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.

BHP Invent has signed two Memorandums of Understanding with China ENFI, a subsidiary of China Metallurgical Group Corporation, and BGRIMM Technology Group to co-develop technologies for mineral processing, leaching and complex ore treatment. The partnerships focus on flowsheet innovation and metallurgical testwork for challenging ores, including operations in high-altitude environments common to western China. For miners, this signals potential new process routes and reagent schemes for low-grade or refractory deposits, with Chinese engineering houses positioned as key design and pilot-plant partners.

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.