CHINFMINING lifts 2026 connected-transaction caps to US$6.49 billion as copper rally drives larger volumes

Hong Kong – China Nonferrous Mining Corporation Limited (CHINFMINING) announced comprehensive upward revisions to the 2026 annual caps of five continuing connected-transaction frameworks, citing a 61% jump in benchmark copper prices and accelerated project expansion in Zambia, the Democratic Republic of Congo (DRC) and Kazakhstan.

Key revisions

1. Supply from CNMC Group • New cap: US$670.90 million (prior: US$540.00 million) • Drivers: higher input costs for raw materials, electricity and fuel; ramp-up of Chambishi Southeast, Luanshya, Kambove MSESA and Benkala projects.

2. Copper sales to CNMC Group • New cap: US$4.35 billion (prior: US$2.48 billion) • Assumptions: 2026 copper price benchmarked at US$15,000/t, anticipated sales of 290 kt (59% of expected output).

3. Deposits with CNMC Finance • New cap: US$700.00 million (prior: US$450.00 million) • Rationale: larger cash inflows from higher-priced copper sales; deposit rates offered by CNMC Finance must be at least equal to PBOC benchmarks and leading domestic banks.

4. Collective fund management with CNMC Treasury • New cap: US$500.00 million (prior: US$300.00 million) • Purpose: centralised liquidity for project payments; interest terms equal to or better than market levels.

5. Ore purchases from Mabende Mining (DRC) • New cap: US$262.50 million (prior: US$189.00 million) • Based on stronger London Metal Exchange copper prices, ore grade and local market coefficients.

Regulatory status

• Four revised caps—items 1 to 4 above—exceed the 5% Listing Rules threshold and will require independent shareholders’ approval at the 25 June 2026 AGM; controlling shareholder CNMC (66.63% stake) will abstain. • The Mabende cap revision, although above 5%, is exempt from shareholder voting under Rule 14A.101 after independent non-executive director confirmation.

Governance and control

Management will continue monthly monitoring of utilisation rates and pricing, complemented by annual audit review. Independent financial adviser South China Capital and an Independent Board Committee have been appointed for the AGM resolutions.

Financial impact

The aggregate revised caps rise to US$6.49 billion, reflecting elevated commodity prices and CHINFMINING’s expanded production footprint, but do not alter underlying pricing formulas tied to market benchmarks or cost-plus mechanisms.