Zhong Guo Zheng Quan Bao·2026-01-05 08:45Group 1 - The core objective for 2026 is to ensure the KFM Phase II project meets key milestones, preparing for the commissioning and trial production of the concentrator plant [2][5] - The KFM mine, operated by Luoyang Molybdenum in the Democratic Republic of Congo, is a world-class copper-cobalt mine [4] - In 2025, Luoyang Molybdenum announced an investment of $1.084 billion for the KFM Phase II project, expected to start production in 2027, adding an average of 100,000 tons of copper metal annually upon reaching full capacity [6] Group 2 - The copper futures market is expected to maintain a supply-demand imbalance in 2026, driven by significant demand growth from sectors such as electric vehicles, energy storage systems, and renewable energy [7][8] - The anticipated increase in copper demand is projected to outpace supply growth, as new projects like KFM require several years for completion, leading to sustained high prices [8] - The construction and management of the KFM project are characterized by tight schedules and complex coordination, contributing to a sense of achievement for the team involved [8]