Minmetals Securities: Changes and Outlook of the Copper Mining M&A Trend in the Nonferrous Metal Industry by 2025.

Minmetals Securities released a research report stating that the trend of copper mine mergers and acquisitions in 2025 has changed: 1) Both resource countries actively give up resources and capital parties actively participate, accelerating in both directions, and the cooperation model is further trending towards "joint development." For example, some copper mines in Ecuador and the Philippines have started the bidding process. 2) The "last minute" projects are still the core focus of overseas mining capital. 3) The proportion of transactions driven by supply chain security may further increase. Minmetals Securities' main points are as follows: Events: Since 2025, in the context of high copper prices, the integration of leading mining enterprises in the global copper industry has accelerated, and the trend of competition for greenfield resources has become apparent. The copper industry mergers and acquisitions show characteristics of stable and increasing scale, concentration towards resource countries and mature regions, and significantly enhanced strategic attributes. At the same time, copper's strategic position in key mineral resources has risen, and major economies such as the United States have strengthened their resource layout through policy tools, financial support, and international cooperation, promoting the structural deepening of global copper resource competition. In this context, copper industry mergers and acquisitions are no longer just cyclical asset allocation behaviors, but have gradually evolved into strategic actions that combine industrial security, supply chain stability, and long-term resource reserves. Since 2025, global copper prices have continued to operate at high levels and have repeatedly reached new highs, but the enthusiasm for copper industry mergers and acquisitions has not diminished. According to incomplete statistics from the bank, the enthusiasm for mergers and acquisitions in 2025 has not waned, with a total of 41 copper asset mergers and acquisitions throughout the year, including 18 corporate acquisitions (including 3 minority stakes) and 23 project acquisitions. The total transaction amount in 2025 reached 6.8 billion US dollars (excluding giant mergers such as Teck and Anglo American Resources), with corporate acquisitions reaching 3.2 billion US dollars and project acquisitions reaching 3.6 billion US dollars. Intensified global resource competition has increased the difficulty of acquiring copper mines. Since 2025, the United States has continued to intensify its strategic layout of key mineral resources, significantly strengthening copper's strategic position, making it the focus of global resource competition. Copper has been included in the U.S. list of key mineral resources for the first time. 1) National level: The United States has... (Note: This is a long text, and I can continue translating the rest if needed)