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Ivanhoe confirme son 1er programme d’exploration de cuivre en Angola pour fin 2025

Agence Ecofin 31 oct 2025

Dans son rapport financier du 3ème trimestre publié le mercredi 29 octobre, Ivanhoe Mines révèle vouloir lancer un programme de forage au diamant de 6400 mètres sur son permis d’exploration de 22 000 km² détenu en Angola. La campagne prévue pour débuter au quatrième trimestre 2025, devrait marquer le lancement des premiers grands travaux de prospection de cet actif initialement acquis par la société canadienne en 2023.

Le projet situé dans les provinces de Moxico et de Cuando Cubango, avait fait l’objet d’une série de travaux de cartographie et d’échantillonnage tout au long de l’année 2024. Des études préliminaires dont les résultats ont, apprend-on, mis en évidence plusieurs cibles de forage prioritaires qui seront explorées dans le cadre des forages annoncés. L’investissement prévu pour la campagne n’a pas été précisé, mais on sait que Ivanhoe a alloué un budget de 75 millions USD pour ses projets d’exploration en 2025.
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Aldebaran’s Altar copper-gold project PEA reveals 48-year mine life
The PEA results are presented on a 100% basis, although Aldebaran Resources holds an 80% interest in the project.

31st Oct 2025

ldebaran Resources has released the preliminary economic assessment (PEA) for its Altar copper-gold project in San Juan, Argentina, outlining a mine life of 48 years.

Prepared in accordance with National Instrument 43-101 standards, the Altar copper-gold project PEA presents the base-case scenario featuring a concentrator with a capacity of 60,000 tonnes (t) per day.

The facility will process mineralised material sourced from both open-pit and underground operations.

The PEA results are presented on a 100% basis, although Aldebaran Resources holds an 80% interest in the project, with the remaining 20% owned by Sibanye-Stillwater.

The assessment highlights a long-life operation, including three years of construction, with significant production potential.

During the first 20 years of operation, average annual production is projected at 121,445t of copper equivalent (CuEq), consisting of 108,579t of copper, 43,199oz of gold and 570,217oz of silver.

Over the initial 30 years, the average annual production is expected to be 116,294t CuEq, including 105,897t of copper, 33,866oz of gold and 557,239oz of silver.

For the entire life of mine (LoM), the average annual output is anticipated to be 101,413t CuEq, with 92,891t of copper, 27,020oz of gold and 525,192oz of silver.

From an economic perspective, the PEA utilises base-case metal prices of $4.35 per pound (lb) of copper, $2,500/oz of gold and $27/oz of silver.

Based on these assumptions, the project is expected to generate an after-tax net present value (NPV) (8%) of $2bn (C$2.8bn), an internal rate of return (IRR) of 20.5% and a payback within four years.

The total LoM gross revenue is estimated at $44.7bn, with cumulative free cash flow of $10.7bn.

At spot prices of $5/lb of copper, $3,963/oz of gold and $47/oz of silver, the after-tax NPV increases to $3.34bn and the IRR to 28%.

The upfront capital requirement is reduced by adopting a staged approach to both the tailings storage facility and underground construction.

Capital intensity stands at $15,713/t of average annual CuEq metal produced, while the NPV at 8% to initial capex ratio is 1.27-times.

The mining operation will utilise a combination of open-pit and underground mining methods.

The underground mining strategy is designed to access higher-grade mineralisation earlier in the mine life, thereby increasing production and generating cash flow.

Approximately 80% of the resources included in the mine plan, by tonnage, are classified as measured and indicated, with the remaining 20% categorised as inferred.

Copper Soars to Record High on Supply Crunch and Brighter Outlook

By Tsvetana Paraskova - Oct 29, 2025

Copper prices hit a record-high on the London Metal Exchange on Wednesday amid a series of supply disruptions and brighter global economic prospects.

The benchmark three-month copper futures jumped to $11,146 per ton in London early on Wednesday, exceeding the previous record high of $11,104 a ton set in May last year.

This year, copper prices have rallied amid threats from the Trump Administration to impose tariffs on the industrial metal crucial for electrification and grid expansion. Trump backed off plans for a tariff, for now, but traders are nevertheless amassing copper into the U.S., which has hiked copper prices at the Comex exchange in New York and shrunk supply elsewhere in the world.

On the supply side, several accidents at mines in Chile and Indonesia earlier this year have reduced global copper production and tightened the physical market.

The copper demand outlook, on the other hand, has received some bullish news recently.

The most recent thaw in the U.S.-China trade spat, ahead of the Trump-Xi meeting on Thursday, has rekindled hopes that a potential trade deal could reinvigorate the two biggest economies in the world and lift demand for copper. The price of the metal, which is used in industry, electronics, electrification, and construction, is often viewed as a gauge of economic health.

Moreover, the market expects another interest rate cut from the Fed this week, which could also spur the economy and copper demand.

Today’s record-high copper price in London is “supported by the powerful combination of a U.S.–China deal boosting growth expectations and ongoing supply disruptions at major mines,” Ole Hansen, head of commodity strategy at Saxo Bank, said on Wednesday.

“Prices remain underpinned by signs of emerging physical tightness and a robust demand outlook, driven by surging power needs and copper’s critical role as the primary conductor for AI data centers, cooling, and the global energy transition.”

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.