MAC to Increase Cu Output at Australian CSA Mine by 2026

MAC Copper

MAC Copper plans to raise copper production at its CSA mine in Cobar, Australia, by roughly 23pc by 2026. This expansion will significantly enhance the mine's output.

Expansion Projects Drive Production Increase

MAC targets over 50,000 t/yr of copper by 2026. This growth stems from the QTS South Upper deposit expansion, set to commence ore mining in late 2024. A ventilation upgrade project, finishing by Q3 2026, will also contribute. In 2024, the CSA mine produced 41,128t of copper, a 14pc year-on-year increase. Fourth-quarter output reached 11,320t, the highest since MAC's June 2023 acquisition from Glencore.

Production Forecasts and Future Guidance

Furthermore, MAC initially forecast 38,000-43,000t of copper in 2024, 43,000-48,000t in 2025, and 48,000-53,000t in 2026. Updated production guidance will be released at the end of February.

Harmony Gold Enters Copper Market with $1bn CSA Mine Acquisition

Harmony Gold

Strategic Push into Copper Solidifies Harmony’s Position as a Diversified Producer

Harmony Gold has finalized a $1.03 billion deal to acquire MAC Copper, the owner of the CSA copper mine in New South Wales, Australia. The acquisition marks a major step in Harmony’s copper ambitions and strengthens its diversification beyond gold. The CSA mine produced approximately 41,000 tonnes of refined copper in 2024 and is projected to boost output beyond 50,000 tonnes by 2026 once mining at the adjacent Merrin deposit begins.

The acquisition of MAC Copper complements Harmony’s earlier foray into the copper sector through the 2022 purchase of the Eva copper project in Queensland. The Eva project is expected to receive final investment approval in 2025, with construction planned for 2026 and production commencing by fiscal year 2028. Harmony has set a production target of 60,000 tonnes per year for Eva, which, combined with CSA's output, will raise its total refined copper capacity to over 100,000 tonnes annually.

This expansion aligns with global trends toward energy transition metals. Copper is central to clean energy infrastructure, and miners are aggressively repositioning to meet the anticipated surge in demand. By acquiring high-quality Australian assets, Harmony Gold secures long-term leverage to copper markets, enhances its project pipeline, and enters the global base metals competition with strong operating potential in tier-one jurisdictions.

The Metalnomist Commentary

Harmony Gold’s aggressive move into copper highlights a broader trend among gold miners diversifying into strategic base metals. As copper demand rises from electrification and renewables, securing scalable, low-risk assets in politically stable regions becomes a competitive imperative.

Apple Boosts Global Product Sales Despite Weak China iPhone Demand

Apple China

Metal Demand Poised to Remain Strong as Apple Sales Climb

Apple Inc. has increased its overall product sales in the first fiscal quarter, despite facing headwinds in China’s smartphone market. The boost in global performance highlights ongoing strong demand for critical tech hardware and suggests sustained demand for key industrial and minor metals.

Apple Rises on Strong Holiday Demand, iPhone 16 Series Success

Apple reported nearly $98 billion in net product sales from October to December, up from $70 billion in the previous quarter. Although iPhone sales to China fell due to intensifying competition from Huawei, Vivo, and Xiaomi, total iPhone sales still rose to $69.1 billion, driven by the global launch of the iPhone 16 series and strong holiday shopping.

Apple's iPhone 16 saw increased uptake where Apple Intelligence was available, boosting performance outside China. However, Apple Intelligence has not launched in China, impacting its market share there. Despite the regional setback, overall iPhone sales declined less than 1% compared to the same quarter in 2023.

Mac and iPad Sales Grow, Metal Demand Remains Steady

Apple also saw growth in its computer and tablet lines, with Mac sales rising 13% to nearly $9 billion and iPad sales increasing to $8.1 billion. However, wearables and home accessories dropped slightly, totaling $11.5 billion compared to $12 billion the year before.

Given Apple’s reliance on critical raw materials—including cobalt, lithium, rare earths, and base metals such as aluminum, copper, and zinc—this sustained sales momentum is likely to support steady demand across global metal supply chains. As Apple ramps up innovation and new product rollouts, metal producers will closely monitor its trajectory.