees and forestry permits as core licence conditions, not paperwork.

The Indonesia nickel mine suspensions add to recent high-profile actions by a government taskforce. Earlier this month, authorities seized land from Weda Bay Nickel and Tonia Mitra Sejahtera for lacking forestry permits. That decision pushed LME official nickel prices up by about 3pc on 15 September, underscoring how governance interventions can move global benchmarks. Traders now read enforcement news almost as closely as ore shipment updates.

Market impact limited today, but ore supply concerns are building

The immediate market impact from the Indonesia nickel mine suspensions appears modest. Some sanctioned operations were inactive or had unstable output, according to market participants. Three-month LME class 1 nickel prices were largely rangebound at the time of the announcement, with only minor intraday moves.

However, the cumulative effect of licence suspensions, land seizures and stricter forestry compliance is beginning to worry ore buyers. Indonesia remains the world’s dominant supplier of nickel ore and nickel units for stainless steel and battery precursors. Therefore, even small disruptions can tighten margins for NPI smelters and high-nickel battery material producers already facing narrow spreads.

Downstream, stainless steel and battery supply chains now need to factor regulatory risk into feedstock strategies. Some buyers may diversify towards the Philippines or consider higher use of recycled nickel where possible. But substitution options remain limited at scale, keeping Indonesia at the centre of nickel supply planning for the foreseeable future.

The Metalnomist Commentary

Indonesia’s nickel strategy is clearly shifting from volume-at-all-costs to stricter licence discipline and ESG alignment. For miners and smelters, the new reality is that reclamation guarantees and forestry permits sit on the same level as ore grades and cash costs. Policy risk in Indonesia is becoming a structural driver of nickel prices, not just an occasional headline shock.

LME Green Premium Plans Aim to Redefine Sustainable Metals Pricing

LME

The LME green premium plans mark a new phase in transparent pricing for low-carbon metals. The London Metal Exchange will work with its new HKEX Group subsidiary in Dubai to publish green premiums for LME-registered copper, aluminium, nickel and zinc with enhanced sustainability credentials. These LME green premium plans seek to turn voluntary ESG claims into priceable attributes, giving producers a clearer route to monetise decarbonisation efforts. However, the success of LME green premium plans will depend on credible thresholds and sufficient traded liquidity.

How LME green premium plans will work

Under the proposal, the LME will first define premium sustainability thresholds for each metal. These thresholds will use internationally recognised methodologies and remain under periodic review. Brands that meet the thresholds will be eligible for trading on Metalshub’s sustainable metals segment, creating a distinct pool of verified low-carbon units. As a result, the LME green premium plans link brand eligibility directly to measurable ESG performance, rather than broad marketing claims.

Meanwhile, newly formed HKEX subsidiary Commodity Pricing and Analysis (CPAL) will act as pricing administrator. CPAL will publish green premiums based on Metalshub transaction data and wider physical market intelligence. This structure attempts to ensure that any quoted green premium reflects real traded values, not theoretical estimates. The LME has also launched a discussion paper to gather feedback on CPAL’s methodologies, signalling openness to industry input before finalising the framework.

Implications for producers and buyers

For producers, the LME green premium plans offer a possible route to recover decarbonisation costs through differentiated pricing. Smelters and refiners that invest in renewable power, recycling and process optimisation could gain a premium over standard brands. However, the LME acknowledges that not every metal may show a clear premium immediately, especially where green supply remains limited or buyers resist paying extra.

For buyers, transparent green premiums could simplify procurement strategies. Large OEMs and traders could reference CPAL’s published differentials when sourcing lower-carbon metal, instead of negotiating bespoke ESG surcharges. Therefore, the LME framework may support more standardised contracts for sustainable metals, especially in automotive, packaging and energy infrastructure supply chains. Ultimately, the credibility of LME green premium plans will hinge on robust verification, clear data and the avoidance of double counting across schemes.

The Metalnomist Commentary

The LME is moving from passive disclosure to active price discovery for sustainable metals, which is a significant shift. If CPAL delivers liquid, trusted benchmarks, green premiums could finally move from conference panels to contract clauses. The bigger question is whether clear price signals will accelerate decarbonisation fast enough in carbon-intensive segments like aluminium and nickel.

Glencore-Backed Cobalt Stockpiling Fund Targets $230mn LSE IPO

Glencore

Cobalt Holdings IPO offers pure-play exposure to physical cobalt

Glencore-backed cobalt stockpiling fund Cobalt Holdings plans to raise $230 million through an initial public offering (IPO) on the London Stock Exchange next month. The UK-based firm will become the first listed vehicle offering investors direct, unleveraged exposure to cobalt prices—separated from the operational risks of mining or refining. The move reflects growing demand for strategic metals investment models that avoid ESG risks tied to extraction.

Long-term cobalt supply secured through Glencore and Anchorage deals

Cobalt Holdings has secured a six-year cobalt supply agreement with Glencore, starting with an initial 6,000-tonne purchase. The deal includes the option to buy $160 million worth of cobalt annually for five additional years, totaling up to $1 billion in metal. The firm also holds an option to acquire another 1,500 tonnes from Anchorage Capital in 2031. The stockpile will be stored in secure facilities across Europe and Asia to support long-term value preservation.

ESG-aligned financial innovation aims to de-risk cobalt investing

The Glencore-backed cobalt stockpiling fund is modeled after Yellow Cake, a uranium stockpile vehicle also backed by Cobalt Holdings CEO Jake Greenberg. Greenberg emphasized that investors can gain cobalt-linked returns without the reputational or regulatory risks associated with sourcing from conflict-affected mining zones. The listing will appeal to institutional investors seeking cobalt exposure aligned with ESG compliance and battery supply chain diversification.

The Metalnomist Commentary

Cobalt Holdings’ IPO signals a shift in how capital markets interact with critical minerals. By offering cobalt exposure decoupled from mining risk, it addresses rising investor concerns around sustainability, compliance, and ethical sourcing—setting a potential blueprint for other metals.

Rio Tinto Expands Amrun Bauxite Capacity with Kangwinan Project

Kangwinan

Amrun Mine Expansion Aims to Offset Upcoming Closures

Rio Tinto plans to boost its Australian bauxite output by developing the Kangwinan project alongside its Amrun bauxite mine. The expansion will support long-term supply as the Gove and Andoom mines are scheduled to shut around 2030. Rio Tinto confirmed the final investment decision for Kangwinan is expected in 2026, with production starting in 2029.

Kangwinan will add up to 20mn t/yr, complementing the 23mn t/yr already produced at Amrun in northern Queensland. Earlier this year, Rio Tinto ran Amrun above capacity, achieving 15mn t in Q1 2025. The expansion includes port upgrades and will help replace output lost from the 13mn t/yr Gove and Andoom mines.

ESG Compliance and Renewable Energy Integration

Rio Tinto is under growing pressure to meet Australia's reformed safeguard mechanism compliance targets. Weipa operations emitted 270,463t CO₂e in 2023–24, surpassing the baseline and prompting surrender of 14,025 carbon credits. To cut emissions, Rio Tinto launched a solar and battery project at Amrun, aiming to reduce diesel electricity by 37%.

The renewable system is projected to lower Amrun’s carbon output by 14,000t CO₂e annually. This aligns with Rio Tinto's broader ESG and decarbonization commitments across its global mining operations.

The Metalnomist Commentary

Rio Tinto’s expansion at Amrun reinforces Australia's role in global bauxite supply amid tightening ESG mandates. The Kangwinan project reflects a strategic pivot toward cleaner, long-term operations as legacy mines near closure. Bauxite's role in decarbonized aluminum production is becoming increasingly vital in global energy transition strategies.

Jogmec FPX nickel exploration in Canada targets low-carbon battery metals

Nickel

Japan’s Jogmec FPX nickel exploration in Canada signals a deeper strategic push into secure battery metal supply. The partners are testing awaruite nickel resources in Newfoundland and Labrador to support long-term decarbonisation. As a result, Jogmec FPX nickel exploration in Canada sits at the intersection of energy security, EV growth and critical mineral policy in both countries.

Strategic drivers behind Jogmec FPX nickel exploration in Canada

The first phase of Jogmec FPX nickel exploration in Canada focuses on the Advocate area in northwest Newfoundland and Labrador. Jogmec will pay C$1.64mn over three years for an option to acquire a 48pc stake from Shoreline Exploration. However, the exploration timeline and ultimate nickel yield remain uncertain, underlining the early-stage nature of the project.

Japan’s government has placed storage batteries on its list of 11 vital materials since late 2022. Therefore Jogmec is mandated to lock in battery metal supply, including nickel, to underpin its 2050 decarbonisation targets. Canada has emerged as Japan’s preferred partner for these efforts, combining resource depth, ESG credibility and strong policy backing for critical minerals.

Meanwhile, Jogmec and FPX are already familiar collaborators in awaruite nickel. They previously explored the 28km² Klow area in British Columbia, building geological knowledge and technical confidence. This continuity reduces project risk and strengthens the case for scaling Jogmec FPX nickel exploration in Canada into a long-term supply platform.

Awaruite nickel, FPX portfolio and supply chain implications

Awaruite nickel, hosted in ultramafic rocks, offers potential processing and ESG advantages compared with some sulphide and laterite routes. If exploration succeeds, Jogmec FPX nickel exploration in Canada could deliver large-scale, low-impurity feedstock for battery precursors. However, investors will still demand clarity on recovery rates, capex intensity and permitting pathways before committing major capital.

FPX Nickel sits at the centre of this emerging supply chain. Its 59,000 t/yr Baptiste Nickel Project in British Columbia already attracted a strategic stake from Japan’s Sumitomo Metal Mining. As a result, Japan’s industrial ecosystem could gain multi-asset access to Canadian nickel via Jogmec, Sumitomo and FPX, spanning both Baptiste and Advocate.

For Canada, this partnership reinforces its positioning as a reliable supplier of low-carbon critical minerals to advanced economies. For Japan, diversified awaruite supply helps reduce exposure to high-risk jurisdictions and volatile spot markets. Over time, successful Jogmec FPX nickel exploration in Canada could anchor new midstream investments in refining and active materials aligned with EV and storage demand.

The Metalnomist Commentary

Jogmec’s move with FPX shows how state-backed agencies are now competing directly for future battery nickel. If the Advocate and Baptiste projects advance on schedule, Canada could become one of Japan’s most strategic nickel partners outside traditional sulphide hubs. The key question now is whether policy support and project economics will align fast enough to meet the next wave of EV demand.

US–Cook Islands Deep-Sea Minerals Partnership Targets Responsible Seabed Supply

US–Cook Islands

The US–Cook Islands deep-sea minerals partnership advances joint research in the Cook Islands’ EEZ. The US–Cook Islands deep-sea minerals partnership aims to inform exploration and responsible development of critical minerals. As a result, the US–Cook Islands deep-sea minerals partnership could reshape Pacific supply chains for battery metals.

What the partnership covers

Both governments will collaborate on seabed mineral research and data sharing. The work will assess geology, ecology, and project viability. Researchers will map resources, environmental baselines, and technology needs. The goal is transparent, science-led decisions before any mining activity. This aligns with global ESG expectations on deep-sea operations.

Strategic implications for battery metals

The initiative targets supply resilience for nickel, cobalt, and manganese. These metals are central to EV batteries and grid storage. However, environmental safeguards will determine permitting timelines and investor appetite. The US also pursues domestic seabed options. Recent executive actions fast-track exploration, including a potential lease near American Samoa.

Policy signals shape investor behavior. Clear frameworks lower risk and enable financing. Meanwhile, Pacific partnerships diversify options beyond land-based projects. This hedges against price shocks and geopolitical constraints.

Environmental stewardship remains decisive. Stakeholders will scrutinize plume impacts and biodiversity risks. Therefore, high-quality baseline data and adaptive monitoring are essential. Public engagement and indigenous consultation will influence legitimacy and pace.

The Metalnomist Commentary

This move is a strategic hedge on future nickel and cobalt deficits. Watch for how science baselining, regional diplomacy, and ESG disclosure translate into bankable projects—and whether pilot harvesting proves environmentally tolerable.

Vedanta launches US copper subsidiary to scale Zambian copper output

Vedanta Resources

Vedanta launches US copper subsidiary CopperTech Metals to drive long-term growth at Konkola Copper Mines in Zambia. By launching Vedanta launches US copper subsidiary, the group links Wall Street capital with African copper resources. As a result, Vedanta launches US copper subsidiary becomes a central vehicle for meeting rising global copper demand.

CopperTech Metals targets aggressive Konkola production growth

CopperTech plans to significantly expand capacity at Konkola Copper Mines over the next decade. The US-based unit expects to invest $1.5bn, in addition to Vedanta’s $3bn commitment. Together, these investments aim to lift annual production from about 140,000t this year to 300,000t/yr by 2031.

The company is already signalling ambitions beyond that medium-term goal. Over time, CopperTech aims to push Konkola output toward 500,000t/yr, subject to geology, infrastructure and market conditions. This growth profile would position Konkola among Africa’s more significant copper hubs. It would also align the mine with long-cycle demand from energy transition, EVs and grid expansion.

Ownership stability is another critical pillar for the strategy. The Zambian government returned control of Konkola to Vedanta in July 2024, ending a protracted dispute. That resolution allows CopperTech to plan multi-billion dollar capex on a clearer legal and operational footing. It also signals Zambia’s desire to attract investment while retaining leverage over strategic mineral assets.

Strategic rationale behind Vedanta launches US copper subsidiary

The decision that Vedanta launches US copper subsidiary reflects the strategic importance of copper for energy transition. CopperTech gives Vedanta a US-facing corporate structure that can access capital markets and strategic offtakers. This structure may improve financing flexibility for future plant expansions and underground development.

Meanwhile, Vedanta launches US copper subsidiary in a context of tightening global copper supply. Many legacy mines face declining grades, while new greenfield projects struggle with permitting and ESG scrutiny. In this environment, brownfield expansion at Konkola offers a relatively faster route to new tonnes. It also supports Zambia’s ambition to grow its share of global refined copper supply.

As a result, Vedanta launches US copper subsidiary not only restructures ownership but also reframes the mine within global supply chains. Copper produced at Konkola will increasingly feed renewable energy, EV and infrastructure value chains. That link will draw greater scrutiny around environmental performance, community engagement and governance standards in the Copperbelt.

The Metalnomist Commentary

By channeling new investment through CopperTech, Vedanta is betting that US-linked governance and capital access will enhance Konkola’s strategic value. The scale of planned expansions underscores how central Zambian ore will be in the next copper upcycle. For traders, smelters and OEMs, the real question now is whether execution, regulation and ESG performance can keep pace with these ambitious volume targets.

Merdeka Nickel Ore Production Hits Target as Downstream Expansion Gains Pace

Merdeka Battery Materials

Merdeka nickel ore production reached its 2025 target as stronger mining capacity and better weather lifted output at Sulawesi Cahaya Mineral. MBMA produced 7mn wet metric tonnes of saprolite and 14.7mn wet metric tonnes of limonite during the year. Both results rose sharply from 2024. As a result, Merdeka nickel ore production now shows that upstream growth is still supporting Indonesia’s broader nickel strategy.

The scale of the increase matters because ore supply remains the foundation of Indonesia nickel downstream expansion. Saprolite output rose 42pc year on year, while limonite output increased 45pc. The company met its saprolite target and exceeded its limonite target. Therefore, Merdeka nickel ore production is giving the group a stronger base for its processing chain.

This performance also highlights the importance of operating conditions in Indonesian mining. MBMA said optimized mining activity and lower rainfall disruption supported the result. That means the production gain did not come from capacity alone. Consequently, Merdeka nickel ore production reflects both better execution and more favorable site conditions.

Indonesia Nickel Downstream Expansion Still Shows Uneven Product Performance

Indonesia nickel downstream expansion remains the central strategic story for MBMA, but 2025 results showed a mixed product picture. The company’s downstream portfolio includes NPI, high-grade nickel matte, and mixed hydroxide precipitate. Each product line moved differently over the year. As a result, MBMA nickel output was not uniformly strong across the chain.

NPI production fell 10pc to 73,871t in nickel metal equivalent because of maintenance at the RKEF smelters. Even so, the result still landed inside the company’s guidance range. That suggests NPI operations remained resilient despite maintenance pressure. Meanwhile, high-grade nickel matte output fell much more sharply, dropping 60pc to 19,998t in nickel metal equivalent.

That matte weakness reflected a deliberate operating shift. MBMA halted HGNM production in the first quarter of 2025 and only restarted output in October after securing a new contract. Therefore, the lower HGNM result was not simply an operational failure. It also reflected a commercial reset inside the product mix.

HPAL Nickel Growth Is Becoming More Important for MBMA’s Next Phase

HPAL nickel growth is now becoming the most important part of MBMA’s medium-term outlook. The PT ESG HPAL plant, operated with Green Eco-Manufacture, produced 25,994t of nickel in MHP in 2025. That gives the company a stronger foothold in battery-linked nickel chemicals. Consequently, Indonesia nickel downstream expansion is moving deeper into higher-value processing.

The next growth driver is already under construction. The Sulawesi Nickel Cobalt HPAL project is expected to start commissioning in the second half of this year. With capacity of 90,000 t/yr of nickel in MHP, the project could materially change MBMA’s downstream profile. Therefore, HPAL nickel growth may become the main reason investors watch MBMA more closely in 2026.

The company’s new guidance supports that view. MBMA raised its 2026 ore production targets for both saprolite and limonite, while also lifting its HGNM target sharply. MHP output from PT ESG is also expected to rise. As a result, Merdeka nickel ore production is no longer just an upstream success story. It is increasingly the feed base for a much broader downstream buildout.

The Metalnomist Commentary

MBMA’s 2025 result shows that Indonesia’s nickel model still depends on strong ore delivery before downstream value can scale. The real takeaway is not just that ore targets were met. It is that HPAL and chemical capacity are becoming more central to the company’s future than traditional nickel products alone.

Japan EU battery recycling alliance aims to cut China dependence

Japan, EU battery alliance

Japan EU battery recycling alliance marks a strategic push to reduce reliance on China in battery materials. The new Japan EU battery recycling alliance brings together key industry groups to strengthen recycling, black mass handling and data sharing. As a result, the Japan EU battery recycling alliance targets a more resilient and transparent battery supply chain across both regions.

Japan EU battery recycling alliance links tech strength and market scale

The Japan EU battery recycling alliance is built around three core industry associations. Japan’s Battery Association for Supply Chain, the European Battery Alliance and Brussels based Recharge have signed an initial agreement. Together, they will cooperate on improving recycling processes, materials flows and supply chain governance.

The agreement covers information exchange on issues such as data sharing and regulatory interpretation. It also includes joint studies on black mass classification, a key bottleneck for cross border recycling flows. Black mass refers to shredded cathode material containing nickel, cobalt and lithium from spent batteries. Therefore, clear definitions and standards for black mass are critical for trade, permitting and ESG compliance.

Japanese officials highlight the importance of combining Japan’s technology strength with Europe’s market size. Japan offers advanced recycling technologies and process know how developed over decades of battery manufacturing. Meanwhile, Europe provides a rapidly growing battery market driven by EV mandates and energy storage deployment. This mix gives the Japan EU battery recycling alliance strong industrial foundations.

Reducing strategic exposure to China dominated battery materials

The Japan EU battery recycling alliance clearly responds to geopolitical supply concerns. Officials from Japan’s trade and industry ministry note that the current battery supply chain depends heavily on one country. Although unnamed, the reference clearly points to China’s dominance in processed lithium, nickel, cobalt and anode materials.

By deepening cooperation, Tokyo and Brussels aim to reduce vulnerability to export controls or political friction. Recycling and black mass trade can partially offset primary supply risks from Chinese refineries and processors. In addition, improved data sharing should help track origin, quality and ESG performance of recovered materials. As a result, the Japan EU battery recycling alliance supports compliance with emerging battery passport and due diligence rules.

The initiative also fits within the broader Japan EU competitiveness alliance launched in July. That framework seeks closer coordination on semiconductors, clean energy, critical minerals and industrial standards. Battery recycling now becomes a visible test case for how quickly the partnership can move from statements to practical projects.

The Metalnomist Commentary

This partnership underlines how recycling is moving from a niche activity to a core pillar of battery security strategy. If the Japan EU battery recycling alliance can harmonise black mass standards and data systems, it will lower barriers for serious cross regional recycling investment. Market participants should watch for pilot projects, joint ventures and regulatory tweaks that follow this initial, largely framework level agreement.

Codelco Rio Tinto Partnership Targets Faster Mining Development in Chile

Codelco Rio Tinto Partnership

Codelco Rio Tinto partnership plans could accelerate major mining development in Chile as the state-owned copper and lithium group seeks deeper cooperation with global miners. The preliminary agreement will focus on identifying joint investment opportunities in large-scale mining projects across the country.

Codelco and Rio Tinto will create an executive committee made up of senior officials from both companies. The committee will identify prospective pilot projects, assess major mining opportunities, and oversee implementation where cooperation advances.

The Codelco Rio Tinto partnership reflects a broader strategic shift inside Chile’s mining sector. Codelco wants to accelerate timelines, reduce costs, and improve ESG compliance by sharing technical knowledge with established international mining companies.

Chile Turns to Partnerships to Unlock Copper and Lithium Growth

Chile remains one of the world’s most important copper producers, but project development has become more difficult. Lower ore grades, permitting complexity, water constraints, community expectations, and capital intensity are increasing the pressure on producers.

Codelco’s partnership strategy aims to address those constraints. By working with companies such as Rio Tinto, the Chilean state miner can access technical expertise, operational experience, project discipline, and global capital networks. This could help move exploration and development projects faster.

The agreement also builds on Codelco’s recent cooperation with other major miners. The company partnered with BHP last year to enhance copper exploration in the Antofagasta region. This suggests Codelco may pursue more private-sector alliances as Chile works to protect its long-term copper output.

Rio Tinto Ties Strengthen Chile’s Critical Minerals Platform

Rio Tinto and Codelco have already been strengthening their relationship through work on the Maricunga lithium project and the Nuevo Cobre region. The new agreement broadens that cooperation and positions both companies to explore additional copper and lithium opportunities.

This matters because Chile is central to both traditional mining and the energy transition supply chain. Copper remains essential for power grids, electrification, EVs, renewables, and industrial infrastructure. Lithium remains strategically important for batteries and energy storage.

The Codelco Rio Tinto partnership therefore carries value beyond individual projects. It signals that Chile’s mining future may depend increasingly on structured cooperation between state-owned champions and global mining companies with advanced technical and ESG capabilities.

The Metalnomist Commentary

Codelco’s partnership model shows that Chile understands the limits of going alone in a more complex mining environment. The next competitive advantage will come from faster permitting, stronger technical execution, and alliances that can turn resource potential into reliable supply.

Tajikistan Seeks Western Mining Partners to Unlock Critical Mineral Reserves

Tajikistan

The Central Asian nation aims to attract global investors for copper, lithium, and rare earth exploration.

Emerging Frontier for Critical Minerals

Tajikistan seeks western mining partners to unlock critical mineral reserves, including antimony, copper, and lithium. The country ranks third globally in antimony reserves and is expanding its interest to rare earths, cobalt, and bismuth. While Chinese firms have established a strong presence, Tajikistan now actively courts western junior miners and strategic partners. Vast Resources, a UK-based firm, is among the first European mining companies to sign agreements with the Tajik government. Officials emphasize low production costs, tax incentives, and abundant clean energy from hydropower as key advantages.

Geological and ESG Challenges Remain

However, Tajikistan faces major hurdles in developing its mining sector despite its mineral potential. Thousands of mineral occurrences remain unexplored, and much of the country’s geological mapping is outdated. Terrain obstacles and limited accessibility also complicate operations. Infrastructure upgrades are underway, supported by over $1bn in funding from the European Bank for Reconstruction and Development. Yet transparency remains an issue, with Tajikistan ranked 164 out of 180 in the 2024 International Transparency Index. The U.S. has expressed interest in assisting, emphasizing the need for a transparent and stable investment environment.

The Metalnomist Commentary

Tajikistan's call for western mining partnerships comes at a time of intense competition for secure, diversified critical mineral supply chains. If infrastructure and ESG reforms advance, the country could emerge as a strategic node in the global non-ferrous metals landscape.

GEM MHP output cut tightens Indonesia battery nickel feedstock

GEM

A GEM MHP output cut in Indonesia is tightening near-term nickel feedstock for batteries. Market participants say GEM will halve monthly mixed hydroxide precipitate output to about 6,000t nickel equivalent. However, limited tailings capacity at Morowali operations drives the decision.

This is the second forced cut tied to tailings disposal constraints. In March, a landslide at subsidiary QMB halted output for 45 days. Meanwhile, the plant restarted in May and returned to design rates in July.

The scale of GEM’s Indonesian portfolio makes the cut market-relevant. It runs three MHP projects with 150,000t/yr nameplate capacity across Sulawesi. Output reached 79,916t nickel equivalent in January–September, up 150% year on year. Therefore, a move to 6,000t per month can dampen spot MHP availability.

MHP economics and cobalt content reshape feedstock choices

MHP demand rose because it can replace nickel matte in downstream refining. Producers value MHP’s economics and its cobalt content for precursor production. Meanwhile, Democratic Republic of Congo export restrictions tightened cobalt availability and lifted MHP interest. As a result, tighter MHP supply can ripple into nickel sulfate and cathode schedules.

Tailings and ESG pressure intensify in Indonesia’s HPAL boom

Indonesia’s HPAL expansion has increased tailings volumes and raised ESG scrutiny. Companies must prove safe disposal as investors and customers demand traceability. Meanwhile, the government has suspended some mines for weak reclamation guarantees. Authorities also seized land from Weda Bay Nickel and Tonia Mitra Sejahtera over forestry permit gaps.

The Metalnomist Commentary

The GEM MHP output cut shows how waste management now caps nickel growth, not ore supply. However, repeated disruptions will push buyers toward diversified feedstock and stricter contracts. Therefore, Indonesian HPAL operators must invest early in tailings systems to protect market access.

Indonesia’s Nickel Ambitions Face Obstacles Amid HPAL Expansion

HPAL

Indonesia is poised to increase its nickel production in the coming years, primarily by boosting its high-pressure acid-leaching (HPAL) capacity. However, this ambitious plan faces significant hurdles, notably the scarcity of sulphuric acid and challenges in managing tailings waste effectively. Despite these concerns, production is still expected to grow, even as the global nickel market anticipates a surplus.

Sulphuric Acid Supply and Tailings Management: Key Challenges

The HPAL process relies heavily on sulphuric acid to extract nickel and cobalt from ore, producing mixed hydroxide precipitate (MHP), which is essential for downstream nickel sulphate and battery production. Indonesia is projected to produce between 325,000 to 345,000 tons of MHP this year, a jump from 269,000 tons in 2023. With several new MHP projects on the horizon, output is expected to rise significantly, potentially tripling to 800,000-900,000 tons by 2026, as highlighted by Indonesia's Deputy Minister Septian Hario Seto during a recent metal industry event in London.

The increase in MHP production will necessitate more nickel ore and sulphuric acid, raising concerns about the sustainability of limonite ore supplies, which could deplete quickly like saprolite ore, currently used for nickel pig iron and matte production. The Indonesian government plans to address these issues with industry stakeholders.

Currently, Indonesia's four operational HPAL facilities—Huayou's Huayue and Huafei projects, GEM's QMB project, and Lygend's HPAL project—have been importing sulphuric acid primarily from China and South Korea. However, the rising cost has led some producers, such as Halmahera Persada Lygend, to switch to cheaper sulphur alternatives. The startup of new smelters, like Freeport McMoran's Manyar in Java and AMNT's copper smelter in Nusa Tenggara, is expected to add 3 million tons per year of acid capacity by 2025, potentially easing supply pressures.

Another critical issue is the proper disposal of tailings waste, which has come under increased scrutiny due to environmental, social, and governance (ESG) standards. The HPAL process generates substantial amounts of waste, with energy consultancy Wood Mackenzie estimating 1.4-1.6 tons of tailings per ton of nickel produced. Three disposal methods—tailings dams, deep sea disposal, and dry stacking—each have their risks, with dry stacking viewed as the more sustainable option. Yet, Indonesia’s wet climate and seismic activity pose challenges for safe waste storage.

To ensure the successful expansion of its HPAL production, Indonesia must secure a stable supply of sulphuric acid and implement sustainable methods for managing tailings waste. Addressing these issues is critical for maintaining the momentum in the country’s nickel production growth while adhering to stricter ESG standards.

OEM upstream traceability in 3T supply chains faces a new conflict test

ITSCI

OEM upstream traceability in 3T supply chains is under fresh pressure as conflict reshapes tantalum sourcing from central Africa. ITSCI warns that OEM upstream traceability in 3T supply chains cannot deliver mine-by-mine disclosure once material is smelted. However, the group argues that OEM upstream traceability in 3T supply chains should mean deeper engagement with upstream schemes, not blanket disengagement.

OEM upstream traceability in 3T supply chains has hard technical limits

OEMs increasingly ask which specific mine sits behind each component in their products. ITSCI stresses this is technically impossible after smelting. Smelters can receive ore from any of 3,000 ITSCI-monitored mine sites across the Great Lakes Region.

Through ITSCI, smelters know the precise mine origin of incoming tagged consignments. However, smelters routinely blend those inputs with concentrates from other countries. Once material is smelted, minerals lose mine-level identity and cannot be traced back. Therefore, OEM expectations of exact mine mapping at product level do not match process realities.

Instead, ITSCI says OEMs should plug into programme data on monitored mines, local context and production trends. Yet only seven downstream companies are associate members today. As a result, governance influence and feedback from the largest electronics and auto brands remains limited.

Disengagement from Great Lakes 3T supply hits conflict regions and buyers

Some OEMs, including Apple, have told suppliers to stop sourcing tantalum from DRC and Rwanda. They fear any link to non-state armed groups in contested mining areas. However, ITSCI argues that exiting these regions should be reserved for last-resort situations. Responsible sourcing from the Great Lakes Region remains possible under robust due diligence and monitoring.

The DRC is a major producer of tantalum, tungsten and tin concentrates, the so-called 3T conflict minerals. Tantalum feeds capacitor powders used in data centres, EVs, notebooks and wearables. Therefore, blanket withdrawal from the region risks shrinking legal supply just as demand for advanced electronics grows.

Meanwhile, China has consolidated its position as the largest buyer of central African tantalum and niobium concentrates. Chinese imports from Rwanda and DRC edged higher year on year in January–July. At the same time, many DRC mine sites fell under M23 control and can no longer be independently monitored. This combination of conflict, opaque trade flows and limited OEM engagement heightens systemic ESG risk.

The Metalnomist Commentary

ITSCI’s message is blunt: perfect mine-level transparency is impossible, but better OEM upstream traceability in 3T supply chains is not. Brands that simply walk away from DRC and Rwanda may reduce headline risk, yet they also cede influence to buyers less concerned with ESG. The real test will be whether more OEMs join and fund upstream schemes, using their leverage to improve conditions rather than abandon challenging regions.

Hubei STR anode recycling plant will start in March 2026 as China’s battery scrap accelerates

Lithium-Ion Battery

Hubei STR will start the Hubei STR anode recycling plant in March 2026. The project targets 50,000 t/yr of recycled anode materials for lithium-ion batteries. The company began site construction in January 2022. As a result, the facility enters the market as battery recycling volumes rise sharply.

Battery scrap volumes will surge as China’s first NEV wave reaches end-of-life. Lithium-ion batteries usually retire when capacity falls to 80%. The US Advanced Battery Consortium links this threshold to an 8–12 year service life. Therefore, post-2025 retirements should expand the available feedstock for anode material recycling.

China’s EV scale is turning recycling into a supply chain priority

China’s EV scale is making the Hubei STR anode recycling plant strategically timed. China pushed NEV output above one million units in 2018. NEVs reached 40.9% of total auto sales in 2024. Meanwhile, October NEV sales hit 1.72mn units and took 51.6% market share.

Recycling capacity must follow that growth curve. China Association of Automobile Manufacturers forecasts NEV sales near 16mn units in 2025, up from 12.86mn in 2024. China Automotive Engineering Society estimates retired power batteries exceeded 580,000t in 2023. It expects retirements to reach 6mn t by 2030. Consequently, anode recycling becomes a cost, ESG, and security lever for battery makers.

Graphite recovery and copper foil separation define the value capture

Graphite recovery drives much of the anode recycling economics. The lithium-ion battery recycling process starts with dismantling and material separation. Recyclers can recover plastics and the diaphragm from anode-side components. They can also extract aluminium foil from cathode materials.

Graphite recovery then becomes the key upgrade step. Recyclers separate graphite from copper foil in spent anodes. They purify the graphite and sell it back into the battery materials chain. Therefore, the Hubei STR anode recycling plant can support a more circular anode supply. It can also reduce exposure to price swings in battery-grade inputs.

The Metalnomist Commentary

China’s recycling race is shifting from metals recovery to materials performance. Therefore, graphite purity and consistent output will decide who wins long-term contracts. However, recyclers must prove traceability and ESG compliance to unlock premium pricing.

Rio Tinto Signs Low-Carbon Aluminium Project Deal in India

Rio Tinto, Low-Carbon Aluminium

Focus Keyphrase: Low-Carbon Aluminium Project

Rio Tinto signed an agreement to launch a low-carbon aluminium project in India, targeting rapid growth in sustainable metal production. The deal with India's AMG Metal & Mining focuses on a renewable-powered aluminium smelter and alumina refinery, aiming to reshape the region’s green aluminum supply chain.

The proposed project includes a 1mn t/yr aluminium smelter and a 2mn t/yr alumina refinery, with a 500,000 t/yr smelter under study for phase one. It will use renewable energy with pumped hydro storage, aligning with Rio Tinto’s strategy to expand low-carbon aluminium operations in emerging markets.

India as a Strategic Base for Clean Aluminium

Rio Tinto’s entry into India signals a strategic shift toward responsible and cost-effective aluminium production in Asia. The partnership supports India's aluminium needs and European export opportunities, backed by Rio Tinto’s Australian bauxite reserves.

Jerome Pecresse, CEO of Rio Tinto Aluminium, emphasized the company’s commitment to clean energy and long-term aluminium supply chains. The firm plans to leverage India's industrial expansion while maintaining its ESG commitments.

Renewable Energy Integration Gains Traction

This low-carbon aluminium project reflects a growing trend in decarbonizing metals production, especially in energy-intensive sectors. By incorporating pumped hydro storage, the project aims to deliver stable, sustainable electricity to power smelting operations, cutting carbon emissions significantly.

As global demand for green aluminium increases, Rio Tinto positions itself to supply responsibly sourced metal across multiple continents.

The Metalnomist Commentary

Rio Tinto’s move into India’s aluminium sector reflects a convergence of ESG priorities and emerging market demand. This project could become a benchmark for future low-carbon metals initiatives in Asia and beyond.