On March 4, 2026, Jiangxi Copper completed the acquisition of SolGold for £867 million (approximately US$1.15 billion), marking the most notable mining merger and acquisition of the year. The transaction grants Jiangxi Copper full ownership of the Cascabel copper-gold project in Ecuador, widely recognized as “one of the world’s largest undeveloped porphyry copper-gold deposits.”

According to disclosed resources, the Cascabel project holds 12.2 million tonnes of copper, 30.5 million ounces of gold, and 102.3 million ounces of silver. With an average copper grade of 0.7% —well above the global average of 0.5%—the mine is designed for a 28-year production life and an average annual output of approximately 114,000 tonnes of copper, delivering strong economic advantages.

Jiangxi Copper’s move is not an isolated event. On March 9, 2026, Canada’s Lundin Mining announced two acquisitions totaling US$215 million, increasing its stake in the Caserones copper mine in Chile from 70% to 75% and acquiring a 30.9% interest in the Los Helados copper-gold project, adding 8.3 million tonnes of indicated copper resources. Lundin’s president stated that the deals are a key step toward the company’s goal of becoming a top‑10 global copper producer.

The intensifying competition for copper assets reflects a widening global supply‑demand gap. A UBS report published in January 2026 noted that while nominal capital expenditure in the copper sector has stabilized at around US$40 billion annually over the past five years, real spending has declined for three consecutive years after adjusting for inflation. At the same time, the average capital intensity of projects approved between 2025 and 2030 is 50% higher than for projects approved in the previous five‑year period, meaning that US$1 billion of investment now yields only about 40,000 tonnes of new annual capacity. UBS estimates that the industry will need to invest US$20 billion per year through 2030 to close the supply gap.

Sinolink Securities echoed this view in its 2026 Annual Strategy, warning that under a scenario where production restarts fall short of expectations, global copper supply could see zero or even negative growth in 2026, with the supply‑demand deficit conservatively estimated at 830,000 tonnes for the year.

On the demand side, a Goldman Sachs China Commodities Research report from March 2026 highlighted that despite sluggish overall commodity demand in China, the energy transition sector has become the sole source of robust growth, driven by strong performance in grid investment, power equipment, and energy storage.

The supply‑demand mismatch has pushed copper price expectations higher. Sinolink Securities forecasts that copper prices could surpass US$13,000 per tonne in 2026, while UBS notes that current prices are approaching the “incentive price” level—the threshold at which new projects can achieve an internal rate of return above 15%.

For the mining chemicals sector, the scramble for copper resources signals clear opportunities. A wave of new copper projects will increase demand for flotation reagents, collectors, and solvent extraction agents. Meanwhile, declining ore grades globally will raise reagent consumption per tonne of ore processed. As the Andes belt in South America emerges as the primary battleground for copper asset acquisitions, suppliers with local service capabilities in the region will gain a distinct competitive edge.

Sources: Jiangxi Copper official announcements; Sinolink Securities 2026 Annual Strategy; UBS Global Copper Industry Report; Goldman Sachs China Commodities Research; Lundin Mining press releases.