Highland Copper Receives Letter of Interest from Export-Import Bank of the United States for Up to US$250 Million Debt Financing to Advance Copperwood Project
Teck Resources and Anglo American merger bolsters interest in South American copper projects
Chinese-linked mining firms sued over 'ecological catastrophe' in Zambia
Codelco to produce less than thought at top mine: Mercurio
Congo to replace cobalt export ban with quotas from Oct 16
Saudi’s Maaden set to double gold production by 2030: Report
Aya reports 8km gold strike in Morocco
Highland Copper Receives Letter of Interest from Export-Import Bank of the United States for Up to US$250 Million Debt Financing to Advance Copperwood Project
VANCOUVER, British Columbia, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI; OTCQB: HDRSF) (“Highland” or the “Company”) is pleased to announce it has received a non-binding Letter of Interest (“LOI”) from the Export-Import Bank of the United States (“EXIM”) for potential debt financing of up to US$250 million to support development of its fully permitted Copperwood Project in the Upper Peninsula of Michigan. The LOI was issued under EXIM’s Make More in America Initiative and may also be eligible under EXIM’s China and Transformational Exports Program. EXIM is the official export credit agency of the United States federal government.
Copperwood is one of few U.S. copper projects with all major permits in place and a completed feasibility study. Highland is advancing detailed engineering to position Copperwood for a near-term construction decision. EXIM’s potential participation would help fund a significant portion of the estimated US$400 million initial capital required to build and commission the mine.
Barry O’Shea, CEO of Highland Copper, commented: “We are thankful to receive this Letter of Interest from EXIM, demonstrating Copperwood’s significance at a federal level. Copperwood is strategically positioned to strengthen the U.S. supply chain for critical minerals. Copperwood will provide a reliable domestic source of copper, support Michigan’s economy and operate responsibly, aligned to Michigan’s stringent environmental standards.”
The LOI is non-binding, and its issuance does not represent a financing commitment from EXIM, nor is it an explicit indication of the financial or commercial viability of the project. Key details and next steps outlined in the letter include:
Potential Debt Financing: Up to US$250,000,000 of the project’s costs.
Repayment Term: A potential repayment tenor of 11 years.
Next Steps & Conditions: Upon submission of a formal financing application, EXIM will conduct all required due diligence to assess the potential for a Final Commitment. Any such, commitment will be contingent on meeting EXIM’s underwriting criteria, completing the authorization process, and finalizing all terms and conditions.
About Highland Copper Company
Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper projects in the Upper Peninsula of Michigan, U.S.A. The Company owns the Copperwood deposit through long-term mineral leases and 34% of the White Pine North project through a joint venture with Kinterra Copper USA LLC. The Company also owns surface rights securing access to the Copperwood deposit and providing space for infrastructure at Copperwood as required. The Company has 736,363,619 common shares issued and outstanding. Its common shares are listed on the TSX Venture Exchange under the symbol "HI" and trade on the OTCQB Venture Market under symbol "HDRSF".
Teck Resources and Anglo American merger bolsters interest in South American copper projects
The recently announced merger between Canada’s Teck Resources Ltd (USA) (TSX:TCK) and London-listed Anglo American PLC (LSE:AAL) has sharpened investor interest in South America’s copper sector, amid heightened expectations for long-term supply growth and cost competitiveness.
The all-share merger, described as a union of equals, will create a combined group with a market capitalisation of $50bn, under the proposed name Anglo Teck.
Thomas Batho, a copper analyst at consultancy Project Blue, said the deal significantly reshapes the copper landscape, particularly in Chile and Peru, where both companies already hold substantial assets.
“Anglo’s copper production is concentrated in South America, with tier-one positions at Collahuasi in Chile and Quellaveco in Peru," he says.
"These deliver large-scale output at low unit costs,” he said. Smaller operations such as El Soldado and Los Bronces, also in Chile, sit higher on the cost curve and operate at reduced scale.
Teck, by contrast, brings a more geographically spread portfolio. Its Quebrada Blanca project in Chile began production in 2023 and is expected to drive future growth. That operation is supplemented by Carmen de Andacollo in Chile and Highland Valley in Canada, though both are higher-cost assets.
Teck also owns a 22.5% interest in the Antamina mine in Peru, one of the country’s largest copper producers. While Antamina provides meaningful volumes, Project Blue notes that its cost structure is less competitive compared with Anglo’s flagship assets, which consistently rank in the lower quartiles of the global cost curve.
Several development-stage projects have been absorbed into the combined pipeline, including Zafranal in Peru and Galore Creek in Canada.
Batho noted these additions provide scope for further expansion. He also pointed to ongoing collaboration opportunities with Chile’s state-owned copper company Codelco, particularly in relation to a planned joint development of the Andina and Los Bronces mines.
The merger has renewed attention on copper projects in Peru and Chile, which remain central to meeting long-term demand for the metal. Companies already partnered with either Teck or Anglo may see increased activity.
Teck holds a 9.9% stake in Coppernico Metals (TSX: COPR), listed on the Toronto Stock Exchange, and Condor Resources Inc. (TSX-V:CN, OTC:CNRIF) has granted Teck a 75% option in its Cobreorco project in Peru.
Chinese-linked mining firms sued over 'ecological catastrophe' in Zambia
Farmers in Zambia have filed an $80bn (£58.5bn) lawsuit against two Chinese-linked firms, blaming them for an "ecological catastrophe" caused by the collapse of a dam that stored waste from copper mining.
Million of litres of highly acidic material spilled into waterways in February, leading to "mass fatalities" among fish, making water undrinkable and destroying crops, the farmers said in court papers.
This is one of the biggest environmental lawsuits in Zambia's history, with the farmers saying the spillage affects about 300,000 households in the copper-mining region.
The US embassy issued a health alert in August, raising concerns of "widespread contamination of water and soil" in the area.
The lawsuit pits villagers, who are mostly subsistence farmers, against Sino Metals Leach Zambia and NFC Africa Mining, which are subsidiaries of Chinese state-owned firms.
A group of 176 of them have filed papers on behalf of their community in the High Court in Zambia's capital, Lusaka.
They alleged the collapse of the tailings dam - owned by Sino Metals Leach Zambia but located in the surface area of NFC Africa Mining - was caused by numerous factors, including engineering failures, construction flaws and operational mismanagement.
The firms have not yet commented on the lawsuit, but Sino Metals Leach Zambia has previously said there was a spillage of about 50,000 cubic metres.
"The tailings release and breach was promptly brought under control within hours of detection," the firm said in a statement on 3 September.
In the court papers the farmers said they had learned that the water was highly toxic only several days after the tailings dam had collapsed, flooding farms and villages.
It had put the community's health at risk, with people reporting various symptoms of illnesses, including blood in urine and chest tightness, the papers said.
Most villages had dug wells, but even they were polluted and crops had to be burned because they were unsafe for consumption, the petitioners said.
They demanded that the two firms should put $80bn in a Zambian government-managed account as "security" for, among others, "environmental reparation" and "full compensation".
An emergency fund of $20m should also be set up to provide "immediate and urgent" help to people affected by the disaster, and to carry out thorough health and environmental assessments, the petitioners said.
Last month, the US embassy said it had ordered the immediate withdrawal of its personnel from Kitwe - the biggest city in the Copperbelt region - and nearby areas after expressing concern that beyond the "contaminated water and soil, contaminants from the spilled mine tailings may also become airborne, posing a health threat if inhaled".
Codelco to produce less than thought at top mine: Mercurio
Chile’s state copper miner Codelco said its biggest mine, El Teniente, will take longer to return to full production than originally forecast after a deadly tunnel collapse in July, according to El Mercurio.
This is due to the company’s caution in following safety protocols following the tunnel collapse that left six dead, the newspaper said, citing company chairman Máximo Pacheco.
The fall in production will probably exceed the 33,000 tons originally forecast by the company, El Mercurio cited Pacheco as saying.
Pacheco estimates that the mine will produce slightly more than 300,000 tons of copper this year, from 356,000 last year, according to El Mercurio.
Congo to replace cobalt export ban with quotas from Oct 16
The Democratic Republic of Congo will lift its ban on cobalt exports from October 16 and manage global supply by imposing annual export quotas, the country’s strategic minerals regulator said on Sunday.
Miners will be allowed to ship up to 18,125 tons of cobalt for the rest of 2025, with annual caps of 96,600 tonnes in 2026 and 2027, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets said.
Congo, which produced about 70% of global cobalt output last year, suspended exports in February after prices fell to a nine-year low. The move was extended in June, prompting force majeure declarations from major producers including Glencore and China’s CMOC Group.
Congo’s largely unregulated artisanal mining sector accounts for a significant share of cobalt output, complicating traceability and compliance for global buyers.
The move to a quota system comes amid escalating conflict in eastern Congo, where the government says illegal mineral exploitation is fueling violence by M23 rebels.
The new system, backed by Glencore but opposed by CMOC, aims to reduce inventories and support prices. Quotas will be allocated based on historical exports of the critical electric battery material.
Glencore declined to comment. CMOC was not immediately available for comment.
Congo’s regulator said 10% of future volumes will be reserved for strategic national projects and quotas could be revised based on market conditions or progress in local refining.
The regulator can buy back cobalt stocks exceeding the quarterly authorized quotas per company, said the statement signed by its chairman.
Saudi’s Maaden set to double gold production by 2030: Report
Saudi Arabian Mining Company (Maaden) is seeking to double gold production by 2030 and develop a rare earths supply chain, CEO Bob Wilt said.
“Our story is organic growth,” he told Financial Times.
The Saudi-listed mining company intends to allocate nearly $2.5 billion annually over the next five years to develop local resources, including copper, gold, and rare earths.
“We are all about speed and scale,” Wilt said, stating, “We are making a tremendous effort that will really move the needle.”
Maaden is utilising oil and gas giant Saudi Aramco’s geological data to identify exploration targets and areas of high potential, particularly for copper.
The PIF-owned company is already collaborating with Barrick Mining and Ivanhoe Electric and plans to boost overseas investments through its international arm, Manara, the news report said.
Canada’s Aya Gold & Silver has announced exploratory drilling has uncovered what could be a new gold zone in Morocco, adding momentum to the company’s ongoing projects in the country, according to its CEO.
In a company statement, President & CEO Benoit La Salle said that “geophysics points to more than ten kilometers of potential.”
The discovery was made at Asirem, west of the Boumadine Main Trend corridor, which Aya described as a “promising new target.”
According to preliminary results, mineralisation extends across an eight-kilometre strike, with samples returning grades as high as 12.2 grams per tonne of gold and 4.1 percent copper.
The firm also announced encouraging results from its drilling programs at Boumadine and the Tizi Zone.
The two areas show evidence of continuous mineralisation, reinforcing the company’s decision to expand its exploration licenses to 339 square kilometers in total.
Aya said in a statement on Monday that over 100,000 metres of drilling have already been completed at Boumadine in 2025.
The company expects to publish a Preliminary Economic Assessment (PEA) before year-end, an early-stage technical and economic study assessing the potential viability of a mineral project, on the Main Trend, expected before year-end, according to Yabiladi.com
With gold and copper demand running high worldwide, Aya’s latest results position Morocco as an increasingly important part of its strategy, while also reflecting the country’s growing role in international mining exploration.
The company stands as the only pure-play silver mining company listed on the TSX.
