Credit: AP
On the face of it, China has only played a minor mediatory role in the US-Iran war, meeting with Pakistani officials and apparently helping to convince the Iranians to join peace talks in Islamabad.
But Beijing has a huge economic stake in this war and that is what has prompted the sternest warning so far from the Chinese Foreign Ministry, describing US President Donald Trump's decision to blockade the Strait of Hormuz as "dangerous and irresponsible".
Speaking at a daily press briefing in Beijing Guo Jiakun said: “Such actions will only intensify contradictions, exacerbate tensions, undermine the already fragile ceasefire, and further jeopardize the security of navigation through the strait."
Up until now Chinese vessels, have been among the few managing to make their way through the strait, either with the permission of Iran, or having reportedly paid a million-dollar toll.
Iran has insisted that the strait is open to allies, those with which it has good relations and can negotiate directly.
China, Malaysia, India and Pakistan are among the countries who have managed to get tankers through, but only a handful have safely transited the strait in the last month.
China is by far the biggest trading partner of not just Iran, but most of the Gulf region.
China is the biggest trading partner of most countries in the Gulf region. Credit: AP
While, so far, its large economy and varied energy infrastructure has been somewhat insulated from the crisis created by the war, that won’t be the case if the conflict continues and the Strait of Hormuz becomes a military battleground.
The angry response from the Chinese Foreign Ministry is also aimed at the US president's comments that China would be hit with 50% tariffs if it’s found to be supplying Iran with weapons.
Reports over the weekend suggested that a shipment of dual-use technologies and component parts was making its way from China to Iran via third countries.
The foreign ministry in Beijing has labelled those reports as "groundless smears" and an attempt to "hype" China’s role in the Iran war.
It is almost impossible to confirm such a shipment is taking place, but we do know that China provides an economic lifeline for Iran, buying sanctioned oil and selling dual-use technology.
There is also evidence that some of the weapons used by Iran in this war have come in part or whole from China.
For years the Chinese have supplied Iran with drones, missiles, component parts and even chemicals that support the country’s military capabilities.
It’s also believed that together with the Russians, the Chinese have provided satellite intelligence to the Iranians.
Donald Trump has already postponed his much-heralded state visit to China once, but it’s currently scheduled to take place in mid-May.
If the US president continues to threaten Chinese economic interests in the Middle East, he may find himself uninvited.
A satellite image of fishing vessels at the entrance, which is blocked by a floating barrier, to the disputed Scarborough Shoal, in the South China Sea, April 11, 2026. Vantor/Handout via REUTERS
Summary
HONG KONG/MANILA, April 15 (Reuters) - China is employing ships and a barrier to tighten control of the entrance to the Scarborough Shoal in the South China Sea amid roiling tension with the Philippines over the disputed feature, satellite imagery obtained by Reuters shows.
Scarborough is one of Asia's most hotly disputed maritime sites, where some diplomats and analysts fear long-running frictions and confrontations could degenerate into armed conflict.
The presence of four fishing boats, a Chinese naval or coast guard ship and a new floating barrier comes as the Philippines sends its own coast guard and fisheries vessels to support its fishermen frequently driven away by larger Chinese patrols.
Photographs taken on April 10 and 11 show the fishing boats anchored along the entrance to the shoal, in addition to a floating barrier stretching across it in the April 11 image.
POSTED BY: THE CORNER 13TH APRIL 2026
Bankinter | The CPI rose slightly less than expected in March: 3.3% against an estimate of 3.4% and a previous reading of 2.4%. Core rate 2.6% compared to an estimated 2.7% and the previous 2.5%.
Analysis team’s view: the monthly figure (0.9% month-on-month) is the highest since June 2022, driven by the energy shock following the outbreak of the conflict in the Middle East. The rise excluding energy is more moderate (0.2% month-on-month) The rise in commodity prices and other components (fertilisers, aviation fuel, plastics, etc.) resulting from the conflict takes longer to be passed on to consumers, so the full impact of the conflict has not yet been fully reflected in the March figure. Despite this being a better-than-expected reading, Fed rate cuts will have to wait. Following the impact of the tariff shock on prices, an energy shock is now beginning. Furthermore, the labour market is in balance and does not require stimulus.
We expect just one cut in 2026, towards the end of the year.
MINISTER of Finance and National Planning Situmbeko Musokotwane says the country has forgone about US$200 million in revenue through tax relief measures aimed at cushioning citizens and businesses from high fuel prices.
Dr Musokotwane says Government’s decision to suspend excise duty and zero-rate value added tax (VAT) on petroleum products is aimed at easing the burden on Zambian consumers amidst the volatile international oil market.
He said this when he shared Zambia’s experiences in addressing the emerging warinduced global economic crisis at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank held in Washington D.C.
“The price cushioning through tax relief offered to citizens andbusinesses through the suspension of excise duty and zero-rating of VAT on petroleum products has resulted in the loss of approximately US$200 million,” Dr Musokotwane said.
He urged African governments to adopt broader and more strategicfiscal policies to address recurring economic shocks while promoting sustainable development.
Speaking at the over-subscribed IMF-Africa Fiscal Forum, Dr Musokotwane said the continent should move beyond crisis management but use public policy to boost productivity, strengthen energy security and transform its economies.
The minister warned that Africa faces a potential energy crisis within the next 12 months due to ongoing conflicts in the Gulf region, noting that such developments can heighten inflation, increase production costs and strain national budgets.
He said domestic reforms enhance economic resilience, even ascountries seek support from institutions like the IMF and the World Bank.
Drawing lessons from Zambia’s reforms, Dr Musokotwane cited Government’s shift from inefficient fuel subsidies to investments in free education and other social sectors as a demonstration of prudent fiscal management.
He said the use of digital systems in agricultural support programmes has improved efficiency, reduced waste and eliminated ineligible beneficiaries.
Dr Musokotwane urged African nations to leverage fiscal policy as a tool for structural transformation, industrialisation and value addition, stating that long-term prosperity will depend on building productive, resilient and competitive economies.
https://www.daily-mail.co.zm/2026/04/15/gulf-war-costs-200m/
Iran could consider allowing ships to sail freely through the Oman side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States if a deal is clinched to prevent renewed conflict, a source briefed by Tehran said.
The war has resulted in the largest-ever disruption of global oil and gas supplies due to Iran's interruption of traffic through the strait, which handles about 20% of the world's oil and liquefied natural gas flows.
Hundreds of tankers and other ships and 20,000 seafarers have been stuck inside the Gulf since the Iran war began on February 28.
The source, who declined to be identified due to the sensitivity of the matter, said Iran could be willing to let ships use the other side of the narrow strait in Omani waters without any hindrance from Tehran.
The source did not say whether Iran would also agree to clear any mines it may have placed in that stretch of water or if all ships - even those linked to Israel - would be allowed to pass freely.
But the source added that the proposal hinged on whether Washington was prepared to meet Tehran's demands, a condition that was central to any potential breakthrough with the Strait of Hormuz.
The White House did not immediately respond to a request for comment.
Mumbai: India’s major public sector undertakings in the power and oil & gas sector — NTPC, ONGC, Indian Oil (IOCL), HPCL, and BPCL — are gearing up to announce their Q4 FY26 (January-March 2026) results in May 2026. These announcements will be closely watched by investors amid fluctuating crude oil prices, geopolitical tensions in the Middle East, and varying refining/marketing margins.
While upstream players like ONGC may benefit from higher crude realizations in certain scenarios, downstream oil marketing companies (OMCs) such as IOCL, HPCL, and BPCL could face pressure from inventory losses or under-recoveries on LPG and retail fuels. NTPC, on the other hand, is expected to show steady growth driven by regulated returns and renewable capacity addition.
NTPC Q4 FY26 Results Preview
NTPC, India’s largest power producer, is scheduled to announce Q4 results around mid-May 2026.
Last Reported (Q3 FY26 actuals):
Q4 FY26 Expectations (Analyst Consensus):
Revenue: ₹48,000 – 52,000 crore
PAT: ₹5,000 – 5,600 crore
Key Drivers: Higher power demand in summer, regulated RoE growth of 12-14%, and addition of ~4.4 GW renewable capacity in FY26.
NTPC continues to focus on diversification into renewables and nuclear, which should support long-term earnings visibility.
ONGC Q4 FY26 Results Preview
ONGC (Oil and Natural Gas Corporation), the upstream giant, often sees volatility linked to crude prices and exploration costs.
Recent Performance Context: Q3 FY26 showed consolidated PAT growth of ~22% YoY to ₹11,946 crore with stable revenue. However, Q4 could be impacted by higher exploratory write-offs or production variations.
Q4 FY26 Outlook: Analysts expect moderated performance due to potential margin contraction and Middle East disruptions affecting global oil dynamics. Revenue may see sequential changes, while PAT could face pressure from costs. Upstream companies are seen benefiting relatively from crude price movements in volatile scenarios.
Key focus areas: Crude oil & natural gas production volumes, realization per barrel, and subsidy/under-recovery impact.
IOCL (Indian Oil Corporation) Q4 FY26 Results Preview
IOCL, the largest OMC, will be in focus for its refining throughput, GRM (Gross Refining Margin), and marketing margins.
Q4 FY26 Estimates:
Last Quarter Context: Strong sequential trends in revenue and operating metrics were noted in earlier quarters of FY26. Q4 performance will depend on crack spreads, inventory gains/losses, and retail fuel demand. Higher LPG under-recoveries due to geopolitical factors could be a watchpoint.
HPCL Q4 FY26 Results Preview
Hindustan Petroleum (HPCL) is expected to report numbers influenced by refining margins and marketing performance.
Analyst views are mixed, with some expecting pressure on bottomline due to higher retail losses and LPG under-recoveries amid West Asia tensions. However, operational efficiencies and project completions remain positive factors.
Key metrics to watch: GRM, marketing margins, and sales volume growth. Q4 could see YoY moderation in some estimates, though sequential trends vary.
BPCL Q4 FY26 Results Preview
Bharat Petroleum (BPCL) is projected to post:
Expectations: ~9% YoY revenue growth, ~10% PAT rise, and ~8% EBITDA growth in some previews. Performance will hinge on GRM improvement, marketing margins, and containment of under-recoveries. Geopolitical developments (e.g., crude price swings from US-Iran related events) will play a key role for OMCs like BPCL.
SINGAPORE — Chinese state oil giant Sinopec has bought Russian oil loading in March and April to replace Middle Eastern crude after the US temporarily waived sanctions to ease tight supplies globally, several trade sources said.
One source pegged Sinopec's purchase volume at eight to 10 cargoes of ESPO blend crude exported from the eastern port of Kozmino, while another estimated it at about 10 cargoes of ESPO.
Each ESPO cargo is 740,000 barrels.
Sinopec bought the cargoes at premiums of US$8 (S$10) to US$10 per barrel to ICE Brent, a third person said.
Russian crude traded at a discount of about US$10 per barrel before the Iran conflict.
The sources spoke on condition of anonymity.
The US Treasury Department allowed purchases of Russian oil and products at sea from mid-March with a 30-day waiver that expired on April 11, as part of efforts to control global energy prices during the US-Israeli war with Iran.
The waiver led the trading arms of Sinopec and PetroChina to make inquiries with suppliers for possible purchases.
They had suspended seaborne purchases of Russian crude since October due to Western sanctions, Reuters reported previously.
It was unclear if PetroChina has bought seaborne cargoes since.
Sinopec did not immediately respond to a request for comment.
Big Middle East exposure
Sinopec, the world's largest refiner, usually sources roughly half of its crude from the Middle East, leaving it particularly exposed to the near-closure of the Strait of Hormuz amid the US-Israeli war on Iran.
Last month Sinopec told a results briefing it was cutting runs by five per cent in March because of the disruption, while assessing the possibility of purchasing Russian oil under waiver.
China's seaborne Russian crude imports in March stood at 1.82 million barrels per day (bpd), off February's record of 1.92 million bpd, Kpler data showed.
April's imports stand at 1.92 million bpd so far.
The US waiver boosted demand from Indian refiners who snapped up millions of barrels of Russian oil at sea.
Market participants expect Washington to extend the waiver, although it has made no announcement.
The Iskut project in B.C.’s Golden Triangle. Seabridge Gold photo
Seabridge Gold (TSX: SEA; US-NYSE: SA) released an inaugural mineral resource estimate for its Snip North deposit at its Iskut project in British Columbia's Golden Triangle, demonstrating significant expansion of the high-grade gold deposit.
"We are excited to have accomplished our goal of a robust maiden resource for Snip North. This resource estimate reminds us of our first estimate at KSM nearly 20 years ago," Seabridge chair and CEO Rudi Fronk commented. "Although it is not yet a material part of our total resource holdings, there remains considerable upside for expansion and discovery of the intrusive. Our team will soon be back on the ground to refine and improve our understanding of this mineral resource and use that understanding to continue exploring the project."
Snip North delivers first resource of 9.2 million ounces gold
Seabridge Gold has defined a inaugural inferred mineral resource at Snip North containing 9.2 million ounces of gold, 28.3 million ounces of silver and 923 million pounds of copper across 605.7 million tonnes grading 0.47 g/t gold, 0.07% copper and 1.5 g/t silver.
The company continues to identify mineralization extending the resource in multiple directions, indicating significant expansion potential for the Golden Triangle deposit.
Resource details
The mineral resource estimate carries an effective date of April 8, 2026. Technical teams constrained mineral resources within mineable shapes based on assumed mining methods. The open pit configuration uses a net smelter return cut-off of $14.51 per tonne based on estimated operating costs and metal price assumptions including $2,875 per ounce gold, $5.05 per pound copper, $34.50 per ounce silver and $23 per pound molybdenum.
Economic assumptions
The resource estimates assume reasonable prospects of eventual economic extraction using metal prices 140% higher than the net smelter return assumptions, including $4,025 per ounce gold, $7.10 per pound copper, $48.30 per ounce silver and $32.20 per pound molybdenum. Engineers used a 45-degree pit slope, $2.50 per tonne open pit mining cost and $40 per tonne underground mining cost.
The discovery at Snip North strengthens Seabridge's position in the prolific Golden Triangle region and provides additional exploration upside as the company continues developing its portfolio of gold projects across North America.
A full breakdown of Seabridge's mineral reserves and mineral resources by category can be found on the company's website at www.SeaBridgeGold.com
By Qayyum Rajan, CFA - Apr 15, 2026 at 12:00 PM UTC Stocks & ETFs: IVN.TO
Ivanhoe Mines Ltd. saw a notable increase of 5.5% in its stock price during the last session, reflecting growing optimism among investors. This surge comes amid a generally positive outlook for the mining sector. The stock of Ivanhoe Mines Ltd. rose sharply yesterday, driven by renewed investor interest in the mining industry. With a market cap of approximately $17.1 billion, this uptick signals a potential shift in market sentiment as commodities continue to attract attention.
Investor takeaway: Short-term momentum suggests a bullish sentiment, but long-term investors should consider broader market conditions.
What the 5.5% Gain Means for Valuation
The recent 5.5% gain in IVN.TO reflects a growing confidence in the mining sector, particularly as investors reassess the company's valuation against rising commodity prices. While the stock's price movement is encouraging, it’s essential to monitor how these gains align with earnings and production forecasts in the coming quarters.
Why Investor Sentiment is Shifting Towards Mining
The recent uptick in Ivanhoe Mines Ltd. stock can be attributed to a broader trend of increasing investor confidence in the mining sector. As global demand for metals like copper and gold rises, driven by the green energy transition and infrastructure spending, companies like Ivanhoe are positioned to benefit significantly. This shift in sentiment is crucial as it can lead to sustained interest and investment in mining stocks.
The Impact of Commodity Prices on Ivanhoe's Performance
With copper prices climbing, the outlook for IVN.TO looks promising. The company's operations are closely tied to the performance of these commodities, making it essential for investors to keep an eye on market trends. A sustained increase in commodity prices could enhance revenue and profitability, further driving stock performance.
https://wealthawesome.com/ivanhoe-mines-jumps-55-on-strong-investor-sentiment
By Sean Brodrick
China just tightened a hidden chokepoint in a vital global market.
But I’m not here to complain about China. This is another unintended consequence of the war with Iran.
China announced that starting next month, it will halt exports of sulfuric acid — a key input for global copper production.
The motivation behind the move ties directly back to the Strait of Hormuz. Sulfur is produced as a byproduct of oil and gas production.
The Persian Gulf states ship sulfur to China, where it is turned into sulfuric acid for all sorts of industrial uses — including copper mining.
With supply through the Strait blocked, China wants to conserve sulfuric acid for domestic fertilizer and industrial use during the planting season.
Meanwhile, miners around the world use Chinese sulfuric acid in the leaching process to extract copper from oxide and lower-grade ore.
Global Stress Zones
Nervous traders are watching three countries: Chile, the Democratic Republic of Congo and Zambia.
Chile is the world's largest copper producer. A fifth of its production relies directly on acid-intensive leaching.
The DRC and Zambia are even more dependent — 60% of their copper output relies on sulfuric acid leaching.
And 90% of the elemental sulfur that the DRC and Zambia use comes from the Middle East.
When combining these regions with other acid-starved hubs such as Indonesia and Morocco, 15% to 20% of the global primary copper supply is currently vulnerable to this chemical bottleneck.
And already, copper prices are heading higher, after bottoming in mid-March.
How this affects you: Copper is used in just about every industry. This lights a bonfire under inflation.
And this is only the latest force lining up to push copper prices higher.
Copper supply has been under pressure for years.
Ore grades are declining across major deposits, forcing miners to move more material just to maintain output.
At the same time, the pipeline of new projects is nearly dry.
Large-scale copper projects can take more than a decade to move from discovery to production.
Many of the remaining undeveloped deposits are more complex, more expensive or located in areas miners would prefer to avoid for political reasons.
Disruptions are increasing.
Recent years have brought a series of high‑impact disruptions:
https://weissratings.com/en/weiss-ratings-daily/the-perfect-storm-for-copper-prices
The board approves new unit to act as investment and ops platform for the new-energy mining sector
CATL has been advancing sodium-ion batteries for EVs, a potential alternative to today’s lithium-ion technology. PHOTO: BLOOMBERG
[SHANGHAI] The world’s biggest electric-vehicle battery-maker, Contemporary Amperex Technology Co Ltd (CATL), is planning to expand its footprint in critical minerals and strengthen supply-chain security.
CATL said its board has approved the creation of a new wholly-owned subsidiary with a registered capital of 30 billion yuan (S$5.6 billion), according to a statement on Wednesday (Apr 15). The business scope includes mineral resources exploration, metals processing and sales of chemical products.
The unit will act as CATL’s investment and operations platform for the new-energy mining sector, the company said in the statement. It will consolidate existing mining-related assets and “actively” expand into domestic and international resource projects based on its battery demand.
Battery manufacturers have been grappling with higher costs and supply uncertainty for raw materials such as lithium, whose price has surged more than 140 per cent over the past year. CATL has also been advancing sodium-ion batteries for EVs, a potential alternative to today’s lithium-ion technology.
Bloomberg News reported last week that CATL has tapped the founder and ex-chairman of Zijin Mining Group as an advisor for its growing mining business, according to people familiar with the matter.
Geopolitical tensions and concerns over mineral supply have become key challenges for the battery supply chain. Nickel prices on the London Metal Exchange are trading near their highest levels since 2024, as major producer Indonesia has curbed ore output. And benchmark cobalt prices have more than doubled following export restrictions from the Democratic Republic of Congo, a top cobalt-producing country.
CATL runs a lepidolite mine in China’s Jiangxi province, but it has been mothballed since August. The company said it has gradually increased exposure to upstream materials including lithium, nickel and phosphorus.
More broadly, the battery giant is at the forefront of the boom in large-scale energy storage fuelled by demand from power grids and data centres. It may also stand to gain from the worldwide desire to electrify power supplies, particularly after the unprecedented shock caused by the war in Iran.
In a separate statement on Wednesday, CATL posted a 49 per cent year-on-year jump in net income in the first quarter to 20.7 billion yuan, beating analysts’ estimates. Revenue reached 129 billion yuan, up 52 per cent from a year ago. The first-quarter result builds on a 42 per cent surge in annual profit last year.
BLOOMBERG
Canadian miner Ivanhoe Mines reported its first-quarter 2026 operational results on Monday, April 13, including its first reported copper production in anode form from its Kamoa-Kakula mine in the Democratic Republic of Congo.
The company’s on-site copper smelter, which started up in late December 2025, produced 63,671 metric tons of copper anodes during the quarter. Previously, Ivanhoe reported production primarily as copper concentrate from Kamoa-Kakula’s processing plants, most of which was exported for refining at smelters outside the Democratic Republic of Congo, except for volumes processed by a third party at the Lualaba smelter in the DRC. That facility produced 7,746 metric tons of copper in blister form in the first quarter.
Combined, Kamoa-Kakula produced 71,417 metric tons of copper in anode and blister form in the first quarter of 2026.
The results follow a revision to production guidance announced by Ivanhoe on March 31. The company now expects output of between 290,000 and 330,000 metric tons of copper in 2026, down from an initial target of 420,000 metric tons. Production is forecast to recover to between 380,000 and 420,000 metric tons in 2027, before rising to 500,000 metric tons from 2028 onward.
Kamoa-Kakula is owned 39.6% each by Ivanhoe Mines and China’s Zijin Mining Group, with the Congolese state holding a 20% stake.
Emiliano Tossou
Osisko Metals Incorporated (TSX: OM | OTCQX: OMZNF) has released an updated Mineral Resource Estimate for its Gaspé Copper Project in eastern Québec, significantly expanding the scale of one of North America’s largest undeveloped copper projects following an extensive 118,000m drill campaign completed in 2025.
The updated base‑case, pit‑constrained estimate outlines Measured and Indicated resources of 1.83Bt at 0.27% copper (0.32% CuEq), containing approximately 10.8Blb (4.88Mt) of copper, along with 673Mlb of molybdenum and 93Moz of silver. This represents a 119% increase in contained copper metal compared with the previous Indicated Resource released in November 2024.
In addition, the project now hosts Inferred resources of 239Mt at 0.41% copper (0.46% CuEq), equating to a further 2.2Blb (0.98Mt) of contained copper, plus 83Mlb of molybdenum and 14Moz of silver. Osisko said the higher‑grade Inferred material sits largely to the south of the main deposit, providing clear growth and upgrade potential.
Robert Wares, CEO of Osisko Metals, commented, “We are very proud to announce this updated mineral resource estimate for Gaspé Copper. The 2025 drill program successfully converted and expanded the 2024 MRE to the Measured and Indicated categories and added new, higher‑grade Inferred resources to the south.”
Wares said Osisko will commence a 50,000m drill program later this month, aimed at upgrading remaining Inferred resources to the Indicated category and expanding the system toward the southwest in the direction of the former Needle Mountain open pit. A separate Deep Porphyry Exploration (DPEX) drill program is scheduled to begin in May to test the depth potential of the Porphyry Mountain area, with the goal of defining an Inferred resource for inclusion in a future MRE update.
Osisko also highlighted the potential to convert currently categorised in‑pit waste into additional mineralised material with further drilling around Needle Mountain.
Wares added that Gaspé Copper displays the characteristics of a “potential generational mine”, citing its scale, by‑product credits, established infrastructure and location in one of the world’s most stable mining jurisdictions. He noted the project could play a key role in Québec’s strategy to supply critical minerals needed for advanced technologies and global decarbonisation efforts.
With multiple drill programs planned for 2026, Osisko believes the Gaspé Copper Project remains well positioned for further growth, conversion and long‑term development.
To learn more about this, please visit https://osiskometals.com/
BY MUFLIH HIDAYATON APRIL 14, 2026
Congo's copper exports decline represents a critical development affecting global supply chains, as operational constraints and chemical supply disruptions challenge one of the world's most significant copper producing regions. The intricate web connecting mining operations, chemical processing, and geopolitical stability reveals vulnerabilities that extend far beyond traditional market analysis frameworks.
Industrial demand for copper continues accelerating through electric vehicle expansion and renewable energy infrastructure development, yet supply security remains fragmented across politically volatile regions. This structural imbalance creates investment opportunities while simultaneously exposing systemic risks that could reshape commodity trading strategies over the coming decade.
Strategic Position of Congolese Copper in Global Supply Networks
Congo's emergence as the world's second-largest copper supplier represents a critical infrastructure dependency for global manufacturing chains. The nation exported approximately 4.83 million metric tons of copper during 2025, establishing itself as an indispensable source for industries dependent on high-conductivity metals.
The concentration of production capacity within Congo creates both opportunities and vulnerabilities for international markets. Unlike diversified supply chains where disruptions can be absorbed through alternative sourcing, Congo's position requires sustained operational stability to maintain global copper supply forecast availability.
Key Production Metrics:
Electric vehicle manufacturers and renewable energy developers face particular exposure to Congolese supply fluctuations, as copper demand from these sectors continues expanding faster than new mine development can accommodate. The structural dependency creates pricing leverage for Congolese producers while exposing downstream industries to supply interruption risks.
https://discoveryalert.com.au/congo-copper-exports-decline-2026-supply-chains/
China's sulphuric acid export ban is threatening to disrupt copper, nickel and silver mining operations facing supply chain and logistics pressures
Mining operations worldwide are bracing for significant disruption as China's sulphuric acid export ban from May threatens to severely constrain production at copper, nickel and silver mines already grappling with supply chain pressures from the Iran war and the Strait of Hormuz closure.
The ban targets sulphuric acid produced as a by-product of copper and zinc smelting in China, the world's largest exporter of the chemical.
For mining operations, particularly those reliant on acid leaching processes, the decision could mean production slowdowns, higher input costs and scrambles for alternative suppliers at a time when Middle Eastern sulphur shipments are already curtailed by disrupted trade flows through Hormuz.
Copper operations face production constraints
Sulphuric acid is essential for leaching operations at copper mines, particularly in major producing countries such as Chile, the Democratic Republic of Congo and Zambia. Chile alone typically imports more than one million tonnes of Chinese sulphuric acid annually, leaving mining operations exposed to higher prices and potential shortages as the ban takes effect.
Syed Salman Shaffi, President at Gold Miners Club, says: "These events shift the burden from Chinese smelters to copper mines in Chile, mining operations in Congo and fertilizer blenders in India."
As approximately one-third of global sulphur output comes from the Middle Eastern region, the loss of Chinese acid exports removes one of the last flexible supply valves for mining operations across the Americas, Africa and Asia. Any curbs on output at these mines would reverberate through downstream copper intensive sectors, including electrical equipment, construction and electric vehicles.
Major copper producers are already reporting concerns about maintaining output levels through the second half of 2026. Operations that have historically relied on Chinese acid supplies are now facing the prospect of paying premium prices for spot cargoes from alternative sources, with some estimates suggesting costs could rise by 40-60% compared to pre-ban pricing structures.
Nickel and silver mining under pressure
The impact extends beyond copper operations. Indonesian high pressure acid leach nickel projects that supply the global battery industry could face significant operational challenges, threatening production timelines and costs for facilities that have invested billions in capacity.
Sasa Jarvis, National Co-Leader of Mining and Partner at McMillan LLP, says: "If China is indeed curbing sulphuric acid exports, this could quietly reshape metals markets, particularly when sulphur from the Middle East is subject to severe shipping risks through the Strait of Hormuz.
"Acid leaching is required for much of global copper and nickel production - and impacts silver supply by extension given the amount of silver produced as a byproduct in copper mining. Copper and silver are each in short supply for current levels of demand already."
The combination of constrained Chinese exports and Middle Eastern sulphur disruption creates a double squeeze that could force production cuts or delays at a time when metals demand remains robust.
Silver mining operations face particular vulnerability as approximately 70% of global silver production comes as a by-product of copper, lead and zinc mining. Any slowdown in primary copper production due to sulphuric acid shortages will inevitably constrain silver output, potentially creating supply deficits in industrial applications including solar panels and electronics manufacturing.
Mining operations seek alternatives
Mining companies may have no quick fix available. New sulphuric acid capacity and shipping routes take years, not months, to develop, forcing operations teams to consider immediate responses.
Syed says: "As the May 2026 deadline approaches, global buyers are likely to begin panic-buying, driving sulfuric acid and fertilizer prices even higher."
Fertiliser production will be hit by China's ban on sulphuric acid exports (Credit: Getty)
Mining operations are already looking at building buffer stocks, locking in multi-year contracts with non-Chinese suppliers and co-investing in on-site acid production or closed-loop recycling where feasible.
Some operations may need to adjust production schedules or reduce output until alternative acid supplies can be secured.
Syed adds: "For industries reliant on sulfuric acid - including food production and electronics - the coming months will severely test supply chain resilience and could result in sustained price volatility."
The decision by Beijing to keep the key industrial chemical at home shields its own farmers and industries from Middle East volatility but creates a crisis multiplier for mining operations worldwide. For metals producers, the ban represents less a temporary inconvenience than a structural stress test that could reshape operational planning and supply chain strategy for years to come.
https://miningdigital.com/news/chinas-sulphuric-acid-ban-impacts-mining-operations
