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Southern Copper’s $1.8B Tía María mine gets green light

Cecilia Jamasmie | October 21, 2025 |

Southern Copper (NYSE, LON: SCCO) has secured a long-awaited licence for its $1.8-billion Tía María copper project in Peru, marking a major step forward after years of social unrest and political delays.

Peru’s Ministry of Energy and Mines (Minem) approved the mining licence last week, clearing the way for the project to enter the exploitation phase.

Located in the Islay province of the Arequipa region, the project is expected to reignite confidence in Peru’s mining sector and potentially unlock other stalled developments across the country.

Tía María faced years of delays due to local opposition over environmental concerns. Protests between 2011 and 2015 left six people dead and forced the project’s suspension.

Although the government approved the mine in 2019, it tied progress to the restoration of social stability. Southern Copper resumed development in 2024 after local tensions eased.

With the licence now in hand, the company can begin pre-mining work and pit stripping. The project is 25% complete, with most progress centred on auxiliary facilities and the treatment plant. The initial construction phase, covering access roads and platforms, was 90% finished as of July.

Tía María is expected to begin production by late 2026 or early 2027, delivering 120,000 tonnes of copper annually over a projected 20-year lifespan. The output would secure Peru’s position as the world’s third-largest copper producer.

L’australien Cobre lance de nouveaux forages sur le projet de cuivre Ngami au Botswana

Agence Ecofin 23 oct 2025

Métal essentiel pour la transition énergétique, le cuivre est au cœur des dynamiques d’exploration en Afrique, particulièrement dans la région australe. Au Botswana, pôle émergent de production de ce métal sur le continent, des acteurs comme Cobre Ltd portent cette tendance.

Dans une note publiée ce jeudi 23 octobre, l’australien Cobre Limited a annoncé le démarrage de nouveaux forages sur son projet de cuivre Ngami au Botswana. Le programme qui doit se concentrer sur le prospect Cosmos vise à améliorer la compréhension du potentiel de cet actif d’exploration, qui héberge déjà 11,5 millions de tonnes de ressources minérales titrant 0,52 %, soit 60 300 tonnes de cuivre.

Cette estimation de ressources publiée en août dernier repose uniquement sur Comet, le seul gisement découvert à ce stade à Ngami. Située à seulement 8 km de celui-ci, la cible Cosmos désormais en exploration affiche, apprend-on, une « minéralisation anormale en cuivre et en argent ». Pour mieux analyser ce potentiel, Cobre entend y réaliser au total deux forages au diamant, les résultats obtenus devant ensuite servir à l’élaboration de « travaux d’exploration complémentaires ».

« Nous sommes ravis de lancer ce forage. Cosmos est une cible intéressante, susceptible d'abriter une minéralisation à plus haute teneur, susceptible de fournir des teneurs en cuivre-argent adaptées à l'exploitation minière conventionnelle, tout en valorisant notre ressource de récupération de cuivre in situ au NCP [projet Ngami, Ndlr] » a déclaré Adam Wooldridge, le PDG de Cobre.

En mettant l’accent sur une nouvelle cible située à proximité du gisement Comet, Cobre peut étudier les pistes d’une potentielle hausse des ressources du projet Ngami. Une réalisation qui reste à ce stade incertaine, et qui sera déterminée par les résultats de la campagne d’exploration annoncée.

En attendant, notons qu’il ne s’agit pas du seul projet d’exploration piloté par la société au Botswana. Elle détient également les projets Kitlanya (Est et Ouest), lesquels ont attiré l’intérêt du groupe minier BHP cette année.

Angola to commence production at first major copper mine
Initially, the mine will function as an open pit before transitioning to underground mining from the latter half of 2026.

23rd Oct 2025

Angola is poised to start production at the Tetelo copper mine, its first major large-scale copper mining venture, as announced by Mines Minister Diamantino Azevedo.

This represents a significant move for the oil-dependent nation to diversify its economy by tapping into the clean energy minerals sector, reported Reuters.

Owned by China’s Shining Star Icarus, the Tetelo mine represents a $250m (1.78bn yuan) investment and is projected to yield 25,000 tonnes per annum (tpa) of copper concentrate during its initial two-year phase.

Initially, the mine will function as an open pit before transitioning to underground mining from the latter half of 2026.

The news agency quoted Azevedo’s announcement at a mining conference held in the capital Luanda as saying: “I am honoured to announce the inauguration of the Tetelo mine, which will take place in a few days.

“This event will mark the start of production at the first underground mine for this very important metal,” Azevedo added.

Other mining companies such as Ivanhoe Mines and Anglo American have also set their sights on tapping into Angola’s copper potential.

In 2023, Ivanhoe Mines prepared to initiate mining exploration activities following the acquisition of greenfield prospecting rights from the Angolan National Agency for Mineral Resources.

This grant covered 22,195km² of greenfield prospecting areas for exploration within the Angolan provinces of Moxico and Cuando Cubango.

Copper, along with other battery metals such as lithium, cobalt and nickel, is deemed vital for the shift towards renewable energy.

Angola’s foray into copper mining indicates its commitment to reducing dependence on petroleum revenues and strengthening its mineral resources sector.

Taseko fires up Arizona Florence copper mine

Cecilia Jamasmie | October 15, 2025

Canada’s Taseko Mines has begun wellfield operations at its Florence copper project in Arizona, marking the start of commercial production at the facility, part of one of the few new sources of refined copper coming online in the United States.

The company expects to produce its first copper cathode within three months. Its solvent extraction and electrowinning (SX/EW) plant reached substantial completion on Sept. 19, it said, with construction crews now demobilizing as commissioning proceeds in tandem with wellfield operations.

President and CEO Stuart McDonald called the milestone a major achievement by the Arizona-based construction team, which completed the facility in under two years.
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Antofagasta ignites Centinela mine expansion with new pit

Cecilia Jamasmie | October 10, 2025

Chilean miner Antofagasta (LON: ANTO) has launched the next phase of its copper growth strategy with the first blast at the Encuentro Sulphides pit at its Centinela mine in the country’s north.


The blast marks the start of initial stripping activities that will supply higher-grade sulphide ore for the Centinela second concentrator, which is at the core of Antofagasta’s $4.4 billion expansion project for the mine.

The ore will complement feed from the existing Esperanza South pit, strengthening Centinela’s production profile. Antofagasta aims to boost its copper output by 30% in the medium term thanks to the expansion, optimizing value from Centinela’s 2.6 billion tonnes of ore reserves.

Approved in July 2025 with an estimated $1 billion investment, the Encuentro Sulphides project is expected to complete its stripping phase by 2028. The deposit, included in Antofagasta’s 2024 year-end reserves, holds about 738 million tonnes grading 0.45% copper, along with by-products of 0.17 g/t gold and 0.015% molybdenum. This compares favourably with Centinela’s broader sulphide reserve grade of 0.41% copper.

The Centinela mining complex, located in Chile’s Antofagasta region, was created in 2014 from the merger of the Esperanza and El Tesoro mines. It produces copper concentrates containing gold and silver through milling and flotation, among other processes.

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RDC : la production de cuivre de Kamoa-Kakula en recul de 38% au 3e trimestre 2025

Agence Ecofin 08 oct 2025

Avec le lancement d’un 3e concentrateur en 2024, Ivanhoe entendait accélérer la montée en régime de sa mine de cuivre Kamoa-Kakula en 2025. C’était sans compter sur un incident sismique survenu sur le site en mai, entraînant une révision des objectifs annuels de production.

Kamoa-Kakula, plus grande mine de cuivre de la République démocratique du Congo et du continent africain, a produit 71 226 tonnes de concentré au cours du troisième trimestre 2025. Cette donnée tirée d’une mise à jour faite par son opérateur canadien Ivanhoe Mines le mardi 7 octobre, marque une baisse annuelle de 38% par rapport aux 116 313 tonnes déclarées à la même période en 2024.

Dans le détail, la société affirme avoir traité 3,46 millions de tonnes de minerai grâce aux trois concentrateurs de la mine, pour obtenir les 71 226 tonnes de concentré. Cette baisse tranche avec les bonnes performances du premier semestre, où la production avait augmenté de 31% en glissement annuel. Avec ce résultat, Kamoa-Kakula a désormais produit un total de 316 393 tonnes de cuivre depuis le début de l’année.

La baisse est consécutive à l’incident sismique qui a affecté la mine souterraine Kakula plus tôt cette année. Ce dernier a entraîné une suspension des opérations sur cette section du complexe minier, poussant Ivanhoe à réviser ses prévisions annuelles. La société anticipe désormais une production comprise entre 370 000 et 420 000 tonnes, contre 520 000 à 580 000 t initialement prévues. En considérant la limite supérieure de cette fourchette révisée, la production de Kamoa-Kakula est attendue en baisse de 4% en glissement annuel en 2025.

Pour le reste de l’année, Ivanhoe prévoit une amélioration des teneurs à la mine souterraine de Kakula, à mesure que les travaux de remise en état se poursuivront. En attendant les résultats de production du quatrième trimestre, notons que les perturbations consécutives à l’incident peuvent se prolonger jusqu’en 2026, où la société s’était fixé un objectif de production d’environ 600 000 tonnes. Cette prévision a été retirée cette année et devrait faire l’objet d’une mise à jour.

Copper price highest in over a year on Grasberg disruption, Fed outlook

Staff Writer | October 2, 2025

Copper prices climbed to their highest level in more than a year on Thursday, fueled by mounting global supply disruptions and growing expectations that US interest rate cuts will support demand for the industrial metal.


Benchmark futures on the London Metal Exchange (LME) briefly rose above $10,500 a tonne for the first time since May 2024, before trading at $10,497.50, up 1.1% as of 11:50 a.m. in London.

The rally has been bolstered by news that Freeport-McMoRan (NYSE: FCX) declared force majeure at its giant Grasberg mine in Indonesia. The setback adds to a series of supply challenges across South America and Africa, tightening global availability.

“The scale of this disruption is very big,” said Albert Mackenzie, copper analyst at Benchmark Mineral Intelligence.

Benchmark estimates that supply losses will reach 591,000 tonnes between September 2025 and the end of 2026, equivalent to about 2.6% of 2024’s global mine production, which analysts put at roughly 23 million tonnes.

The disruptions mean the copper market will swing into a deficit of around 400,000 tonnes in 2025, Benchmark said.

The impact has also led Goldman Sachs to revise its market balance forecast. The bank now projects a 55,500-tonne deficit for 2025, compared with its earlier expectation of a 105,000-tonne surplus. A small surplus is still expected in 2026.

Un nouveau gisement en Serbie affiche des ressources massives en cuivre et or

Par Enzo BECHER Article publié le : 25 septembre, 2025

Le sous-sol serbe vient de livrer un nouveau gisement prometteur dans la région de Timok, déjà connue pour sa richesse géologique. La société Zijin Mining a confirmé la découverte d'une cible nommée Malka Golaja, qui affiche des ressources significatives en cuivre et or, renforçant la position de la Serbie sur l’échiquier minier mondial.

Les premières analyses font état de 2,81 millions de tonnes de cuivre avec une teneur moyenne de 1,87 % et de 92 tonnes d’or à 0,61 g/t. Ce niveau de concentration est particulièrement attractif pour un gisement de cette envergure, même si l’or affiche une teneur modeste. La combinaison des deux métaux dans la même structure géologique renforce néanmoins l’intérêt économique du projet.

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Aurubis starts production at US copper recycling plant

Reuters | September 24, 2025



Aurubis AG, Europe’s largest copper producer, said on Wednesday it had started production at its newly built US metal recycling plant at Richmond in Georgia.

The plant will reduce the need for US metal imports, with production expected to reach full capacity in the first half of 2026, Aurubis said.

With an investment of about $800 million, the plant will process up to 180,000 metric tons of complex waste recycling material annually, including printed circuit boards, copper cable and other metal-bearing products.

Production will include 70,000 tons of high-grade blister copper with purity of 98-99%, along with nickel, tin and precious metals.

“We intend to sell the copper primarily to US customers,” an Aurubis spokesperson said. “This will enable us to meet the growing demand for strategic metals such as copper in the US and elsewhere.”

The US currently has a copper demand of around 1.8 million tons per year, with around half imported. The Richmond plant will be a fast method to reduce imports, Aurubis said.

The blister copper produced by Aurubis Richmond can also be further processed into high-purity copper and copper products in Aurubis’ international smelting network in Europe.

Aurubis CEO Toralf Haag said the company may consider more projects in the United States.

“With the high availability of recycling material and good local conditions, the American market offers Aurubis appealing prospects that we will continue to consider closely in the future as well,” Haag said.

Argentina approves McEwen’s $2.7B copper project for tax break program

Reuters | September 26, 2025

Argentina has approved Canadian miner McEwen Copper’s $2.7 billion Los Azules copper project in the country for a tax break program known as the Large Investment Incentive Regime (RIGI), the nation’s economy minister said on Friday.

The project is set to contribute $1.1 billion in exports a year, Economy Minister Luis Caputo said in a post on X. McEwen Copper is a subsidiary of McEwen Mining.

Argentina has not produced copper since its Alumbrera mine closed in 2018, but developers and analysts hope projects like Los Azules could make the South American nation a major global supplier.

Caputo said the approval marked a first for a copper mining proposal in San Juan province – Argentina’s leading gold mining region and a hub for so far non-operational copper projects – and would directly and indirectly create over 3,500 jobs.

Los Azules is the eighth project to be approved for the RIGI tax break scheme, bringing a total investment of $15.7 billion under the incentive plan promoted by the government of libertarian President Javier Milei.

Company sources told Reuters McEwen estimates the total investment for Los Azules, which towers 3,500 meters above sea level in the Andes mountain range, will reach $3 billion over three to four years.

The company must now seek financing for this investment, they said.

McEwen plans to produce copper cathodes in Argentina starting from 2029, and should soon publish a feasibility study showing operational details for the next 20 years while in the meantime it works to secure permits.

The mine is set to use a leaching copper extraction method rather than the traditional method of floating and skimming the concentrate, which the company expects will allow it to use five-sixths less water and reduce the impact on local residents.

McEwen is Los Azules’ main shareholder with a 46.4% stake, while automaker Stellantis holds another 18.3% and Nuton/Rio Tinto owns 17.2%.

Freeport announces force majeure at Grasberg mine in Indonesia
The company anticipates a reduction in copper and gold sales due to the disruption of operations after a mud rush incident.

September 25, 2025

reeport-McMoRan has declared force majeure at its Grasberg block cave mine in Indonesia after a significant mud rush incident impacted operations.

The company anticipates a reduction in copper and gold sales due to the disruption.

According to Freeport, around 800,000 tonnes (t) of wet material entered the mine on 8 September, affecting multiple levels including crucial service areas.

The company confirmed two fatalities as of 20 September, while search and recovery efforts were on for five missing members.

On 9 September, Freeport announced the temporary suspension of operations at the mine to prioritise the rescue mission.

The incident has led to extensive damage across the mine’s infrastructure, affecting mobile equipment, rail systems and electrical installations.

Freeport is currently investigating the cause, with external experts involved in the process, which is expected to conclude by the end of 2025.

Freeport board chairman Richard Adkerson and president and CEO Kathleen Quirk said: “We are grieving for our coworkers lost in this tragic incident and extend our sincere condolences to the families who lost loved ones and who remain missing.

“We recently visited the site to offer support to the families and express our appreciation for the extraordinary efforts of the PTFI [PT Freeport Indonesia] organisation and the emergency response team.”

The Grasberg mine accounts for half of Freeport’s proven and probable reserves and 70% of its projected copper and gold output through 2029.

In light of the incident, the company is re-evaluating its production forecasts, with preliminary assessments indicating a delay in significant output until repairs and a phased restart are completed.

Pre-incident production levels are not expected to resume until 2027.

Freeport anticipates a phased restart of unaffected sections by late 2025.

The Grasberg block cave is expected to begin a gradual ramp-up in early 2026, with full recovery targeted for 2027.

The company is anticipating a 35% decrease in 2026 production compared to previous estimates.

Furthermore, Freeport has notified commercial partners of the force majeure declaration under its contractual obligations.

The company plans to seek insurance recovery for damages, subject to policy limits and deductibles.

Cuivre : l’offre mondiale sous pression en 2025 face aux aléas en RDC et en Indonésie

Agence Ecofin 26 sept 2025

Selon l’AIE, le marché du cuivre pourrait être confronté à un déficit d’approvisionnement de 40% d’ici 2035, en raison d’une offre future restreinte et d’une forte demande liée à la transition énergétique. Les prévisions à court terme des experts sont par contre globalement excédentaires, comme en 2023 et en 2024.

Le jeudi 25 septembre, Goldman Sachs a revu à la baisse ses prévisions d’approvisionnement mondial en cuivre pour 2025, anticipant désormais un déficit de 55 500 tonnes contre un excédent de 105 000 t auparavant. Cette révision est consécutive à l’annonce par la société minière américaine Freeport-McMoran d’un cas de force majeure sur ses contrats de vente du métal rouge.

Elle illustre plus largement les tensions croissantes qui pèsent sur l’offre cuprifère, dans un contexte d’aléas touchant plusieurs sites de production clés, en particulier en Indonésie et en République démocratique du Congo. Un incident de coulée de boue survenu ce mois-ci à la mine Grasberg opérée par Freeport-McMoran en Indonésie, devrait notamment entraîner un « report significatif de la production à court terme ».
Alors qu’elle indique réévaluer ses plans de production, l’entreprise a suspendu les opérations sur cet actif qui a livré 816 466 tonnes en 2024, se classant comme la deuxième plus grande mine de cuivre au monde. Un redémarrage des activités au niveau des zones non affectées est attendu d’ici le quatrième trimestre.

Dans le même temps, la société minière chilienne Codelco poursuit des travaux pour limiter les dégâts d’un séisme ayant frappé en août sa mine El Teniente, la plus grande exploitation souterraine de cuivre au monde. L’événement qui a coûté la vie à six employés sur le site, a aussi causé une réduction de 33 000 tonnes de l’objectif de production pour 2025, désormais fixé à 316 000 tonnes. Même son de cloche à Kamoa-Kakula, plus grande mine de cuivre d’Afrique et quatrième à l’échelle mondiale.

Suite à une activité sismique survenue en mai, le canadien Ivanhoe Mines prévoit désormais d’y produire jusqu’à 420 000 tonnes cette année, contre 580 000 t initialement. En atteignant cette cible révisée, Kamoa-Kakula verrait sa production baisser de 4% par rapport aux 437 061 tonnes produites l’année passée. C’est sur la base de ces développements que s’inscrit donc la projection de déficit formulée par Goldman Sachs.

Une concrétisation de cette prévision mettra fin à une série de deux années consécutives d’excédent mondial enregistré en 2023 et 2024. Bien que les pôles de production cités plus haut soient importants, il faut aussi noter que l’hypothèse d’un déficit repose sur les performances des autres mines de cuivre en activité, et surtout sur le niveau de demande du marché. Rappelons que l’International Copper Study Group (ICSG) avait prédit en avril dernier un excédent mondial de 289 000 tonnes de cuivre, sur la base d’une demande affectée par les frais de douane américains et d’une croissance de l’offre.

Historiquement, un marché déficitaire du cuivre soutient les prix, comme en mai 2021 où il a atteint les 11 700 USD la tonne, porté par une hausse de la demande et une offre restreinte. Les cours du métal rouge semblent déjà bien réagir aux perturbations enregistrées sur la chaîne d’approvisionnement. Selon Trading Economics, les contrats à terme ont atteint dans la journée du jeudi un sommet de près de deux mois, dépassant les 4,75 USD la livre (environ 10 400 USD/tonne) en raison du cas de force majeure annoncé par Freeport-McMoran en Indonésie.

Friedland sells 4% of Ivanhoe to Qatar for $500M
Colin McClelland | September 17, 2025

BHP-Lundin JV to invest more than $400m in Argentine copper project
The JV is currently engaged in pre-construction activities at the Josemaria deposit.

September 18, 2025

Vicuña, a joint venture (JV) between BHP and Lundin Mining, is reportedly investing more than $400m (C$551.16m) in Argentina as it gears up to seek approvals for a multibillion-dollar mining project.

The initiative is expected to establish the region as a significant production hub for copper, reported Bloomberg.

The JV is currently engaged in pre-construction activities at the Josemaria deposit in a remote area of San Juan province, stated Jose Luis Morea, Vicuña’s senior country manager for Argentina and Chile.

By the end of March next year, Vicuña plans to present a comprehensive report to its board, detailing the project’s progress and outlining the processing method that will be employed.

Furthermore, the venture is in the process of preparing an application for tax, customs and currency exchange benefits offered through the country’s investment incentives programme, commonly referred to by its Spanish acronym, Rigi.

With its substantial budget, Vicuña is reported to have emerged as one of the country’s largest overseas investors this year, while it continues to assess the total development costs of the project, which also encompasses the Filo del Sol deposit.

Once viewed as a pariah due to state intervention, Argentina is gradually restoring the confidence of overseas companies, due to President Javier Milei’s efforts to safeguard their investments.

Morea said: “Rigi is critical. It levels the playing field and allows for the project to be competitive in tax terms when compared to other jurisdictions in Latin America and across the world.”

To be effective in October for minimum investments of $2bn, Rigi will be in place until July 2026, with a potential extension of one year.

Morea refrained from providing specific estimates for capital expenditure and production, stating only that the venture is expected to rank among leading copper, gold and silver mines once it becomes operational in the 2030s.

“We now have an integrated project that combines two deposits and a single processing facility, creating synergies and unlocking additional value. Everything is on the table, and we are optimising all available options,” he added.