LB Group titanium dioxide acquisition reshapes Europe’s TiO₂ landscape

LB Group

The LB Group titanium dioxide acquisition signals a strategic push into Europe’s high-value TiO₂ market. Billions Europe, LB’s subsidiary, will buy Venator Material UK’s 150,000 t/yr Greatham titanium dioxide plant for $69.9mn, including assets, IP and inventory. As a result, LB secures a European production base at a time when trade barriers on Chinese TiO₂ are rising.

Chinese TiO₂ leader secures UK chloride capacity

The LB Group titanium dioxide acquisition strengthens the company’s portfolio with rare European chloride-route capacity. LB already holds 1.51mn t/yr of global TiO₂ capacity, split between sulphate and chloride processes. However, adding Greatham gives the world’s largest TiO₂ producer a local foothold in a mature, specification-critical market.

Meanwhile, Venator’s decision to sell its only chloride-route facility underlines the financial and structural pressure on Western TiO₂ producers. The UK asset moves from the world’s fifth-largest TiO₂ producer into the hands of the global leader. Therefore, LB can combine scale, process flexibility and proximity to European customers seeking secure, diversified supply.

Anti-dumping duties push LB closer to EU customers

The LB Group titanium dioxide acquisition also responds directly to EU trade defence measures. In July 2024, the European Commission imposed anti-dumping duties of nearly 39.7pc on LB’s TiO₂ imports from China. As a result, supplying Europe from Chinese plants became significantly more expensive and politically exposed.

By owning Greatham, LB can serve key European TiO₂ customers from within the region, partly insulating itself from border measures. The plant’s existing customer relationships and local logistics network will help preserve market share despite duties. However, integration, cost optimisation and environmental compliance upgrades will be critical to make the UK unit globally competitive.

The Metalnomist Commentary

The LB Group titanium dioxide acquisition shows how trade defence tools can accelerate realignment of industrial assets rather than simply protect incumbents. If LB successfully upgrades Greatham’s competitiveness, Europe may gain a more resilient on-shore TiO₂ base even as ownership shifts to a Chinese champion. For EU policymakers, the deal is a reminder that anti-dumping actions can redirect, not reverse, global supply chains.

LB Group Titanium Dioxide Output Rises in 2024 Amid Market Expansion Push

LB Group

LB Group, China’s largest titanium producer, increased its titanium dioxide output in 2024, aiming to expand its market share. The company produced 1.29 million tonnes of titanium dioxide last year, an 8.7% increase from 2023, according to its annual report released in April.

Surge in Sulphuric Process and Titanium Sponge Production

Most of the LB Group titanium dioxide output came from the sulphuric process, which accounted for 894,400t. The chlorination process contributed 401,100t. Sales also rose by 8.3% to 1.25 million tonnes, with a notable 12% increase in sulphuric-based products. Meanwhile, titanium sponge production soared by 35% to 69,700t, with sales up 43%, demonstrating strong downstream demand.

Titanium Concentrate Drives Vertical Integration Strategy

LB Group produced 1.49 million tonnes of titanium concentrate in 2024, using all of it for in-house conversion into titanium dioxide and sponge. This internal utilization strategy supports its vertical integration and reduces reliance on external feedstock. However, the company’s iron ore concentrate and iron phosphate segments declined, with output and sales falling by double digits due to weak demand.

The Metalnomist Commentary

The LB Group titanium dioxide output growth underscores its strategy to capture a larger share in China's expanding pigment and metal markets. By increasing utilization rates and internal feedstock use, LB is reinforcing its position as a vertically integrated global titanium leader.

China’s LB Group Increases First-Half Titanium Dioxide Output

China’s LB Group

China’s LB Group, the largest producer of titanium dioxide in the country, has ramped up its production in the first half of 2024 by increasing its capacity utilization to capture more market share. The company, which has a combined annual capacity of 1.51 million tonnes, produced 649,600 tonnes of titanium dioxide during the period, reflecting a 9.7% increase from a year earlier.

Breakdown of Production Processes

Of the total output, 453,700 tonnes were produced using the sulfuric acid process, and 195,900 tonnes via the chlorination process. While production through the sulfuric acid process rose by 6.2%, production through the chlorination process saw a slight decline of 1.7%.

LB Group also produced 33,100 tonnes of titanium sponge, a 29% increase from last year, with sales of 30,800 tonnes, up by 60%. Titanium concentrate production surged by 73% to 1.04 million tonnes, though the company uses all of it internally for producing titanium dioxide and sponge.

During the first half of 2024, LB sold 599,600 tonnes of titanium dioxide, up by 3.7% from the same period last year. Sales of sulfuric acid-based products increased, while chlorination-based products slightly decreased.

China’s titanium dioxide exports also grew, reaching 1.13 million tonnes from January to July, a 14% increase from the same period in 2023. July exports totaled 159,688 tonnes, marking an 18% increase from the previous year, though a 9.5% decline from June’s figures.

Iron Ore Output Declines

While titanium production surged, LB Group’s iron ore concentrate output dropped. The company produced 1.55 million tonnes of iron ore concentrate, down by 16% year-on-year, with sales also falling by 39% to 1.55 million tonnes.

LB Xiangyang titanium dioxide suspension highlights China’s softer TiO2 demand

LB Xiangyang

LB Xiangyang titanium dioxide suspension follows an accident at its sulfuric acid line. As a result, the LB Group subsidiary has halted output, yet market players see limited immediate impact because inventories remain high and demand stays weak.

LB Xiangyang operates 180,000 t/yr of titanium dioxide capacity using the sulfuric acid process. Therefore, the outage removes about 12% of LB Group’s total 1.51mn t/yr dioxide capacity, underlining the unit’s strategic role inside China’s largest titanium dioxide producer.

Limited market impact from LB Xiangyang outage

Market participants expect only a modest effect from the LB Xiangyang titanium dioxide suspension. Downstream demand from paints, plastics, paper and printing inks remains sluggish, while spot availability stays ample across China.

Weak domestic consumption has already encouraged producers to rely more on contract volumes and price competition. However, customers still resist restocking aggressively, as construction, consumer goods and packaging sectors face slower growth and tighter budgets.

LB Group’s production data also show that the group continues to run its broader TiO2 system. In January–June, the company produced 682,200t of titanium dioxide, up 5% year on year, including 463,500t via sulfuric acid and 218,700t via the chlorination process.

Meanwhile, sales reached 612,000t during the first half, rising 2.1% from a year earlier. This included 427,400t of sulfuric acid product and 184,600t of chlorination product, both slightly higher year on year and signaling continued market absorption despite price pressure.

China titanium dioxide exports weaken as demand slows

China’s titanium dioxide export trend reinforces the picture of softer global demand. Between January and July, China exported 1,051,372t of titanium dioxide, down 7.2% from 1,132,664t in the same period of 2024.

Exports of sulfuric acid route material also show a mixed pattern. In July, China shipped 110,287t of sulfuric acid TiO2, down 18% from 134,187t a year earlier. However, volumes still rose 2.6% from 107,519t in June, suggesting some short-term restocking abroad.

For global buyers, the LB Xiangyang titanium dioxide suspension mainly raises operational questions rather than supply security fears. Therefore, buyers will likely use the event to negotiate harder on prices, while monitoring whether any extended outage tightens specific grades later.

The Metalnomist Commentary

The LB Xiangyang titanium dioxide suspension underlines how a significant capacity loss can still feel manageable in an oversupplied market. However, if Chinese demand stabilizes while exports remain soft, any prolonged outage could accelerate a gradual rebalancing of TiO2 inventories and support prices at the margin.

LB Titanium Dioxide Plant Acquisition Revives UK TiO2 Pigment Capacity

LB TiO2

LB titanium dioxide plant ownership has expanded into the UK after China’s largest TiO2 producer acquired the Greatham pigment manufacturing site from Venator Materials UK. The acquisition gives LB Group a European production base for titanium dioxide pigments used in coatings and plastics.

LB titanium dioxide plant operations at Greatham are expected to restart this year through Tioxide, a new wholly owned subsidiary. The move gives LB direct manufacturing capacity in the UK at a time when European buyers are reassessing supply security, trade exposure and regional pigment availability.

LB titanium dioxide plant expansion also strengthens the company’s global position. LB Group already has combined TiO2 capacity of 1.51mn t/yr, making it the world’s largest titanium dioxide producer.

The transaction follows a $69.9mn purchase agreement signed with Venator in October 2025. The UK Competition and Markets Authority cleared the acquisition on 23 April.

Greatham Restart Adds Regional Pigment Supply

The Greatham site will manufacture TiO2 pigments for coatings and plastics. These are core industrial markets where titanium dioxide provides whiteness, opacity, brightness and durability.

Restarting the facility could improve regional availability for European and UK customers. It also allows LB to serve some customers from within the market rather than relying only on exports from China.

This matters because TiO2 is widely used in construction coatings, packaging, automotive coatings, plastics, inks and consumer goods. Supply disruptions or trade restrictions can quickly affect downstream manufacturers.

The acquisition also gives LB a strategic foothold in a mature industrial market. Owning European production assets can help the company manage customer relationships, regulatory requirements and product qualification more directly.

For the UK, the deal could preserve TiO2 pigment manufacturing capacity at a site previously owned by Venator. The key question will be how quickly LB can restart operations and secure stable feedstock, labour and customer demand.

Trade Remedies Add Strategic Complexity

The acquisition comes as the UK Trade Remedies Authority investigates imports of rutile titanium dioxide from China. That investigation adds a trade-policy dimension to LB’s European expansion.

Billions Europe, an LB subsidiary, has requested that ink-grade TiO2 be excluded from the case. The request shows how product-specific distinctions can become important in anti-dumping proceedings.

For LB, owning a UK production site may help reduce exposure to import-related trade measures. Local production can also support customers that prefer regional supply or need more predictable delivery.

However, the broader TiO2 market remains highly competitive. Producers face pressure from energy costs, raw material availability, environmental rules, demand cycles and trade remedies.

The Greatham restart will therefore test more than acquisition execution. It will test whether a Chinese producer can use a UK manufacturing asset to strengthen its position in European pigment markets while navigating trade scrutiny.

The Metalnomist Commentary

LB’s Greatham acquisition shows that Chinese materials producers are not only exporting more; they are buying production footprints inside target markets. For TiO2 buyers, the deal could improve local availability, but trade policy will remain a major factor shaping supply routes.

Grasberg Copper Disruption Cuts Freeport Output but Supports 2026 Recovery Story

Grasberg copper mining

Grasberg copper disruption drove a steep decline in Freeport copper output in 2025. The company produced 3.38bn lb of refined copper. That was down from 4.21bn lb in 2024. As a result, Indonesia copper production became the main drag on group performance.

However, higher metal prices protected earnings despite weaker copper volumes. Freeport realised an average copper price of $4.75/lb in 2025. That was above $4.21/lb a year earlier. Meanwhile, Freeport molybdenum production also rose and added further support.

Indonesia Copper Production Became Freeport’s Main Weak Spot

Indonesia copper production fell sharply after the September suspension at Grasberg Block Cave. Freeport’s Indonesian copper output dropped to 1.02bn lb in 2025. That compared with 1.8bn lb in 2024. Therefore, Grasberg copper disruption reshaped the company’s regional balance.

Fourth-quarter performance showed the full impact of the disruption. Copper production fell by 62pc year on year to 640mn lb. Sales still beat internal guidance because inventories in Indonesia declined faster than expected. However, quarterly sales remained far below late-2024 levels.

Regional trends outside Indonesia looked mixed rather than weak. US copper operations improved on better ore grades and leaching activity. South American production declined because of lower grades and lower throughput. As a result, Freeport copper output depended heavily on the lost Indonesian volumes.

Freeport Molybdenum Production and Higher Prices Supported Profitability

Freeport molybdenum production helped offset the copper shock in 2025. Molybdenum output rose to 92mn lb from 80mn lb. Sales also increased to 83mn lb from 78mn lb. Consequently, by-product strength softened the earnings impact from copper losses.

Higher realised prices also improved Freeport’s financial resilience. Fourth-quarter realised copper prices climbed to $5.33/lb from $4.15/lb a year earlier. Molybdenum prices also moved higher. Therefore, stronger pricing helped the company post better profitability despite lower output.

Freeport’s fourth-quarter net income rose to $406mn from $274mn a year earlier. Unit cash costs increased in the fourth quarter because Grasberg volumes fell. Still, costs remained below earlier company estimates. That result showed disciplined cost control under difficult operating conditions.

Freeport now expects a phased Grasberg restart from the second quarter of 2026. It aims to restore about 85pc of normal production in the second half. Consolidated copper sales are forecast at around 3.4bn lb in 2026. Therefore, the market will watch execution in Indonesia very closely.

The Metalnomist Commentary

Freeport’s 2025 results show how one major asset can still dominate global copper narratives. Grasberg copper disruption hurt volumes, but price strength and molybdenum kept margins alive. If the 2026 restart stays on track, Freeport could re-enter the market with much stronger operating leverage.

Chinese Titanium Sponge Prices Plummet Amid Surging Production and Weak Demand

China titanium sponge exports 2020-24 (t)

Chinese titanium sponge prices have dropped to their lowest levels in eight years as the market faces a combination of increased production and waning demand. As of August 1, prices for 99.7% grade titanium sponge were assessed at 49,000-50,000 yuan per ton ($6.89-7.03 per kilogram), marking the lowest point since November 2016 and a decline of 4.8% from late May.

The fall in prices is largely attributed to a surge in output from China's 12 major titanium sponge producers, whose combined production reached 141,600 tons between January and July, a 15% increase from the same period last year. This increase follows the expansion of production capacities, with overall sponge output capacity rising by 23% in 2023 to 320,000 tons per year.

Notably, state-controlled Pangang Titanium Industry and LB Group, the world's largest titanium dioxide producer, have been key players in this expansion. Pangang increased capacity at its Sichuan province facility by adding a 35,000 tons per year production line in September 2023, while LB Group’s subsidiary, Yunnan National Titanium Metal (Guotai), reached its design capacity of 80,000 tons per year at its Xinli plant, making it China's largest sponge producer.

Despite these production increases, the market remains oversupplied, with downstream sectors such as the chemical, military, and civil industries showing sluggish demand. A major titanium mill in Baoji reportedly purchased sponge at 48,000 yuan per ton in late July, anticipating further price drops due to continued weak demand and excessive supply.

Producers have attempted to cut prices to stimulate sales but have struggled to secure large orders. Many buyers are holding off on restocking, expecting prices to decline further in the near term. Analysts suggest that if spot prices fall to 46,000-47,000 yuan per ton, major producers may be forced to cut output.

Exports have provided little relief to the domestic market. China's titanium sponge exports reached 2,426 tons during the first half of 2024, accounting for just 2% of domestic production. While exports nearly doubled year-on-year in June, the overall volume remains insufficient to balance the oversupplied domestic market.

Taseko Copper Earnings Rise as Higher Prices Offset Cost Pressure

Taseko Copper Mining

Taseko copper earnings improved in the first quarter as stronger realised copper prices and steadier mine output outweighed rising fuel, explosives and maintenance costs. The Canadian copper producer reported first-quarter earnings of C$93.5mn and net income of C$17mn, reversing a C$29mn loss a year earlier.

Taseko copper earnings were supported by revenue of C$237mn, up from C$139mn in the first quarter of 2025. Copper sales volumes rose by about 25% to 27mn lb, while realised copper prices increased to $5.74/lb, or $12,654/t, from $4.24/lb a year earlier.

Taseko copper earnings show how higher copper prices can quickly improve financial performance for established producers. However, the quarter also highlights the cost inflation facing mine operators, especially those exposed to diesel, explosives and unplanned maintenance.

The result reinforces a wider copper market theme. Strong prices can support margins, but mine cost structures remain under pressure as operators process complex assets and manage equipment reliability.

Gibraltar Stabilises Output but Costs Move Higher

Gibraltar remained Taseko’s main cash generator in the first quarter. The mine produced 30mn lb of copper, stabilising after earlier disruption from maintenance issues and a serious accident that previously pushed output below guidance.

The stable output was important because Gibraltar still dominates Taseko’s operating base. Florence has begun production, but Gibraltar remains the asset that drives near-term revenue, cash flow and earnings.

However, Gibraltar’s unit costs increased. Costs rose to $2.63/lb from $2.47/lb in the previous quarter and $2.26/lb a year earlier.

The increase was driven by higher diesel prices, explosives costs and unplanned maintenance. These cost pressures are significant because they can dilute the benefit of higher copper prices.

For copper miners, diesel and maintenance are not secondary issues. They directly affect haulage, equipment availability, mine sequencing and operating margins.

Gibraltar’s performance therefore sends a mixed signal. Production stability has improved, but cost control remains a key challenge if Taseko wants to fully capture the upside from higher copper prices.

Florence Adds US Copper Output but Remains Early-Stage

The Florence mine in Arizona produced its first commercial copper during the quarter. Output reached 1.5mn lb, marking an important milestone for Taseko’s US growth strategy.

Florence remains small compared with Gibraltar, but its first production gives Taseko a second operating source of copper. This improves the company’s long-term portfolio balance if output can ramp successfully.

The Arizona asset is strategically important because the US is trying to strengthen domestic copper supply. Copper demand is rising from grids, electrification, manufacturing reshoring and data centre infrastructure.

However, Florence has not yet become the rapid growth engine once expected. The project must still scale output, prove operating consistency and contribute meaningfully to group cash flow.

For Taseko, the near-term story remains Gibraltar plus price leverage. Florence adds strategic optionality, but the company’s earnings are still most sensitive to copper prices and Gibraltar’s cost performance.

The first-quarter result also shows why copper producers are receiving more investor attention. When realised prices rise sharply, even mid-sized producers can see rapid earnings recovery.

Still, the market will watch whether higher costs continue to climb. If diesel, explosives and maintenance inflation persist, copper miners may need even stronger prices to protect margins.

The Metalnomist Commentary

Taseko’s quarter shows that copper price strength can repair earnings quickly, but it cannot hide mine-level cost inflation. The strategic upside lies in Florence, yet Gibraltar’s cost discipline will decide how much of the copper rally Taseko actually converts into cash.

Kamoa-Kakula Sulphuric Acid Output Turns Copperbelt Squeeze Into Margin Support

Ivanhoe

Kamoa-Kakula sulphuric acid production has become a major earnings support for Ivanhoe Mines as tight acid availability across the African Copperbelt lifts by-product revenue. The company’s new direct-to-blister smelter in the Democratic Republic of Congo is turning a regional supply constraint into a margin advantage.

Kamoa-Kakula sulphuric acid output reached 117,871t in the first quarter. Ivanhoe sold 107,700t to six offtakers at an average realised price of $467/t.

Kamoa-Kakula sulphuric acid pricing is now moving higher. Ivanhoe recently signed a June delivery contract at $725/t and plans to re-tender and reprice remaining contracts by the end of the quarter.

The shift is strategically important because many copper producers in the DRC and Zambia consume sulphuric acid for leaching. Kamoa-Kakula, by contrast, produces acid as a by-product, giving Ivanhoe a natural hedge against the same squeeze hurting regional competitors.

Acid Credits Change the Kamoa-Kakula Cost Structure

Sulphuric acid has become one of the hidden drivers of Copperbelt copper economics. The DRC and Zambia rely heavily on acid for solvent extraction and leaching operations, and supply has tightened because of Middle East sulphur disruption, Zambian acid export controls and smelter maintenance in the region.

Ivanhoe said around 80% of sulphur imported into Africa moves through the Strait of Hormuz. That makes the Copperbelt highly exposed to disruption in Middle Eastern sulphur flows.

The Kamoa-Kakula smelter changes Ivanhoe’s exposure. Instead of paying higher acid costs, the operation is selling acid into a tight regional market.

Smelter operating costs averaged $0.27/lb in the first quarter. Sulphuric acid by-product credits more than offset that cost at $0.32/lb.

This cost structure helped lower Kamoa-Kakula’s cash cost to $2.58/lb from $2.99/lb in the previous quarter. The result was slightly below the lower end of Ivanhoe’s 2026 guidance range of $2.60-3.00/lb.

The smelter also reduced logistics costs. Kamoa-Kakula exported 99.7% pure copper anodes instead of 35-40% copper concentrate, cutting logistics costs to $0.22/lb from $0.70/lb in the fourth quarter.

That shift matters because the smelter moves Ivanhoe further down the value chain. Higher-grade exported material reduces transport intensity, lowers logistics exposure and improves revenue capture.

Kamoa-Kakula generated revenue of $862mn, operating profit of $221mn and Ebitda of $397mn in the quarter. That represented an Ebitda margin of 46%.

However, Ivanhoe’s group results were still weaker. Adjusted Ebitda fell to $191mn from $226mn a year earlier, while the company reported a $2mn quarterly loss compared with a $122mn profit a year earlier.

The loss mainly reflected Ivanhoe’s $42mn share of loss from Kamoa Holding after Kamoa-Kakula booked a $183mn tax adjustment to settle DRC tax claims from previous years. This means the headline loss should be separated from the operational value of the smelter and acid credits.

Smelter Ramp-Up Links Copper Recovery to Regional Supply Strategy

Kamoa-Kakula’s copper output remains affected by disruption from last year’s seismic activity. The operation produced 61,906t of copper in concentrate in the first quarter, down from 133,120t a year earlier.

Contained copper in blister and anode totalled 71,417t. This included 63,671t from the on-site smelter and 7,746t from the Lualaba Copper Smelter in Kolwezi.

Ivanhoe maintained Kamoa-Kakula’s 2026 guidance at 290,000-330,000t of contained copper in anode or blister. Its 2027 guidance remains at 380,000-420,000t.

The company still expects production to return to more than 500,000 t/yr from 2028, with a target cash cost below $2/lb. Reaching that level will depend on mine recovery, smelter utilisation, power stability and logistics performance.

The smelter is currently operating at around 60% of design capacity. It is producing acid at about 1,350 t/d, but further ramp-up is constrained by concentrate availability.

Ivanhoe is assessing purchases and toll treatment of local third-party copper concentrates to raise smelter utilisation and improve margins. This could make Kamoa-Kakula more important to the regional concentrate market.

That point matters globally. Chinese smelters continue to face negative treatment charges, showing how tight copper concentrate supply has become. If Kamoa-Kakula becomes a larger third-party treatment option, it could offer an alternative regional route for selected Copperbelt concentrates.

Logistics are also changing. The first shipment of Kamoa-Kakula anodes moved through the Lobito railway corridor during the quarter and reached the Atlantic port of Lobito before shipment to Europe for refining.

Ivanhoe said the Lobito rail route takes around seven days from the DRC Copperbelt to the port. That compares with more than three weeks by truck to Durban or Dar es Salaam.

Flood damage in Angola temporarily halted Lobito shipments, but movements are expected to resume later this month. If reliable, the corridor could become a major strategic route for Central African copper exports.

Energy remains another critical variable. Ivanhoe has secured five months of diesel supply to protect operations from global supply-chain disruption.

The company is also developing a 60MW solar and battery storage project expected to deliver baseload power to Kamoa-Kakula from early in the third quarter. It plans to double on-site solar capacity to 120MW by the end of 2027.

These steps show that Kamoa-Kakula is no longer only a copper mine story. The asset now combines mining, smelting, acid supply, anode exports, rail logistics and on-site power strategy.

That integrated model gives Ivanhoe a stronger position in a region where other copper producers are exposed to acid shortages, sulphur disruption, diesel risk and long trucking routes.

The Metalnomist Commentary

Ivanhoe’s smelter has turned Kamoa-Kakula into a more strategic Copperbelt asset, not just a high-grade copper producer. In a market where acid, logistics and power can decide margins, the operation’s by-product and infrastructure advantages may become as important as its copper grade.

Chinese Firms to Build High-End Titanium Alloy Plant in Sichuan Province

In a significant move to bolster China's titanium industry, Henan Central Source Titanium Industry is teaming up with state-owned Pangang Group Xichang New Steel to develop a cutting-edge titanium mill and titanium alloy material project in Xichang city, Sichuan province. This joint venture, named Sichuan Panjin New Material, will see Henan Central Source holding a majority 66% stake, with Pangang Group Xichang New Steel retaining the remaining 34%.

The ambitious project, aimed at producing high-end titanium alloy materials, is set to have an annual production capacity of 40,000 tons. With a total investment of approximately 700 million yuan ($97 million), the project will be executed in two phases. The first phase, designed to achieve a production capacity of 20,000 tons per year, is expected to be completed within 12 months. The second phase, mirroring the capacity and timeframe of the first, will follow suit. Specific details regarding the construction timeline and launch dates for each phase remain undisclosed by the partners.

Henan Central Source, established in January 2023, has a registered capital of 250 million yuan. The company is supported by key stakeholders, including Chinese stainless steel producer Zhejiang Yongjin Metal Technology with a 51% share, LB Group with 20%, Guizhou Aviation Technical Development with 10%, and Huihong Taijin Science and Technology holding 19%.

This partnership represents a strategic effort to enhance the production capabilities and global competitiveness of China’s titanium industry, addressing the growing demand for high-quality titanium alloy materials in various high-tech sectors.

China chlorination titanium dioxide expansion lifts Tianyuan to 200,000 t/yr

Titanium Dioxide

China chlorination titanium dioxide expansion will accelerate after Yibin Tianyuan Haifeng Hetai announced a new 100,000 t/yr chloride-process plant in Jiang’an county, Yibin, Sichuan. China chlorination titanium dioxide expansion will double the subsidiary’s total titanium dioxide capacity to 200,000 t/yr from 100,000 t/yr. As a result, China chlorination titanium dioxide expansion strengthens the country’s push toward cleaner TiO₂ production.

Yibin Tianyuan will invest 1.48bn yuan in the project and expects a two-year construction period. The company also projects a payback period of about 6.3 years, excluding construction time. Meanwhile, Yibin Tianyuan’s operating base spans chloride-process titanium dioxide and lithium iron phosphate, linking pigment supply chains with the battery materials ecosystem.

Why chloride-process TiO₂ keeps gaining ground in China

Chloride-process TiO₂ increasingly leads new capacity decisions because it supports tighter environmental performance. Producers also use the technology to align with low-carbon and cleaner industrial targets. However, the transition is not linear because feedstock quality, capex intensity, and operating know-how still constrain fast adoption.

China’s biggest TiO₂ groups continue to expand chloride capacity to upgrade their portfolios. LB Group, Citic Titanium, Pangang Vanadium and Titanium, Lubei Chemical, and Yibin Tianyuan form the core group using this advanced route. Therefore, Tianyuan’s decision fits a broader capital cycle that prioritizes technology shifts over incremental sulphate-style expansions.

What Tianyuan’s new plant means for market structure and pricing

A 100,000 t/yr addition is large enough to influence regional competition, especially if ramp-up is smooth. The move can improve product consistency and help Tianyuan target higher-value customer segments. Meanwhile, the market will watch whether the new capacity arrives into stable pigment demand or a weaker cycle.

China produced 663,000 tonnes of chloride-process TiO₂ in 2024, down 4.2% year on year, and this represented 14% of national TiO₂ output. That share shows chloride still has room to grow, even as producers expand. Therefore, the next competitive edge will come from integration, energy efficiency, and steady feedstock sourcing.

The Metalnomist Commentary

This project signals that Chinese TiO₂ producers still believe technology upgrades will protect margins. However, new chloride capacity can pressure prices if demand stays soft during ramp-up. The winners will be operators who pair scale with disciplined commissioning and differentiated grades.

China’s Titanium Dioxide Exports to EU Face Sharp Decline Amid Steep Anti-Dumping Duties

China’s exports of titanium dioxide to the European Union are expected to see a significant downturn for the remainder of 2024 following the EU’s imposition of provisional anti-dumping duties. Announced in July, these duties include a 39.7% tariff on LB Group, 14.4% on Anhui Gold Star Group, 35% on other cooperating companies, and 39.7% on all others. The unexpectedly high tariffs have made it financially untenable for many Chinese exporters to continue their shipments to Europe, leading to widespread suspensions since July.

Exporters have reported substantial losses, with some companies halting shipments altogether. A representative from a titanium dioxide producer in Panzhihua noted, "Exporting to Europe would incur an anti-dumping duty of $800 per ton, resulting in losses even if buyers share part of the duty." Most exporters are reconsidering their position and are unlikely to resume shipments before mid-January 2025 when the European Commission might reassess the duties.

In response to the European downturn, some Chinese firms are redirecting their focus to emerging markets, including Cuba, Liberia, Botswana, and Brunei. This shift comes as global demand softens, with export prices for rutile-grade titanium dioxide plunging to their lowest levels in a year due to reduced European demand and fierce domestic competition.

Despite a 14% increase in overall exports of titanium dioxide during the first half of 2024, rising from 855,272 tons to 972,487 tons year-on-year, the current trade environment poses challenges for Chinese exporters. Exports to Europe, which accounted for 22% of the total, saw significant growth in early 2024 but now face uncertain prospects due to the new duties.

Mitsubishi Materials Onahama Copper Plant Shutdown Signals Pressure on Japanese Smelting

Mitsubishi Materials

Mitsubishi Materials Onahama copper plant operations will be suspended by the end of March 2027 after rising costs, tougher concentrate terms, and overseas competition weakened profitability. The Japanese metals group decided on 25 March to close the site’s copper smelting and refining operations as part of a broader structural reform.

The Mitsubishi Materials Onahama copper plant had already faced cost-cutting measures, including reduced copper concentrate processing and the suspension of certain processes. However, these steps failed to restore earnings as copper concentrate purchase terms deteriorated sharply.

The decision highlights the growing pressure on traditional copper smelters. When treatment and refining charges fall below zero, smelters effectively pay miners or traders to process concentrate, reversing the normal economics of the business.

Negative Treatment Charges Reshape Copper Smelting Economics

Copper concentrate treatment charges and refining charges have collapsed since January 2025, falling below $0/t and $0/lb on a cif China basis. The latest assessments stood at -$67/t and -$6.7/lb on 20 March, showing how tight concentrate supply and intense smelter competition have distorted processing margins.

This environment has become especially difficult for Japanese smelters, which face high operating costs and competition from larger overseas facilities. For Mitsubishi Materials, the Onahama operation could no longer secure profitability under these market conditions.

MMC expects to book an impairment loss of ¥21 billion, or about $132.5 million, in its January-March quarterly report. Most of that loss will be linked to fixed assets at the Onahama smelter and refinery.

E-Scrap and Secondary Smelting Become MMC’s Strategic Direction

Mitsubishi Materials Onahama copper plant closure is part of MMC’s policy of creating future growth through resource circulation. The company aims to expand secondary smelting operations that use electronic scrap and copper scrap as raw materials.

This shift reflects a broader industry trend. Copper producers are increasingly looking at recycled feedstock to reduce exposure to volatile concentrate markets, improve sustainability, and secure alternative metal units.

Not all Onahama operations will close. The electrolytic plant and facilities not directly tied to copper concentrate processing, including the precious group metals plant, will continue operating beyond the smelting and refining shutdown.

The Metalnomist Commentary

MMC’s Onahama decision shows that copper smelting capacity is being reshaped by concentrate scarcity and recycling economics. Japan’s challenge is not only maintaining copper supply, but repositioning its metallurgical base toward scrap, e-scrap, and higher-value recovery.

UK Titanium Dioxide Investigation Targets Chinese Rutile Pigment Imports

Tronox

UK titanium dioxide investigation activity is increasing as the Trade Remedies Authority opens an anti-dumping probe into rutile titanium dioxide imports from China. The investigation follows an application from Tronox Pigment UK, the UK subsidiary of US-based titanium dioxide producer Tronox.

The UK titanium dioxide investigation will examine rutile titanium dioxide imported in 2025. It will also review earlier data back to 2022 to assess whether Chinese imports caused injury to the domestic industry.

The case covers rutile titanium oxides in pigments and preparations based on rutile titanium dioxide, with a minimum titanium dioxide content of 80pc. Rutile titanium dioxide is widely used as a white pigment in coatings, plastics, paper, and consumer products.

Tronox Alleges Price Pressure and Industry Injury

Tronox claims that Chinese titanium dioxide is being dumped in the UK market. The company argues that these imports have caused price depression, reduced profitability, and weakened investment conditions for the UK titanium dioxide industry.

This matters because titanium dioxide is a core industrial pigment with broad downstream exposure. Construction coatings, packaging, plastics, paper, and consumer products all rely on stable pigment supply and pricing.

Tronox operates a titanium dioxide production plant in Stallingborough, north east Lincolnshire. The site, formerly owned by Cristal, is one of Tronox’s nine global titanium dioxide production plants and represents a key part of the UK’s remaining domestic pigment capacity.

Trade Measures Reflect Wider Pressure on Chinese Titanium Dioxide

The UK titanium dioxide investigation follows a wider international pattern. The EU, Eurasian Economic Commission, Brazil, and Saudi Arabia have already imposed anti-dumping measures on titanium dioxide from China.

The timing is also important for the UK market. Venator’s Greatham plant has closed, and the site is subject to a sale agreement with China’s LB Group, although regulatory approvals remain pending and the facility is still idled.

The Trade Remedies Authority will allow interested parties to register by 18 March. It will then assess the evidence, issue initial conclusions, and provide a final determination that could include anti-dumping duties. Any duties would reshape import economics and could support domestic pricing, but they may also affect downstream buyers that depend on competitively priced pigment.

The Metalnomist Commentary

The UK titanium dioxide case shows how trade policy is becoming central to downstream chemical and mineral processing competitiveness. The key question is whether anti-dumping action can preserve domestic pigment capacity without creating excessive cost pressure for coatings, plastics, and packaging users.

KGHM Copper Production Fell in 2025 Despite Stronger Earnings

KGHM

KGHM copper production declined in 2025 after planned maintenance at the Glogow II smelter and refinery in Poland and the first-quarter sale of the McCreedy West mine in Canada. The group’s full-year payable copper output fell 3% on the year to 710,000t.

KGHM copper production was also affected by weaker performance at its North American assets. KGHM International produced 52,200t of payable copper in 2025, down 14% from the previous year, because of the McCreedy West sale, lower recovery rates, and lower copper content in feed.

The weaker KGHM copper production result was partly offset by stronger output from the Sierra Gorda mine in Chile. Payable copper attributable to KGHM’s 55% stake in Sierra Gorda rose 8% on the year to 86,800t, supported by higher copper grades and better recovery rates.

Polish Smelter Maintenance Weighed on Copper Output

KGHM’s Polish operations remained the group’s core production base in 2025. Electrolytic copper production from Polish assets fell 3% on the year to 570,900t because of planned maintenance at Glogow II.

Fourth-quarter electrolytic copper output in Poland rose 1.6% on the year to 149,000t, showing some recovery after maintenance-related disruption. Copper in concentrate from Polish assets totalled 401,100t for the full year, broadly flat compared with 2024.

The results show that KGHM’s Polish copper chain remains operationally stable, but smelter and refinery availability can still influence annual payable production. For European copper supply, this matters because domestic smelting and refining capacity is becoming increasingly strategic as concentrate markets tighten.

Sierra Gorda and Higher Prices Supported Financial Performance

Sierra Gorda delivered a stronger result in 2025 and helped offset weakness elsewhere in the portfolio. KGHM’s attributable copper output from the Chilean mine rose because of better ore grades and recovery rates, while fourth-quarter output increased 6% on the year to 21,900t.

The mine also strengthened KGHM’s by-product profile. Sierra Gorda produced 5mn lb, or 2.27mn kg, of molybdenum in 2025, up 53% from the previous year.

Despite lower copper production, KGHM’s financial performance improved. Group net profit rose 28% on the year to 3.7bn zlotys, while EBITDA increased 22% to 10.3bn zlotys. Stronger copper prices helped support earnings, with the three-month LME copper contract averaging $9,965/t in 2025, up 7% from the previous year.

The Metalnomist Commentary

KGHM’s 2025 results show that copper producers can still improve earnings even when output falls, if prices and asset mix move in their favour. The stronger Sierra Gorda contribution also underlines the value of higher-grade, internationally diversified copper assets.

SRG NuCycle Acquisition Adds Low-Copper Shred Capacity in South Carolina

SRG

SRG NuCycle acquisition will expand Southeast Recycling Group’s scrap processing network with an automotive shredder capable of producing low-copper ferrous scrap. The deal strengthens SRG’s position in the southeastern US recycling market.

SRG NuCycle acquisition includes NuCycle’s Rock Hill, South Carolina, operations, its 4,000-horsepower Danieli shredder and auto parts yard Carolina Salvage. The transaction is expected to close later this month.

SRG NuCycle acquisition is strategically important because low-copper shred is increasingly valuable to steelmakers seeking cleaner ferrous feedstock. Better scrap quality supports electric arc furnace steelmaking, improves melt efficiency and reduces contamination risk in higher-grade steel products.

SRG will also gain downstream non-ferrous recovery capability through NuCycle’s existing system. This adds value beyond ferrous scrap by improving recovery of aluminium, copper, stainless and other non-ferrous fractions.

Low-Copper Shredder Strengthens Ferrous Scrap Quality

The acquired shredder is a 4,000-horsepower 80×108-inch Danieli unit. It includes a ballistic separator designed to produce a low-copper ferrous product.

This matters because copper contamination is one of the most important quality issues in ferrous scrap. Residual copper can limit the use of scrap in flat-rolled and higher-quality steel applications.

Low-copper shred gives processors a stronger product for steel mills that need cleaner scrap feedstock. It also helps bridge the quality gap between obsolete scrap and more controlled prime scrap streams.

SRG had previously planned to install a shredder at one of its existing sites. Instead, it chose to acquire an operating shredder platform, which can shorten the path to capacity and customer access.

The addition of Carolina Salvage also improves feedstock control. Auto parts yards can support shredder supply by bringing end-of-life vehicles and related material into the processing chain.

Consolidation Expands SRG’s Southeast Scrap Platform

SRG is also expanding through a separate merger with Morris Scrap Metal of Kings Mountain, North Carolina. Morris Scrap will join SRG as a new partner.

Once the NuCycle and Morris Scrap deals close, SRG will operate seven locations. The combined platform will have capacity of 300,000 gross tons per year of ferrous scrap and 150mn lb per year of non-ferrous scrap.

This scale gives SRG a stronger regional presence in the Carolinas and the broader southeastern US. It also improves collection density, logistics efficiency and customer coverage.

The deals continue SRG’s consolidation strategy after the company was formed last year from the merger of Carolina Metals Group and Spartan Recycling Group.

US scrap markets are becoming more competitive as steelmakers, aluminium producers and recyclers seek better feedstock quality and more reliable supply. Regional processors with shredding, sorting and non-ferrous recovery capacity are better positioned to serve that demand.

SRG’s expansion therefore reflects a wider industrial trend. Scrap recycling is moving from simple volume handling toward quality-controlled feedstock production for steel, aluminium and other metals supply chains.

The Metalnomist Commentary

SRG’s NuCycle deal shows that scrap processing value is shifting toward quality, not just tonnage. Low-copper shred and better non-ferrous recovery will matter more as US mills demand cleaner, more traceable recycled feedstock.

MMG Copper Output Reaches a Seven-Year High on Las Bambas Strength

MMG

MMG copper output reached a seven-year high in 2025 as Las Bambas delivered much stronger operating performance. The Chinese miner produced 506,899t of copper last year, up 27pc from 2024. Record ore mined, ore processed, and recovery rates lifted Las Bambas copper production sharply. As a result, MMG copper output now reflects both better mine execution and stronger asset contribution across its portfolio.

Las Bambas remained the main driver of group copper growth in 2025. The Peruvian mine produced 410,834t of copper in concentrate, also up 27pc year on year. MMG has set a 400,000t target for 2026, which suggests management expects stable, high-volume performance rather than another major jump. Therefore, Las Bambas copper production will remain central to MMG’s near-term copper strategy.

MMG’s broader base metal portfolio also showed mixed momentum in 2025. Copper cathode production at Kinsevere in the Democratic Republic of the Congo rose 18pc to 52,791t. Meanwhile, zinc production increased 6pc, while lead output fell 5pc. That mix shows MMG is growing copper fastest while keeping broader polymetallic exposure.

Las Bambas and Khoemacau Are Expanding MMG’s Copper Growth Platform

Khoemacau is becoming MMG’s next major copper growth engine. The Botswana mine produced 42,120t of copper in concentrate in 2025, up 36pc from a year earlier. MMG aims to lift capacity to 130,000 t/yr, compared with projected 2026 output of 48,000-53,000t. Consequently, the operation could become one of the company’s most important medium-term expansion assets.

Exploration upside could make Khoemacau even more strategic. MMG sees potential to raise output further to 200,000t/yr of copper in concentrate. The company plans to start a pre-feasibility study for that next phase in 2026. Meanwhile, Kinsevere’s expansion should support higher cathode output of 65,000-75,000t this year. Together, these projects give MMG a more diversified copper growth profile.

Copper TC/RC Decline Shows Concentrate Supply Still Looks Tight

The copper TC/RC decline shows that rising mine output has not solved concentrate market tightness. The Metalnomist weekly TC/RC index for smelter purchases fell to negative territory by 31 December 2025. It dropped to -$44.60/t and -4.46¢/lb from positive levels at the start of the year. Therefore, copper concentrate supply still looks structurally tight despite MMG’s stronger volumes.

New smelting capacity is intensifying that pressure across the supply chain. The trader purchase index fell even more sharply to -$102.30/t and -10.23¢/lb. That move suggests smelters are competing aggressively for limited concentrate availability. As a result, MMG copper output growth matters not only for its own earnings, but also for a market still short of feedstock.

MMG’s 2025 performance highlights an important copper market reality. Large producers can lift output, but downstream tightness can still worsen. That combination supports miners with growing copper units, especially those with expansion options already in motion.

The Metalnomist Commentary

MMG’s copper growth story is no longer just about Las Bambas. It is becoming a multi-asset expansion case supported by Botswana and the DRC. However, the deeper market signal is that concentrate remains tight, which keeps quality copper growth strategically valuable.

Langeloth Molybdenum Plant Provisionally Restarts After January Explosion

Centerra

Langeloth molybdenum plant operations have provisionally resumed after Centerra Gold restarted the Pennsylvania conversion facility in April following a late-January explosion. The Canada-based mining group had suspended operations at the site after the incident near the acid plant.

The Langeloth molybdenum plant is an important US molybdenum conversion asset near Pittsburgh. It roasts molybdenum and supports downstream supply chains that rely on molybdenum products for steel, alloys, chemicals and industrial applications.

The Langeloth molybdenum plant restart remains provisional. Centerra identified additional items requiring testing during the April restart, which the company described as typical when bringing a processing facility back toward stable operations.

The company initially expected full operations to resume by May. However, it did not provide a new timeline for returning to full capacity in its first-quarter earnings release.

Repairs and Testing Slow Full Production Recovery

The explosion occurred on 29 January near the acid plant, with the impact contained at the site. The incident happened while a driver was pumping chemicals into a tank.

The Pennsylvania Emergency Management Agency said 1,700-1,800 gallons of hydrogen peroxide and liquid magnesium were involved in the incident. Centerra suspended operations after the explosion to assess damage and manage safety requirements.

Repairs are expected to cost $5mn-10mn. The company had already incurred $1.9mn of repair costs in the first quarter.

The provisional restart is positive, but it does not yet mean normalised output. Processing plants often need additional testing, equipment checks and operating adjustments after an incident and restart sequence.

That matters for molybdenum supply. Conversion capacity can become a bottleneck even when mine supply or concentrate availability remains intact.

Molybdenum is used in special steels, stainless steels, energy equipment, chemical processing, aerospace alloys and high-temperature industrial applications. Reliable conversion capacity is therefore part of the broader alloy materials supply chain.

Inventory Build Cushions Shipments During Restart

Centerra invested $73mn in working capital at Langeloth in the first quarter by building inventory during the temporary shutdown. The company expects to hold higher inventory levels through 2026 while operations and shipments normalise.

This inventory strategy should help reduce customer disruption as the plant returns toward stable operation. It also gives Centerra more flexibility while it ramps production under its commercial optimisation plan.

First-quarter operating figures show the impact of the outage. The plant roasted 1.3mn lb of molybdenum during the quarter, down 58% from a year earlier.

Molybdenum sales fell by 13% to 3.7mn lb. The smaller decline in sales compared with roasting output suggests inventory management helped support shipments despite lower plant activity.

Centerra expects to publish updated 2026 operating guidance for Langeloth with its second-quarter results. That guidance will be important for customers tracking US conversion availability and molybdenum product supply.

The key issue is not only restart status. Buyers will need to monitor how quickly the facility can move from provisional operation to stable full-capacity production.

The Metalnomist Commentary

Centerra’s Langeloth restart shows that molybdenum supply risk can emerge at the processing stage, not only at mines. The plant’s recovery timeline matters because conversion reliability directly affects alloy, steel and chemical customers that depend on steady molybdenum units.

Sibanye Stillwater Metallix acquisition boosts US precious metals recycling

Sibanye Stillwater

Sibanye Stillwater Metallix acquisition boosts US precious metals recycling

Sibanye Stillwater Metallix acquisition will add scale to US recycling. The $105mn deal secures Metallix Refining’s North Carolina assets. The Sibanye Stillwater Metallix acquisition advances urban mining and awaits approvals to close in 3Q 2025. The move complements Sibanye’s US operations in Montana and Pennsylvania.

Why Metallix matters to Sibanye

Metallix operates two precious-metal facilities in Greenville, North Carolina. The plants serve customers in the US, UK, and South Korea. They recover gold, silver, and PGMs from industrial waste streams. Sources include catalytic converters, semiconductors, electroplating, and automotive scrap. The company processed 4.2mn lbs of feed in 2024. It produced 21,000oz gold and 874,000oz silver. It also produced 48,000oz palladium and 48,000oz platinum. Output included 4,000oz rhodium, 3,000oz iridium, and 263,000lb copper.

Metallix Refining

Strategic fit and expected synergies

Sibanye Stillwater Metallix acquisition strengthens sourcing and logistics. The company expects broader reach and optimized internal flows. It also deepens relationships across PGM and gold recycling. Management aims to expand urban mining with higher US capacity. The acquisition adds industrial feed that supports circular supply chains.

Sibanye will integrate Metallix with its Montana and Pennsylvania sites. As a result, the group can balance feed quality and throughput. The buyer highlighted improved material sourcing as a priority. Closing remains subject to regulatory approvals in the US. The transaction is targeted for the third quarter of 2025.

The Metalnomist Commentary

This deal extends Sibanye’s PGM and gold footprint into high-quality US industrial scrap. With tight primary PGM supply, diversified recycling becomes strategic insurance. Expect the combined platform to compete aggressively for catalytic and semiconductor residues.

South Kivu Governor Suspends All Mining Operations

The governor of Democratic Republic of Congo (DRC) South Kivu province, Jean-Jacques Purusi Sadiki, has halted all mining activities in the region, significantly impacting the production of tantalite, tin, and gold. This directive, issued on July 18 and shared via social media platform X, demands all mining companies, businesses, and cooperatives cease operations and vacate mining sites within 72 hours.

Governor Sadiki emphasized that the suspension aims to restore order, ensure the traceability of minerals, and protect human lives. A meeting with mining stakeholders is scheduled for July 30 to discuss the state of mining operations in the province.

South Kivu is a crucial producer of tantalite, essential for the electronics and aerospace sectors, as well as gold and cassiterite (tin ore). These minerals are classified as conflict minerals, often linked to funding armed conflicts in the DRC.

Multiple tantalite mining operations in South Kivu have ceased production following the governor's order, as confirmed by Metalnomist. Market participants are closely monitoring the situation. "The announcement was really bad… but these situations seem to work themselves out," noted one market participant.

The halt in mining operations is expected to exacerbate the already strained tantalite supply chain, worsened by ongoing conflicts in neighboring North Kivu province. In April, the M23 militia group seized Rubaya, a key mining town, disrupting essential transport routes. "Production in Congo is falling like a stone," remarked another market participant to Metalnomist.

Despite the supply constraints, tantalite prices have been declining. As of July 23, Metalnomist assessed prices at $74-78/lb cif main port, down 5% from earlier this month. This decrease is attributed to weaker demand from Chinese smelters and the electronics sector, as well as sourcing concerns from the DRC and Rwanda.