11月26日（周三），欧洲最大的铜冶炼商Aurubis一位高管表示，该公司愿意拒绝铜精矿低报价。目 前，围绕铜精矿年度合同的谈判正处于紧张状态，而加工费则处于创纪录的负值。 Aurubis负责冶炼和产品业务的首席运营官Tim Kurth在2025年亚洲世界铜业大会上表示，该公司今年甚 至拒绝了糟糕的协议。 "在欧洲，我们说'不'，绝对不行。即使是这些天，当协议确实过于极端或负值时，我们也可以选择拒 绝。" 来自全球各地的矿产商、冶炼厂和贸易商本周齐聚上海，关注年度谈判。 "我不认为基准价真正地反映市场，"他说道。 （文华综合） Kurth表示，和物流或融资等其他因素相比，基准价变得不那么重要，尽管其尚不能完全被置之不理。 ...

Toronto, Ontario--(Newsfile Corp. - November 25, 2025) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ("Big Ridge" or the "Company") is pleased to provide an update on the Company and ongoing work at the Hope Brook Gold Project ("HBGP") located on the southwest coast of Newfoundland and Labrador and the Destiny Gold Project, located near Val d'Or, Quebec.2025 Highlights Consolidated 100% ownership of the HBGP.Commenced Preliminary Economic Assessment.Ongoing Metallurgical Test Work.Destiny partner, Cap ...

, which began processing metal in June after multiple delays, has brought in less than a 10th of the raw material required, according to customs data. In the 10 months to October, it imported about 147,000 tons of copper concentrate. Competitor The smelter requires about 1.6 million tons of concentrate to function at full strength, Bloomberg reported earlier.Questions sent to the BloombergLive EventsAs a result, treatment and refining charges — the fees miners pay for processing — have hit a record low thi ...

全球铜加工行业的定价机制正经历深刻变革，2026年的供应谈判在复杂的地缘政治环境与显著的市场供 需变化中展开。随着铜精矿加工费降至历史较低水平，甚至现货市场出现非常规报价，长期沿用的年度 基准定价体系正迎来重要转折点。 近期在上海举行的行业会议成为本年度谈判的关键时点，市场普遍持审慎态度。在经历近一年的加工和 精炼费用（TC/RCs）明显下调后，矿业公司预计将借助当前市场条件，推动更为适应现状的供应协 议。这一变化不仅影响产业链各方的协商方式，也促使全球冶炼格局出现调整：中国冶炼产能持续增 长，而其他地区的冶炼企业则面临经营压力。 当前谈判的核心议题在于长期使用的基准体系能否继续适用。分析显示，由于现货市场与长期协议条款 之间存在显著差异，由主要矿商与中国冶炼厂商达成协议、其他地区参照执行的定价模式可能出现调 整。市场正呈现出向更多双边协议、设定价格区间，甚至探索周期性定价的方向发展。 Freeport-McMoRan Inc. 等主要矿商已表示正在考虑多种合作方案，同时关注冶炼厂商的运营状况。 CRU Group分析师Craig Lang指出，年度基准体系预计将迎来"进一步调整"，未来的谈判形式可能更趋 多 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The lifting of liquidity concerns has led to a warming of market sentiment, and the expectation of loose liquidity will open up an upward space for copper prices again. After the decline in copper prices, social inventories have decreased, but insufficient recovery in downstream demand restricts the short - term upward space for copper prices. The expectation of copper ore shortage still benefits copper prices in the medium - to - long term. In the long run, the narrative of copper ore shortage will return. Recently, market risk appetite has improved, but there are still uncertainties in the macro - aspect, and insufficient recovery in downstream demand will cause short - term copper prices to mainly fluctuate and adjust. After the macro - narrative stabilizes, the strategy is to buy on dips when copper prices are in a volatile state [11]. 3. Summary According to the Directory 3.1 Part 01: Weekly Review - **Supply - side Data**: From November 3 - 7, 2025, the spot TC of copper concentrate increased by 0.26% week - on - week to - 42.04 dollars/ton due to the shutdown of PT Amman smelter and the increase in short - term copper concentrate circulation. The refined - scrap copper price spread narrowed by 17.05% to 3315 yuan/ton as copper prices fell and scrap copper traders' willingness to sell decreased. The southern crude copper processing fee increased by 9.09% to 1200 yuan/ton as some enterprises switched to anode plate production. The operating rates of refined copper rods, recycled copper rods, and wire and cable all increased, with increases of 2.55%, 20.92%, and 4.36% respectively, due to the decline in copper prices stimulating downstream demand [8]. - **Inventory Data**: The global visible inventory increased by 5.23% to 75.97 million tons, mainly due to the increase in COMEX and LME inventories. The domestic electrolytic copper social inventory decreased by 2.10% to 19.59 million tons as downstream purchasing increased. The bonded area inventory decreased slightly by 0.34% to 8.82 million tons, with overall balanced supply and demand. The SHFE copper inventory increased by 344.36% to 124.42 million tons, and the LME copper inventory increased by 2.00% to 13.63 million tons due to previous exports [8]. - **Profit Data**: The spot and long - term comprehensive smelting profits decreased by 1.11% and 24.21% respectively, with the short - term loss intensifying. The import profit increased by 30.59% to - 540 yuan/ton [8]. - **Macro and Strategy**: The US government shutdown caused liquidity concerns, but the recent agreement to end the shutdown has lifted these concerns, warming market sentiment. Fundamentally, short - term copper price increases are restricted by insufficient downstream demand recovery, while long - term copper prices are supported by the expectation of copper ore shortage. The short - term strategy is for copper prices to fluctuate, and it is recommended to buy on dips [11]. 3.2 Part 02: Copper Industry Chain Analysis - **Price and Spread**: The report presents data on SMM1 electrolytic copper premiums and discounts, the spread between the current and three - month contracts of Shanghai copper, the price of sulfuric acid, and the closing price of the Shanghai copper main contract, as well as the Shanghai - London ratio and related spreads [13][16][19]. - **Cost and Profit**: It shows the comprehensive profit of electrolytic copper (including by - product sulfuric acid), spot and long - term, as well as the import and export profits of copper [20][21][23]. - **Supply**: It includes data on copper concentrate production in Chile and Peru, copper concentrate imports, electrolytic copper production, imports, and total supply [27][31]. - **Demand**: It covers the demand from various sectors such as copper rods, wire and cable, power grids, air conditioners, copper strips, automobiles, and real estate, including operating rates, inventory levels, and production and sales data [33][35][44][46][52][55]. - **Inventory**: Data on various copper inventories, including Chinese electrolytic copper social inventory, SHFE copper inventory warrants, COMEX and LME electrolytic copper inventories, and global refined copper inventory, are provided [60]. 3.3 Part 03: Capital Position - The CFTC non - commercial long - position ratio is 32% and shows a strengthening trend recently. The LME investment fund net long - position is 36768.23 lots, with a week - on - week decrease of 1814.84 lots [70].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $177 million, a $14 million increase compared to Q2, driven by a 24% increase in copper concentrate sales at Tucumã and stronger copper and gold prices [17] - Adjusted EBITDA totaled $77.1 million in Q3, with adjusted net income attributable to owners of the company at $27.9 million, or $0.27 per share [17] - Liquidity position at quarter end was $111 million, including $66.3 million in cash and cash equivalents [18] - Net debt leverage ratio improved to 1.9 times at the end of Q3, down from 2.1 times in Q2 and 2.5 times at the end of 2022 [18] Business Line Data and Key Metrics Changes - Consolidated copper production set a record in Q3, with significant contributions from Tucumã, which saw a nearly 20% increase for the second consecutive quarter [10] - At Caraíba, plant throughput levels reached a quarterly volume record, with a decline in grade as expected due to a strategic shift in ore sourcing [11] - Tucumã's production increased by 19% in Q3, driven by a ramp-up in throughput, while Xavantina's production rose by approximately 17% due to mechanization efforts [12][13] Market Data and Key Metrics Changes - The company expects to sell between 10,000 and 15,000 tons of gold concentrate during Q4 2025, with operating costs estimated at approximately $300-$500 per ounce of gold [5] - The average quarterly production of gold at Xavantina was 7,000 ounces in the first half of the year, with a production of nearly 7,000 ounces in October alone [8] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet and expects to accelerate this process through gold concentrate sales [6][18] - A significant emphasis is placed on operational excellence, health and safety, and optimizing production across all operations [9][10] - The company is also advancing long-term growth initiatives at Furnas, with ongoing drilling and technical work to support future development [15][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and improvements across operations, with expectations for Q4 to be the strongest production quarter of the year [10][12] - The company is addressing inflationary pressures in Brazil through various initiatives, including foreign exchange hedging [22][24] - Management highlighted the importance of mechanization and operational improvements in driving productivity and safety [41][46] Other Important Information - The company has commenced shipping gold concentrate, resulting in its first invoice, and expects to continue this momentum into Q4 [5][19] - A foreign exchange hedge program was in place with a total notional position of $290 million, resulting in a realized gain of $2 million [19] Q&A Session Summary Question: On Xavantina, regarding the remaining 80% of the gold concentrate that has not been sampled yet, what assumptions can be made? - Management indicated that while excitement exists about the potential volume, it is too early to provide specific estimates for the remaining concentrate [20][21] Question: Have there been any significant labor contractor inflation pressures in Brazil? - Management acknowledged inflationary pressures in Brazil but noted efforts to mitigate these through longer-term contracts and hedging strategies [22][24] Question: What is the timeline for sampling the remaining gold concentrate stockpile? - Management stated that the focus is on selling the current volume before continuing sampling, with updates expected quarterly [33][34] Question: How is the company addressing the tailings filtration circuit at Tucumã? - Management confirmed ongoing improvements and the addition of a mobile filter press to enhance capacity [36][37] Question: What are the expectations for mining rates and grades at Xavantina moving into next year? - Management highlighted significant increases in mining rates and grades due to mechanization, with expectations for continued high performance [41][44]

全球铜矿步入短缺常态化阶段 智利国家统计局数据显示，因矿山运营中断及矿石品位下降，9月铜产量为456663吨，环比回升7.79%，但同比仍下 降4.5%。受8月Codelco最大矿场坍塌事故影响，尽管产量有所恢复，但仍低于去年同期。秘鲁能矿部数据显示，8月 铜产量同比减少1.6%，至24.27万吨。国际铜研究组织预计，2025年全球铜矿短缺约15万吨，2026年缺口将扩大至30 万吨，全球铜矿供需格局步入短缺常态化的阶段。 2025年，中国进口铜精矿现货加工费（TC）长期深陷-40美元／干吨以下的负值区间。相关数据显示，10月31日，进 口铜精矿指数报-42.15美元／干吨，同比大幅下滑53.24美元／干吨。尽管2026年铜精矿长单加工费谈判仍在胶着 中，但市场普遍预期最终结果将显著低于2025年21.25美元／干吨和2.125美分／磅的基准价，并可能指向零水平，个 别谈判存在出现负值的可能。 相关数据显示，10月中国电解铜产量为109.21万吨，环比下降2.94万吨，降幅2.62%，同比增长9.63%。产量环比下降 主要受集中检修压制供给、原料供应区域分化的影响。11月，计划检修的冶炼厂减少至5家，涉及粗炼 ...

Teck Resources (NYSE:TECK) Update Summary Company Overview - **Company**: Teck Resources - **Event**: Investor and Analyst Tour - **Date**: November 03, 2025 - **Location**: Santiago, Chile Key Points Industry and Company Transformation - Teck has transitioned from a focus on steelmaking coal to becoming a leading energy transition metals business, particularly in copper production, aiming to be a top five global copper producer through a merger with Anglo American [12][13][18] - The company has exited energy and steelmaking coal businesses, generating substantial shareholder value [17] Financial Performance and Outlook - Teck has delivered CAD 5.7 billion in cash returns to shareholders since 2022 and reduced debt by USD 2.7 billion [17] - The merger with Anglo American is expected to create significant value, with projections of 1.2 million tonnes of annual copper production and an annual average underlying EBITDA uplift of approximately USD 1.4 billion for at least 20 years [19][20] Operational Highlights - Teck's copper production has increased by approximately 55%, now constituting over 70% of total production [16] - The QB operations are positioned as a Tier one asset with significant growth potential, located in a prolific copper-producing region [34] - The company is focused on operational excellence and has modernized governance structures to enhance performance [15][29] Tailings Management Facility (TMF) Development - The TMF development is a key priority, with ongoing work to stabilize production and improve operational efficiency [49][50] - Recent challenges with sand drainage have delayed progress, but improvements are being made with new cyclone technology and paddock redesign [56][61] Sustainability and Community Engagement - Teck's operations in Chile have achieved 100% renewable power and utilize 100% desalinated seawater, reflecting a commitment to sustainability [27][45] - The company has established strong relationships with local communities, evidenced by 23 agreements with indigenous communities and fishermen's unions [46][48] Future Growth and Value Creation - Teck is advancing a portfolio of value-accretive copper projects across North and South America, focusing on maximizing growth options and improving returns [24] - The company aims to achieve design rates of 86% to 92% in recoveries as operations stabilize post-TMF development [67][82] Market Position and Competitive Advantage - Teck is currently a top 10 copper producer in the Americas, with a diversified asset base that includes significant zinc production [23] - The merger with Anglo American is expected to enhance Teck's market positioning and access to capital, creating a leading investable copper opportunity [21][22] Conclusion - Teck Resources is positioned for significant growth and value creation through its strategic focus on copper production, operational excellence, and sustainability initiatives, alongside the transformative merger with Anglo American [12][19][82]

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 ...

Core Viewpoint - Erdene Resource Development Corp. has announced an updated mineral resource estimate for its Zuun Mod molybdenum-copper project, highlighting its significance as one of Asia's largest undeveloped projects and the growing demand for molybdenum in various industries [2][3]. Company Overview - Erdene Resource Development Corp. is a Canada-based resource company focused on gold production at the Bayan Khundii Gold Mine in Mongolia, with interests in a portfolio of precious and base metal projects [20]. Mineral Resource Estimate Update - The updated mineral resource estimate (MRE) for Zuun Mod shows a 50% increase in reported resources compared to the 2011 estimate, with significant increases in both molybdenum and copper resources [7][14]. - The MRE includes a 22% increase in Measured and Indicated molybdenum resources to 333 million pounds and a 95% increase in Inferred molybdenum resources to 300 million pounds [7][14]. - Copper resources also saw a 16% increase in Measured and Indicated resources to 384 million pounds and a 75% increase in Inferred resources to 350 million pounds [7][14]. Project Location and Infrastructure - The Zuun Mod project is located in the Khundii Minerals District of Mongolia, approximately 35 kilometers from Erdene's Bayan Khundii Gold Mine and 180 kilometers from China, the largest consumer of molybdenum [3][9]. - The project benefits from a growing infrastructure in the region, which is crucial for its development and accessibility [3][9]. Future Exploration and Development Plans - The company plans to conduct drilling in Q4 2025 to explore expansion opportunities and copper targets within the porphyry complex [7][10]. - Upcoming work will also include process testing, infrastructure evaluations, and marketing studies to advance the project [12]. Molybdenum Market Outlook - Molybdenum is increasingly valued in various sectors, including aerospace, defense, and advanced electronics, with a bullish outlook for demand due to its critical properties [3][13]. - The project is strategically positioned to supply molybdenum to nearby markets in China, South Korea, and Japan, where processing capacity is expanding [16].