Copper futures in New York climbed more than 5% this week to $6.11/lb ($13,480/t), nearing January’s record close as satellite data show Chinese smelters running at unprecedented levels. Earth-i’s SAVANT index reports China’s inactive capacity at just 3.9%, driving an all-time high active capacity of 10.73 Mt, 775,000 t above a year ago, while North American smelter inactivity has surged to 32.3%. Spot TC/RCs have flipped from +$50/t in January 2024 to about –$78.50/t, with Antofagasta’s 2026 benchmark with a Chinese smelter settling at zero, the lowest on record.

Oxford University spinout Ascension has raised £1.7 million in new funding, combining a £670,490 Innovate UK Growth Catalyst grant with £1 million from UKI2S, Oxford Science Enterprises and East X, bringing total capital raised to £6.2 million. The company’s Selective Recovery programme targets rare earths and other critical minerals in deep volcanic glass, aiming to separate metals in situ and cut surface processing stages. Ascension’s process uses natural geothermal heat in volcanic rock deposits, avoiding excavation, high-temperature surface processing and associated land disturbance.

Holcim UK is deploying 20 LiuGong 870HE pure electric wheel loaders across its quarry fleet, expanding one of the highest-tonnage battery-electric loader deployments in the sector. The 870HE units, among the largest pure electric loaders currently available, are targeted at high-duty quarry loading cycles traditionally dominated by diesel machines. For geotechnical and quarry operators, this signals accelerating adoption of heavy battery-electric equipment for primary load-and-haul, with implications for power supply design, charging infrastructure layout and ventilation requirements in future pit and plant planning.