Luanshya Copper Mine Restart Supports Zambia’s Copper Growth Ambition

Luanshya Copper Mine

Luanshya copper mine restart plans are moving forward in Zambia, with the upper mine expected to resume production in August after two decades of care and maintenance. The mine is mainly controlled by China Nonferrous Mining Corporation.

The Luanshya copper mine restart follows a dewatering process after severe flooding damaged infrastructure at the site. Zambia’s mines ministry said the upper mine is set to restart first, while the lower mine is expected to begin production in 2029.

The Luanshya copper mine restart could become a meaningful addition to Zambia’s long-term copper supply base. Once fully operational by 2030, the mine is expected to produce around 100,000 t/yr of copper.

The project matters because Zambia is trying to raise national copper output sharply. The country produced more than 890,000t of copper in 2025, up 8% from a year earlier, and is targeting 1mn t this year.

Restart Adds Near-Term Momentum to Zambia’s Copper Pipeline

Luanshya’s return is important because it brings an idled asset back into Zambia’s operating copper base. Restarting an existing mine can be faster than building a new greenfield project, although dewatering, infrastructure repair and operational stabilisation still create execution risk.

The upper mine restart in August gives Zambia a near-term production milestone. The lower mine start-up in 2029 would then support a second phase of output growth.

If the mine reaches full output of 100,000 t/yr by 2030, it would make a material contribution to Zambia’s production targets. It would also strengthen the country’s position as one of Africa’s key copper suppliers.

Zambia wants to lift copper output to 3mn t by 2032. That target will require restarts, expansions, new projects, processing investment and more reliable infrastructure across the mining sector.

CNMC Role Highlights China’s African Copper Position

CNMC’s control of Luanshya reinforces China’s continuing role in African copper supply. Chinese companies have become major investors in copper assets across Zambia and the Democratic Republic of Congo.

This has strategic importance for global copper flows. As copper demand rises from grids, electrification, data centres and industrial policy, ownership and offtake structures in Africa are becoming more politically and commercially significant.

Luanshya’s restart also comes as western governments seek greater access to African copper supply. Zambia is therefore becoming a more important battleground for investment, financing, logistics and long-term offtake.

For the copper market, the project adds supply visibility but not immediate full-scale relief. The larger impact depends on whether the mine can ramp steadily, manage water and infrastructure risks, and reach its 2030 production target.

The Metalnomist Commentary

Luanshya’s restart shows why brownfield copper assets are regaining strategic value. In a market short of fast supply growth, Zambia’s ability to revive idled mines could matter as much as discovering new deposits.

Ramaco Brook mine expansion doubles coal and rare earth ambitions

Ramaco

The Ramaco Brook mine expansion will more than double planned coal and critical minerals output in Wyoming. Ramaco Brook mine expansion plans lift targeted thermal coal output to 5mn short tons a year by 2029. As a result, the Ramaco Brook mine expansion places the Brook project at the centre of Ramaco’s US growth story.

Ramaco Brook mine expansion transforms Powder River coal profile

Ramaco is using the Ramaco Brook mine expansion to scale its first Powder River basin operation. The company has raised its coal production target from 2mn short tons a year to a 5mn short ton base.

This new plan assumes mine ramp-up through 2029 under supportive market conditions. However, Ramaco also highlights upside potential to 8mn–10mn short tons a year if demand justifies it. The board has authorised management to start preparations for this larger profile.

Regulatory capacity still constrains near-term production despite the ambitious Ramaco Brook mine expansion. The current permit allows up to 2.5mn short tons of sub-bituminous coal per year. Therefore, Ramaco will “actively engage” state and federal regulators to extend approvals across nearly 16,000 acres, up from about 4,500 acres today.

Ramaco Brook mine expansion boosts US rare earth and oxide output

The Ramaco Brook mine expansion also significantly upgrades the project’s critical mineral ambitions. Planned rare earth and critical mineral oxide output has risen from 1,240 short tons a year to 3,400 short tons.

This increased target supports a mine life exceeding 60 years at higher production levels. Meanwhile, Ramaco is adjusting designs for its oxide processing plant to handle greater throughput. The company expects to start operating an oxide pilot plant later this year.

Construction of a commercial-scale processing facility is scheduled to begin in 2026, aligning with the broader Ramaco Brook mine expansion timeline. At the corporate level, Brook complements Ramaco’s metallurgical coal operations in West Virginia and Virginia, which produced 3.5mn short tons in 2024. As a result, Ramaco evolves from a pure met coal producer into a hybrid coal and critical minerals company.

The Metalnomist Commentary

Brook’s redesign confirms that coal basins can also be platforms for US rare earth and critical mineral strategies. If Ramaco secures permits and funding on schedule, the Ramaco Brook mine expansion could become a notable domestic source of both power coal and strategic oxides. Market participants should track permit amendments, offtake discussions and the performance of the oxide pilot plant as key de-risking milestones.

Mopani Copper Mine Suspension Raises Safety and Supply Concerns in Zambia

Mopani

The Mopani copper mine suspension has put safety and supply back at the center of Zambia’s copper sector. Mopani Copper Mines froze all mining operations run by Reliant Mining in Kitwe and Mufulira. The decision followed two worker deaths in separate incidents over the past three weeks. As a result, the Mopani copper mine suspension now carries both operational and market significance.

This matters because Mopani is not a minor producer. It is Zambia’s largest mine and copper exporter, contributing more than 20pc of national output. The mine currently produces about 220,000 t/yr of copper cathode. Therefore, the Mopani copper mine suspension could affect both local operations and broader Zambia copper supply expectations.

Copper Mine Safety Is Driving the Immediate Shutdown

Copper mine safety is the direct reason for the shutdown. One worker died during testing of a blasting cable. Another died after a machine fell on them during operations. These were separate incidents, but together they forced management to halt activity.

The suspension will remain in place until investigations are completed. Management also wants comprehensive safety guidelines submitted before operations restart. That shows the company is treating the issue as a system failure, not a single isolated event. Consequently, copper mine safety has become the gatekeeper for any restart timeline.

Mopani has already begun a series of mass safety meetings. These sessions are meant to reinforce critical safety rules and discourage illegal or high-risk underground behavior. They also aim to strengthen supervision and personal accountability. Meanwhile, the company is trying to restore operating discipline before resuming production.

Zambia Copper Supply Now Faces a Near-Term Operational Risk

Zambia copper supply may now face a temporary disruption depending on how long the shutdown lasts. Mopani is a major contributor to the country’s copper exports and production profile. Even a short halt at a mine of this scale can affect output expectations. Therefore, the suspension matters beyond one operator and one site.

The timing is also important for Mopani’s own growth plan. The mine produces about 220,000 t/yr of copper cathode today, with output projected to reach 260,000t by the end of 2026. That makes the current shutdown more significant than a routine safety stoppage. As a result, the restart timeline may influence confidence in the mine’s expansion trajectory.

For the wider Copperbelt, this is also a reminder that production growth still depends on safe execution underground. Copper demand may remain strong, but mine performance can change quickly when safety breaks down. Consequently, Zambia copper supply remains vulnerable not only to grades and investment, but also to operational discipline.

The Metalnomist Commentary

This shutdown shows that safety remains one of the most important variables in copper supply. Large mines do not lose relevance when operations stop. They become more important because every delay carries wider market consequences. If Mopani resolves the safety gap quickly, the output impact may stay limited, but the lesson for the Copperbelt is already clear.

Blue Moon Apex Mine Deal Targets Germanium and Gallium Supply in Utah

Blue Moon Metals

Blue Moon Apex mine acquisition plans could add a new North American source of germanium, gallium, and copper at a time of rising concern over critical minerals security. Canada-based Blue Moon Metals has agreed to acquire the Apex mine in Utah from Teck’s US subsidiary.

The deal gives Teck a strategic position in Blue Moon through 7mn shares, equal to about 8pc of the company. Teck will also receive zinc concentrate offtake rights from Blue Moon’s California mine, with material expected to be processed at Teck’s Trail Operations in Canada.

The Blue Moon Apex mine package includes 26 patented and nine unpatented mining claims. The mine previously produced copper oxide, germanium, and gallium during the 1980s and 1990s, giving the asset historical relevance in specialty metal supply.

Germanium and Gallium Add Strategic Value to the Mine Portfolio

Germanium and gallium are small-volume but strategically important metals used in advanced technologies. Their applications include semiconductors, infrared optics, fibre optics, solar technologies, LEDs, defence systems, and high-performance electronics.

The Blue Moon Apex mine deal therefore fits into a broader push to secure critical mineral supply outside concentrated processing channels. Reopening the mine would require renewed permitting, technical studies, and additional testing, but the asset gives Blue Moon a clearer path into high-value specialty metals.

The transaction also creates an industrial link between Blue Moon and Teck. Teck’s offtake rights for zinc concentrate from the Blue Moon mine in California could support feedstock flows into Trail Operations, one of North America’s important base and specialty metals processing hubs.

Springer Complex Could Support a Wider Critical Metals Strategy

Blue Moon is also evaluating an additional processing line at its Springer complex in Nevada. The site, acquired in October, historically produced tungsten through its mine and mill operations.

This is important because tungsten, germanium, gallium, copper, and zinc all sit within strategic supply chains linked to defence, electronics, advanced manufacturing, and energy systems. If Blue Moon can connect mine redevelopment with processing optionality, it could build a more diversified critical metals platform.

The Apex transaction is expected to close in March. After that, the key test will be whether Blue Moon can move from asset acquisition to permitting, technical validation, and commercial redevelopment.

The Metalnomist Commentary

Blue Moon’s Apex deal shows how dormant mines are becoming strategic assets again as critical minerals policy reshapes project economics. The opportunity is clear, but value will depend on permitting speed, processing capability, and whether historical germanium and gallium production can translate into modern supply.

Panama copper mine reopening tests Cobre Panama’s future

Panama Copper Mine

Panama copper mine reopening has moved to the top of President José Raúl Mulino’s agenda. He links Cobre Panama directly to national growth and fiscal stability. The mine once delivered roughly 5% of Panama’s GDP and about 1.5% of global copper supply. Therefore Panama copper mine reopening has become a strategic priority for the new administration.

Cobre Panama is a $10bn open pit complex operated by Canada’s First Quantum Minerals. It lies in Donoso and previously generated around 40% of First Quantum’s annual revenue. However, the supreme court closed the project after ruling its long term mining contract unconstitutional in 2023.

The government has now tasked industry minister Julio Molto with reopening the mine through direct negotiations. First Quantum previously sought $20bn in compensation but says it still prefers a negotiated solution. As a result, Panama copper mine reopening depends on rebuilding trust while avoiding renewed legal confrontation or international arbitration.

Economic stakes of Panama copper mine reopening

Panama copper mine reopening carries major implications for growth, employment, and the country’s external balances. The mine anchors a wider ecosystem of contractors, logistics providers, and service companies around the project. Therefore a restart could quickly support fiscal revenues, foreign exchange inflows, and investor confidence in Panama’s policy direction.

For the global copper market, Cobre Panama’s return would reintroduce significant tonnage at a sensitive time. Energy transition projects are pushing copper demand higher while new large scale mines remain limited. Consequently, any delay or failure in Panama copper mine reopening will influence prices, contract negotiations, and supply planning.

Political and environmental risks around Cobre Panama

Despite the economic upside, political and environmental risks around Cobre Panama remain substantial. Powerful unions, environmental groups, and opposition parties previously mobilised nationwide protests against the project. They criticised the contract terms, questioned revenue sharing, and highlighted potential damage to forests and coastal ecosystems.

Meanwhile, the court ruling and public anger triggered a broader debate about mining’s role in Panama’s development model. The government now promises to negotiate without intermediaries, which may speed decisions but deepen mistrust among critics. Therefore any roadmap for Cobre Panama must combine stronger environmental safeguards, transparency, and genuine community consultation.

The Metalnomist Commentary

Panama’s handling of Cobre Panama will shape perceptions of sovereign risk across smaller resource dependent economies. Investors and copper buyers should track not only production timelines but also contract design, oversight quality, and social acceptance. If Panama aligns economic needs with tighter governance, the mine could reemerge as a model for transition era projects.

DRC Mine Guard Plan Puts Critical Minerals Security at the Centre of Supply Chains

DRC, Inspectorate of Mines

DRC mine guard plans mark a major escalation in the country’s effort to secure critical minerals supply chains. The Democratic Republic of Congo’s General Inspectorate of Mines will develop a paramilitary unit to protect mine sites, ore transport routes, processors and border corridors.

The DRC mine guard will be created as part of a strategic partnership involving the US and UAE. The project is expected to cost up to $100mn and will use existing training facilities.

The DRC mine guard could deploy up to 20,000 troops over the next two years. Recruitment is expected to begin in May, with the first operational contingent of 2,500-3,000 officers targeted for deployment by December.

The plan reflects the growing strategic value of Congolese minerals. The DRC is a major producer of copper, cobalt, tantalum, tin and tungsten, all of which are critical to batteries, electronics, defence systems, energy infrastructure and advanced manufacturing.

Mineral Security Becomes a Formal State Priority

The mine guard will be tasked with securing mine sites across the DRC and protecting ore shipments from mines to processors and border posts. It will gradually replace forces currently deployed to defend mining assets.

The unit is expected to cover the Greater Katanga and Greater Eastern regions by the end of 2027. It is then planned to expand to all mining provinces by the end of 2028.

This regional focus is important. Greater Katanga is central to copper and cobalt production, while eastern DRC is tied to several strategic minerals and long-running security challenges.

The plan shows that mineral security is becoming part of formal state policy. Mine protection is no longer only a company-level issue involving private security, local forces or site-specific arrangements.

For producers, a more structured security framework could reduce disruption risk if implemented effectively. It could improve transport reliability, protect export flows and lower exposure to armed interference around mining corridors.

However, execution will be critical. A large paramilitary force operating across mining regions must be governed transparently to avoid creating new operational, political or human-rights risks.

US and UAE Partnership Signals Strategic Minerals Competition

The mine guard plan is linked to a broader US-DRC strategic partnership agreed in December 2025. That agreement included expanded US access to DRC critical minerals and a wider minerals-for-security-style framework.

The agreements were part of the Washington accords, a US-backed peace deal between the DRC and Rwanda designed to reduce conflict in eastern DRC. But fighting has continued, with the Rwanda-backed M23 group still controlling several major towns and mining assets. Rwanda denies backing the group.

This makes the security dimension central to mineral strategy. Western governments want more reliable access to DRC copper, cobalt and other critical minerals, but supply cannot be secured only through offtake agreements or financing.

Physical control of mine sites, transport routes and border flows is becoming just as important as ownership and processing capacity.

For the US, the DRC offers one of the fastest routes to large-scale copper and cobalt supply outside China-dominated value chains. For the DRC, security partnerships could bring funding, international backing and more leverage over strategic mineral flows.

The creation of a mine guard also signals that critical minerals are now treated as national security assets. Copper and cobalt are no longer only mining commodities. They are inputs for batteries, grids, defence manufacturing and geopolitical supply-chain competition.

The Metalnomist Commentary

The DRC mine guard plan shows that critical minerals security is moving from boardrooms into the field. The key question is whether this force can protect supply chains without adding new governance risks to one of the world’s most strategic mining regions.

Polymetals Endeavor zinc mine suspension after fatal explosion

Polymetals Resources

Polymetals Endeavor zinc mine suspension follows a fatal underground explosion in New South Wales, Australia. The company halted trading in connection with the Endeavor zinc and silver operation after the incident. As a result, investors and concentrate buyers now face fresh uncertainty around the mine’s restart profile and safety performance. Polymetals Endeavor zinc mine status will depend on the forthcoming incident update and any regulatory response.

Operational restart cut short by fatal incident

Endeavor only restarted earlier this year after several years on care and maintenance. The mine delivered its first saleable zinc and silver-lead concentrates in June, marking a key milestone for Polymetals. In that month, Endeavor processed 36,066dmt of ore at an average head grade of 3.72pc zinc. Therefore the Polymetals Endeavor zinc mine quickly re-emerged as a meaningful producer in the regional concentrate market.

However, the fatal explosion has abruptly interrupted that ramp-up narrative. The trading halt is expected to last up to two days while Polymetals prepares a detailed announcement. Regulators, employees, local communities and customers will scrutinise how quickly operations can resume safely. Any extended outage could force smelters and traders to reassess their zinc and lead concentrate sourcing plans.

Long-term production plans now face new uncertainty

Before the incident, Polymetals outlined ambitious ten-year plans for Endeavor. The company targeted 400,000t of contained zinc, 172,000t of contained lead and 21.4mn oz of contained silver over the first decade of the mine’s restarted life. These volumes would have reinforced the Polymetals Endeavor zinc mine as a long-term pillar of polymetallic supply from New South Wales.

The asset’s history underscores its technical complexity. Previous owner Toho Zinc placed Endeavor on care and maintenance in 2020 because of depleted reserves and high costs at depth. Polymetals acquired the mine in 2023, betting that revised mine planning and capital investment could overcome those challenges. Now, the Polymetals Endeavor zinc mine suspension will likely trigger fresh reviews of ground conditions, access design and cost assumptions.

As a result, the timeline for fully realising Endeavor’s planned output may shift. Additional safety measures, new operating protocols or revised development sequences could increase capital needs. Meanwhile, any delays would tighten regional zinc, lead and silver concentrate availability versus earlier expectations, especially for buyers that had already locked in offtake.

The Metalnomist Commentary

The Polymetals Endeavor zinc mine suspension is a stark reminder that restart stories in deep underground zinc mines carry elevated operational risk. Safety incidents can rapidly reverse production gains and undermine confidence in even carefully staged ramp-ups. For traders and smelters, Endeavor highlights the value of diversified concentrate portfolios and robust contingency planning around legacy assets.

ARM Nkomati Nickel Mine Restart Moves Closer With Boliden Concentrate Deal

African Rainbow Minerals

ARM Nkomati nickel mine restart prospects have strengthened after African Rainbow Minerals signed a multi-year nickel concentrate sales agreement with Swedish mining and smelting group Boliden. The agreement could support the return of one of South Africa’s important multi-metal nickel assets.

The ARM Nkomati nickel mine has been on care and maintenance since 2020. ARM and Norilsk Nickel placed the operation into suspension after profitability weakened because of lower output.

The ARM Nkomati nickel mine produced nickel, copper, cobalt, chrome and platinum group metals. Its potential restart would therefore add more than nickel units to the market, supporting several metals linked to batteries, stainless steel, alloys and industrial supply chains.

The deal with Boliden remains conditional. It depends on approval to recommence open-pit mining of nickel-bearing ore at Nkomati, responsible sourcing due diligence by Boliden and other regulatory clearances.

Boliden Agreement Gives Nkomati a Processing Route

The sales agreement gives ARM a potential outlet for Nkomati nickel concentrate if mining restarts. Boliden expects the concentrate to be shipped to its Harjavalta smelter in Finland.

Harjavalta produces nickel matte, making it a logical destination for nickel-bearing concentrate. The route would connect South African mine supply with European smelting capacity.

This matters because nickel concentrate needs secure processing access before a restart can become commercially meaningful. A mine can have geological potential, but it still needs offtake, logistics, smelting capacity and customer qualification.

Boliden’s responsible sourcing due diligence is also important. European smelters and customers increasingly require stronger documentation around mine origin, ESG standards and supply-chain integrity.

The agreement therefore does more than provide a buyer. It gives the Nkomati restart a possible downstream pathway into a European refining and smelting system.

For ARM, the deal could improve the commercial case for reopening the mine. For Boliden, it could provide another concentrate source for its nickel operations at a time when secure non-Indonesian nickel supply remains strategically relevant.

South African Nickel Supply Could Regain Strategic Relevance

Nkomati’s ownership structure has changed since the mine entered care and maintenance. Nornickel’s South African subsidiary agreed in November 2023 to transfer its 50% stake to ARM, and the transaction was finalised in July 2025.

Full ARM control gives the South African company more direct strategic flexibility. It can evaluate restart options without the same joint-venture complexity that previously shaped the asset.

The potential restart comes at a time when nickel markets remain divided. Indonesia dominates new supply growth, but European and western buyers are increasingly interested in diversified, traceable and geopolitically balanced feedstock.

Nkomati’s multi-metal profile adds to its relevance. Nickel remains important for stainless steel, batteries and superalloys. Cobalt supports batteries and high-performance alloys. Platinum group metals serve automotive catalysts, hydrogen technologies and industrial applications.

However, restart economics will be the decisive issue. The mine was suspended because lower output weakened profitability. Any recommencement will need a stronger operating plan, stable grades, reliable processing economics and clear market support.

The Boliden agreement is an important step, but not the final decision. The project still needs operational approval, regulatory clearance and successful due diligence before concentrate flows can resume.

The Metalnomist Commentary

The ARM-Boliden agreement shows that idled nickel assets can regain value when buyers prioritise diversified and traceable supply. Nkomati’s restart will depend less on headline nickel prices alone and more on whether ARM can rebuild a reliable mine-to-smelter route.

Grasberg Copper Mine Recovery Delay Tightens Indonesia Supply Outlook

Grasberg Copper Mine

Grasberg copper mine recovery has been delayed after Freeport-McMoRan reported slower progress at its Indonesian operation following last year’s fatal mud rush accident. The company now expects the Grasberg Block Cave to recover more gradually than previously planned.

The Grasberg copper mine recovery delay is important because Grasberg is one of the world’s largest copper assets. Any slower restart affects global mine supply at a time when copper demand remains tied to grids, data centres, electrification and industrial policy.

The Grasberg copper mine recovery outlook has been cut because wet drawpoints increased inside the mine after the incident and subsequent suspension of mining activity. Freeport said it must upgrade ore loading infrastructure before production can recover more fully.

Freeport now expects Grasberg to reach only 65% of production capacity by the second half of this year. It previously expected the mine to reach 85% in that period.

Grasberg Restart Slows After Underground Infrastructure Issues

The progressive restart of Grasberg Block Cave has been slower than expected. The increase in wet drawpoints has limited mining activity and created a need for infrastructure upgrades.

Freeport now expects Grasberg to reach about 85% of capacity by mid-2027. The company expects the mine to approach full capacity by the end of 2027.

That marks a clear delay from the previous plan. Freeport had earlier expected Grasberg to return to full production capacity by the end of 2027.

The production impact was visible in the first quarter. Freeport’s Indonesian copper output fell by 68% on the year to 95mn lbs because of the Grasberg disruption.

Across Freeport’s global operations, copper output fell by 24% on the year to 662mn lbs. The decline shows how heavily the company’s production profile depends on a stable Grasberg recovery.

US operations partly offset the Indonesian weakness. Copper production from Freeport’s seven mines in the southwest US rose by 3% on the year to 309mn lbs.

Output from the company’s mines in Peru and Chile fell by 4.8% to 258mn lbs. Lower leach placements weighed on production across those assets.

Higher Copper Prices Offset Lower Production

Freeport’s first-quarter financial results were supported by stronger copper prices. Average copper prices rose by 30.1% on the year to $5.78/lb.

Unit production costs also improved. Freeport’s per-unit costs fell by 7.7% to $1.91/lb.

This helped offset lower production and sales volumes. Copper sales volumes fell by 25% from a year earlier, although they were 3% above Freeport’s January estimate.

Freeport’s profit more than doubled to $881mn in the first quarter. Revenue rose by 8.8% to $6.2bn.

The result shows the current copper market tension. Operational supply is weaker, but higher prices are protecting margins for major producers.

Molybdenum performance was mixed. Consolidated molybdenum production fell by 4% to 22mn lbs, while sales volumes rose by 20% to 24mn lbs.

For the copper market, the delayed Grasberg recovery adds another supply-side risk. Indonesia has been expected to support global copper growth, but mine-level disruptions continue to limit output.

The issue also reinforces a broader industry problem. Large underground copper mines can take years to stabilise after major incidents, and infrastructure bottlenecks can delay recovery even when restart work has begun.

The Metalnomist Commentary

The Grasberg delay shows why copper supply cannot be judged only by long-term resource size. A single underground disruption at a world-class mine can reshape near-term supply and strengthen copper’s strategic premium.

Mozambique's Moma Titanium Mine Continues Operations Amid Protests

Moma Titanium Mine

Kenmare Resources confirms that operations at its Moma titanium mine in northern Mozambique are ongoing, despite national protests following the October elections.

Mozambique-based mining company Kenmare Resources has confirmed that its Moma Titanium Mine in Nampula province, northern Mozambique, is continuing normal operations despite nationwide protests in response to the country's controversial 9 October general election results.

Operations Unaffected Amid Protests

The protests, which erupted after the announcement of the election results, have primarily been fueled by opposition claims of election fraud. Daniel Chapo of the ruling Frelimo party was declared the winner of the election with 71% of the vote, according to reports from Amnesty International. Venancio Mondlane, the leader of the opposition, who secured 20% of the vote, called for nationwide protests. These protests have been met with a heavy security presence, which has reportedly helped to calm the situation over the past weekend.

Despite the unrest, Kenmare Resources assured stakeholders that operations at the Moma mine have not been disrupted. The company has been taking preventative measures to safeguard its personnel and the integrity of its facilities, although no employees have been evacuated. Senior management remains on-site, and Kenmare continues to monitor the situation closely.

Moma Mine's Role in Global Titanium Supply

The Moma Titanium Mine is one of the largest producers of heavy mineral concentrates in the world, with a focus on producing titanium feedstocks such as ilmenite. The mine plays a crucial role in supplying raw materials for the global titanium industry, which is essential for a wide range of applications, including aerospace, automotive, and electronics manufacturing.

Kenmare’s operations at Moma include the extraction and processing of titanium-rich ores, which are then processed to produce feedstocks that support global titanium production. Despite the political instability in Mozambique, the mine’s operations continue to supply a steady output of these critical minerals.

Political Context and Industry Impact

The protests following the election results have raised concerns about the political stability of the region and the potential impact on mining operations. However, Kenmare Resources has reassured investors and stakeholders that there has been no disruption to its operations at the Moma site. The company’s proactive measures to ensure the safety of its staff and facilities have helped to maintain stability in its mining activities.

The Moma Mine is a key asset for Kenmare, and its continued operation is vital not only for the company but also for the broader titanium industry, which is heavily reliant on stable production and consistent supply.

Conclusion

Despite the protests that have unfolded in Mozambique following the election results, Kenmare Resources has successfully kept its Moma Titanium Mine operational. The company’s vigilance in monitoring the situation and taking necessary precautions underscores its commitment to both safety and maintaining a steady supply of titanium feedstocks. With a heightened security presence, the situation in Mozambique appears to be under control for now, ensuring that Kenmare’s mining operations remain unaffected.

Boliden Garpenberg Zinc Mine to Run at 30% Capacity After Seismic Damage

Boliden, Zn mine

Boliden Garpenberg zinc mine output will be sharply reduced after abnormal seismic activity damaged key parts of the Swedish operation. Boliden said it would restart production in the second quarter at about 30% of guided capacity.

The mine was halted on 15 March after seismic activity caused a rockfall and pressure wave. Production is expected to restart at around 100,000 t/month, but the disruption will continue until further notice.

Boliden Garpenberg zinc mine production is important for European zinc supply because Garpenberg is one of the region’s key underground zinc assets. A prolonged reduction could tighten concentrate availability and increase attention on mine stability, grade control, and supply reliability.

Lappberget Damage Limits Near-Term Production Recovery

The main operational issue is damage to the upper parts of the Lappberget orebody. This area accounts for around 70% of Garpenberg’s production, making the seismic event highly material for Boliden’s zinc output.

Boliden said production in the most affected part of the mine is not expected to resume this year. Inspections are still ongoing, and the company will operate Garpenberg at reduced capacity until it has clearer visibility on safety and mining conditions.

The lower output profile also comes with a slight expected deterioration in average zinc grade. This means the disruption affects not only tonnage but also the quality and efficiency of mined ore.

European Zinc Market Faces Fresh Supply Risk

Boliden Garpenberg zinc mine guidance now points to output running at just 30% of the mine’s 3.7mn t/yr guided capacity. This creates a meaningful supply risk for European zinc concentrate flows, especially if the reduced operating rate lasts longer than expected.

The disruption also highlights the vulnerability of underground mining operations to seismic instability. Even profitable and well-established mines can face sudden production constraints when access to major orebodies is restricted.

For zinc buyers and smelters, the key issue will be how long Garpenberg remains limited and whether alternative concentrate supply can offset the shortfall. The market will also watch for updates on inspections, rehabilitation work, and any revised production guidance from Boliden.

The Metalnomist Commentary

Garpenberg’s setback shows that mine safety and geotechnical risk can quickly become supply-chain issues. For Europe’s zinc market, the disruption adds another reminder that regional metal security depends on operational resilience, not only reserve size.

Garpenberg Zinc Mine Halt Adds Fresh Pressure to European Zinc Supply

Garpenberg Zinc

The Garpenberg zinc mine halt has added another supply risk to an already tight zinc concentrate market. Boliden suspended mine production at the Swedish operation after seismic activity caused a rockfall and pressure wave on 14 March.

Boliden said seismic activity is normal at Garpenberg, but conditions rose to abnormally high levels late on 14 March. The company evacuated the mine for safety reasons, stopped mining during the evacuation, and suspended concentrator production on 15 March.

The incident also affected workers underground. A pressure wave from the rockfall hit four employees in nearby locations, making safety inspections the immediate priority before any restart.

Garpenberg Disruption Hits a Major European Zinc Asset

Garpenberg is one of Boliden’s most important base metals operations. The mine produced 101,780 tonnes of zinc last year, alongside 38,692 tonnes of lead and 735 tonnes of copper.

That scale makes the Garpenberg zinc mine important for European concentrate availability. Any extended outage could tighten regional feedstock supply and increase pressure on smelters already managing weak treatment charges.

Boliden said output will restart gradually once inspections of infrastructure and underground workings are complete. However, the company has not set a timeframe for resuming production, leaving buyers exposed to uncertainty.

Zinc Concentrate Market Faces Another Supply Constraint

The Garpenberg zinc mine halt comes at a sensitive moment for the zinc market. Concentrate supply remains tight, and smelters are competing for limited feedstock while treatment charges stay low.

A temporary disruption at Garpenberg may not change the global balance alone. However, it matters because zinc smelters are already operating in a constrained raw material environment.

The outage also highlights the value of integrated mining and smelting systems. Boliden usually benefits from internal concentrate supply, but even integrated producers remain exposed when mine-level disruptions interrupt feed flows.

For European zinc consumers, the key issue is duration. A short safety-related stoppage would be manageable, but a longer suspension could reinforce concentrate tightness and add pressure to refined zinc supply planning.

The Metalnomist Commentary

Garpenberg shows how fragile zinc supply has become when even operational safety events can carry market significance. In a low-TC environment, every meaningful mine disruption strengthens the advantage of producers with diversified feed sources.

Panama's Mulino Secures Future of Closed Copper Mine

Panama's Closed Copper Mine

Panama's newly inaugurated president, Jose Raul Mulino, has outlined plans to temporarily reopen the country's Canadian-owned copper mine, which ceased operations in November, with the intent to "permanently close it in a definitive, safe, and positive manner." This decision hinges upon the findings of a government-commissioned environmental study of the facility owned by First Quantum Minerals.

Mulino's announcement marks a potential milestone in the shutdown of one of the largest copper mines in the Americas, despite previous statements from First Quantum Minerals expressing interest in reopening discussions with the new government.

"We will collaborate with any incoming administration," stated Robert Harding, Chairman of First Quantum, earlier this year. "Our goal is to see this mine operational again."

The temporary reopening of the $10 billion open-pit mine aims to facilitate the government and the company in managing the facility's maintenance costs and addressing the 120,000 tonnes of copper left on-site when operations ceased, Mulino explained.

First Quantum Minerals has not publicly responded to Mulino's recent statements.

Panama's closure of the mine followed a Supreme Court ruling in November deeming First Quantum's contract unconstitutional. The company is pursuing $20 billion in compensation through international arbitration but expresses a preference for resolving the matter through negotiation with the government.

Under the new government's direction, Panama will conduct "a rigorous environmental audit of the mine to assess the true condition of the site, its surroundings, rivers, fauna, flora, and potential environmental risks, whether the mine remains open or closed," Mulino emphasized.

"The Supreme Court's decision must be honored," President Mulino affirmed. He added, "The dormant mine poses potential environmental hazards that we must preemptively address. Inaction is not a viable option."

According to official data, the mine accounted for approximately 5% of Panama's economy. It produced 331,000 tonnes of copper in the year prior to its closure, constituting 5% less than the total output for 2022, as reported by First Quantum Minerals.

Argentina copper mine investment accelerates under Rigi incentive framework

Argentina copper mine

Argentina copper mine investment is entering a new phase under the Rigi incentive framework. The approval of McEwen Copper’s $2.7bn Los Azules project signals that Argentina copper mine investment is now central to the Milei government’s economic strategy. As a result, Argentina copper mine investment is being positioned as a key pillar for both fiscal reform and long-term export growth.

Rigi turns Los Azules into a flagship Argentina copper mine investment

The Los Azules project is the first copper mine approved under Argentina’s large-scale investment regime, Rigi. The scheme offers a 25pc tax rate instead of 35pc, 30 years of legal stability and exemption from import duties on capital goods. These incentives are designed to de-risk Argentina copper mine investment amid currency volatility and political uncertainty. Construction at Los Azules could begin as early as 2026, subject to permitting approvals. The mine is expected to produce about 175,000 t/yr of copper, placing it among the country’s most significant future producers. This scale matters for Argentina’s balance of payments, because copper exports can provide stable hard-currency revenues.

Copper anchors Argentina’s wider energy and mining investment push

The Los Azules approval is part of a broader Rigi pipeline that already totals $15.7bn in committed projects. The portfolio spans two solar plants, two lithium mines, an oil pipeline, an LNG facility and a steel mill. Together, these projects illustrate how copper, lithium and energy infrastructure are being bundled into a single strategic investment narrative. The government is targeting at least $50bn in energy investment and another $50bn in mining by 2027. That timeline aligns with president Javier Milei’s current term and his wider macroeconomic adjustment agenda. At the same time, Argentina is courting external financial support, including a potential $20bn currency swap backed by the US government. Stable capital inflows are critical to sustain Rigi and reassure foreign mining investors.

The Metalnomist Commentary

Los Azules shows how targeted tax stability and customs relief can unlock large-scale copper capex even in a risky macro environment. The challenge will be execution: permitting, infrastructure delivery and social licence will determine whether this project hits its 2026–27 window. For the global copper market, Argentina’s success or delay at Los Azules will shape future supply expectations in the second half of the decade.

Cobre Panama Arbitration Hearing Delayed Until 2026 Amidst Operational Challenges

First Quantum Minerals

Canadian mining company First Quantum Minerals has announced a delay in its international arbitration case concerning its Cobre Panama copper mine. The case, initially set for September 2025, has been rescheduled to February 2026 following a request for an extension by Panamanian officials. This delay comes as the company faces ongoing challenges related to the closure of its Panamanian operations, which have significantly impacted its copper production.

Cobre Panama Mine Faces Legal and Operational Setbacks

First Quantum's Cobre Panama mine, one of the largest copper operations in the Americas, halted production in November 2023. The shutdown followed a popular uprising in Panama, protesting the environmental impacts of the mine. The country's top court ruled that the mine's operating contract was unconstitutional, further escalating the dispute.

In response, First Quantum appealed the ruling to the International Chamber of Commerce (ICC) and had initially scheduled a hearing for September 2025. However, the arbitration panel delayed the hearing to February 2026 due to requests from Panamanian officials, as disclosed in the company's recent earnings report.

Global Copper Production Declines

First Quantum's global copper production saw a significant dip in the fourth quarter of 2024, with a 30% decrease compared to the same period in 2023. The company cited lower grades at its Sentinel mine in Zambia and the unexpected closure of the Cobre Panama mine as the key reasons for the decline. As a result, the company produced 111,600 metric tonnes of copper, down from the previous year's quarter.

In contrast, First Quantum experienced growth at its Kansanshi copper-gold mine in Zambia. The mine saw a 57% increase in copper production during the fourth quarter, producing 48,000 tonnes. The expansion of the sulphide processing line, set to be completed by mid-2025, is expected to further increase output at Kansanshi.

Nickel Production Hits a Low Point

In addition to its copper setbacks, First Quantum's nickel production also faced challenges. The company produced just 3,720 tonnes of nickel in the final quarter of 2024, a stark decline from the 7,440 tonnes produced during the same period in 2023. The company attributed this decrease to issues at its Enterprise nickel mine in Zambia, where weathering and fault line alterations affected production volumes.

Despite these challenges, First Quantum reported a profit of $99 million for the fourth quarter, although this was down from $108 million in the same quarter of the previous year.

US Pela Antimony Mine Partnership Advances North Macedonia Critical Minerals Project

Pela Antimony

US Pela antimony mine cooperation will support redevelopment of the Krstov Dol antimony mine and processing operation in North Macedonia. The US International Development Finance Corporation signed an agreement with Australian mine developer Pela Global to provide up to $5mn for project development.

The funding was approved in March and will help Pela advance a site that previously produced around 50,000t of ore before closing in 1981 because of weak antimony prices. The company now expects to produce high-grade antimony concentrate from the project.

US Pela antimony mine development matters because antimony has become a strategically sensitive mineral for defense, flame retardants, batteries and cable alloys. Western governments are increasingly looking for supply outside dominant producing regions.

Krstov Dol Could Add Strategic Antimony Supply in Europe

The Krstov Dol project gives the US and its partners a potential antimony supply route in southeastern Europe. Its redevelopment could support regional critical minerals security if Pela can confirm mine economics, processing performance and permitting requirements.

Antimony is important in military applications, where it supports ammunition, defense alloys and other specialized materials. It is also used in flame retardants and as an alloying element with lead for batteries and cables.

The project’s location in North Macedonia adds geopolitical value. European and allied supply chains need more diversified sources of minor metals, especially as defense spending and critical mineral procurement become more closely linked.

DFC Funding Shows Antimony’s Rising Policy Importance

The DFC’s funding commitment shows that antimony is moving higher on the critical minerals agenda. A $5mn development package is modest in scale, but it can help advance technical work, project studies and early redevelopment planning.

For Pela, the agreement adds financial and strategic support from a US government-backed institution. That support can improve project credibility as the company works to restart a mine that has been inactive for decades.

For the broader market, the US Pela antimony mine agreement reflects a wider trend. Governments are no longer waiting for private capital alone to rebuild strategic mineral supply chains. They are using development finance to support upstream projects before supply shortages become more severe.

The Metalnomist Commentary

The Krstov Dol agreement shows that antimony is becoming a defense-linked supply-chain priority. The key test will be whether a small, historic mine can be redeveloped into a reliable source of high-grade concentrate for allied markets.

Nickel Industries Hengjaya Mine Suspension Raises New Risks for Indonesia Nickel Supply

Nickel Industries

Nickel Industries Hengjaya mine suspension has introduced fresh uncertainty into Indonesia nickel supply. The company halted all operations after a fatal incident on 25 March. The suspension affects its Hengjaya mine in Morowali. As a result, Nickel Industries Hengjaya mine suspension now matters beyond one site.

The timing is especially sensitive for the company’s wider growth plan. Hengjaya recently secured a 2026 RKAB nickel ore quota of 14.3mn wmt. The company also planned to seek additional quota later this year. Therefore, the operational pause could affect mining momentum and project sequencing.

The incident also connects directly to downstream expansion. The fatal accident occurred on the haul road near infrastructure for the slurry plant and dry stacked tailings facility. Those works support the Excelsior Nickel Cobalt project. Consequently, investors will now watch both safety findings and project timing more closely.

Hengjaya Mine Operations Face Unclear Restart Timing

Hengjaya mine operations now depend on the outcome of the government investigation. Indonesia’s energy and mineral resources ministry is expected to begin its review immediately. However, the company has not disclosed when operations may restart. That leaves near-term mine supply visibility weak.

This uncertainty matters because Hengjaya is not a minor asset. Nickel Industries owns 80pc of the mine. It is a core upstream source for the company’s Indonesian nickel position. Therefore, even a temporary disruption could affect ore flow planning and internal coordination.

The broader market will also pay attention to regulatory response. Indonesian mining incidents often trigger tighter scrutiny on operating practices and site controls. That can slow activity beyond the initial suspension period. Meanwhile, safety performance remains critical for companies expanding aggressively in the country.

ENC HPAL Project Progress Now Faces Greater Market Attention

ENC HPAL project development now becomes the second major issue for Nickel Industries. The project is expected to be commissioned in the first quarter of this year. It is designed to produce 72,000 t/yr of nickel. Output is planned as MHP, nickel sulphate, and nickel cathode.

That production mix gives the project importance across both stainless steel and battery materials chains. The company had planned to ramp up ore supply through larger RKAB quotas. However, the Hengjaya interruption may complicate that path. As a result, the market will focus on whether commissioning stays on schedule.

For Indonesia nickel supply, this event highlights a recurring industry challenge. Rapid expansion creates pressure on mining, logistics, and downstream integration at the same time. Safety incidents can quickly expose those weak points. Therefore, execution quality matters as much as capacity ambition.

The Metalnomist Commentary

This suspension is important because it touches both ore supply and downstream nickel conversion. Indonesia’s nickel industry still grows fast, but speed does not remove operational risk. If the restart takes time, the market will reassess how resilient integrated nickel projects really are.

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.

Refined Zinc Deficit Forecast Signals Tight Balance Despite Mine Supply Growth

ILZSG

Refined zinc deficit conditions are expected in 2026 as global demand slightly outpaces refined metal supply, according to the International Lead and Zinc Study Group. The group forecasts a refined zinc deficit of 19,000t this year.

The refined zinc deficit reflects a market where demand growth remains modest but supply growth is also limited. Global refined zinc demand is expected to rise by 1.3% to 14mn t, while refined zinc output is forecast to increase by 1.4% to 13.99mn t.

The refined zinc deficit is not large, but it highlights a fragile balance in a metal tied closely to galvanised steel, infrastructure, automotive production, construction and industrial manufacturing. Even small shifts in mine output, smelter operations or steel demand could move the market back into surplus or deeper deficit.

China, Europe and India Support Zinc Demand

China remains the world’s largest zinc consumer and will continue to anchor demand growth. ILZSG expects Chinese refined zinc demand to rise by 1.8% in 2026, following 1.9% growth in 2025.

European demand is forecast to rise by 1.1% this year, slowing from 3.5% growth last year. US demand growth is also expected to moderate to 1.4%, after expanding by 7% in 2025.

India and South Korea are expected to post higher refined zinc demand. Their growth reflects continued industrial activity, infrastructure needs and manufacturing consumption.

The Middle East outlook is weaker. Iran’s zinc usage is expected to decline sharply because of major infrastructure damage, especially in the steel sector, caused by the war. Demand in Saudi Arabia and the UAE is also expected to fall because of refined metal import disruption and economic instability.

This regional split matters for zinc producers and traders. Growth in Asia may support consumption, but slower demand in Europe and the US, combined with disruption in the Middle East, limits the strength of the global demand recovery.

Mine Supply Rises Slowly as Smelters Face Concentrate and Energy Constraints

Global zinc mine production is forecast to rise by only 0.3% to 12.55mn t in 2026. This follows a stronger 2025, when mine production rose by 4.8%, or 5.9% excluding China.

This year’s mine growth will be supported by higher output in the Democratic Republic of Congo, Portugal and China. New capacity in China, including the Huoshaoyun mine, is expected to contribute to supply.

However, declines in Peru, Sweden and the US will partly offset these gains. Lower output is expected at Antamina, Garpenberg and Red Dog, three important zinc-producing operations.

Refined zinc output is expected to rise by 1.4% to 13.99mn t. Chinese refined production is forecast to grow by 3% as new capacity starts up, following a 6.7% increase last year.

European refined output is also expected to rise, supported by Boliden’s Odda smelter expansion in Norway and the planned restart of Russia’s Verkhny Ufaley smelter. However, higher energy costs and limited concentrate availability continue to pressure several European producers.

Outside Europe and China, refined zinc production is expected to increase in South Korea but decline in Iran and Canada. This shows that refined zinc supply remains exposed to regional energy costs, concentrate access and operational disruption.

The lead market presents a different picture. ILZSG expects refined lead supply to exceed demand by 109,000t in 2026, with output rising by 1.3% to 13.83mn t and demand increasing by 1.1% to 13.72mn t.

The Metalnomist Commentary

The refined zinc deficit forecast points to a market that is balanced on a narrow edge, not structurally short. Zinc’s outlook will depend on whether Chinese smelter growth and new mine capacity can offset weaker regional demand and concentrate constraints.

Mirador copper mine contract extension set for 1H 2026 as Ecuador targets higher output

ECSA

The Mirador copper mine contract extension will be signed in the first half of 2026, according to Ecuador’s mining vice-minister. The deal will extend Ecuador’s agreement with China’s Ecsa-Ecuacorriente to develop the Mirador Norte deposit. As a result, the Mirador copper mine contract extension could unlock a major production step-change at the country’s only large-scale copper mine.

The negotiation has dragged on since 2023 despite expectations for an earlier completion. However, Ecuador’s 2024 power crisis slowed talks and forced new conditions around self-supplied electricity. Therefore, the Mirador copper mine contract extension now hinges on power security as much as geology.

Power constraints reshape Ecuador copper mine operations

Power reliability now dictates operational stability at Mirador. Ecuador faced scheduled blackouts for 88 days in 2024, with outages lasting between four and 14 hours. Meanwhile, harsh drought conditions and a thermoelectric shortfall tightened supply and increased grid risk.

Mirador disconnected from the grid from September to December during the crisis. The mine relied on its own thermoelectric generation, but it could not cover full demand. Consequently, Ecuador required Ecsa to install dedicated power capacity to reduce system exposure.

Mirador Norte deposit expansion targets 140,000 t/d processing

Ecsa has installed 40MW of thermoelectric power and is installing another 40MW to cover current needs. The mine still needs an additional 90MW to operate Mirador Norte at scale. Therefore, the operator plans to source that power from private suppliers developing nearby small hydroelectric plants.

Mirador Norte would lift throughput to 140,000 tonnes per day by 2027–2028, up from 70,000 tonnes per day today. This expansion would materially increase concentrate output and export volumes. Meanwhile, Ecuador’s copper strategy depends on proving it can scale mining without repeating grid disruptions.

The Metalnomist Commentary

This contract extension highlights how electricity now acts as a de-risking requirement for copper expansions. However, reliance on new private hydro supply adds schedule and counterparty risk. Therefore, Mirador’s next growth phase will test Ecuador’s ability to align mining growth with firm power delivery.