ICSG Environmental and Economic Committee Meeting

Tuesday 18 of October 2022, Lisbon, Portugal

Survey of Regulatory Developments

Affecting Copper: 2022 Edition

Carlos R. Risopatron,
Director of Economics and Environment
International Copper Study Group
email: risopatron@icsg.org
www.icsg.org
1
 Survey of Regulatory Developments Affecting Copper:
Summary of Contents in the 2022 Edition

1. China, Eastern Europe and Central Asia: Regulatory Changes 2022

2. Regulatory Change Affecting Copper in Latin America Region 2022
3. Regulatory Developments Affecting Africa and the Middle East in 2022
4. Regulatory Changes in the Pacific and East Asia ex-China in 2022
5. Regulations Changing in the US, Canada, U.K. and Australia in 2022
6. Regulatory Developments Affecting Copper in Metal Exchanges in 2022
7. Multilateral and Bilateral Regulations Affecting Copper in 2022
8. Regulatory Changes Affecting European Union Copper Markets in 2022
9. Conclusions

2
1. Regulatory Developments Affecting Copper
in China, Central Asia and the Rest of Europe

3
 For a decade, China´s financial sector invested 40% to
50% of its annual GDP every year...
China 2022 Copper and Alloy Semis Manufacturing Capacity in kt

China Mainland

0 10,000 20,000 30,000 40,000

Foil Castings/ Ingots Powder PSS RBS Tubes Alloy Wire Wire Rod

…as a consequence its capacity to use refined copper and scrap

in 2022 became higher than the global copper use. 4
 More electricity related copper fabrication capacity financed in China.
+11 Mt in 2019-2024: +5.75 Mt in 2019-2021, +5.77 Mt in 2022-2024
China New Copper and Alloy Fabrication Capacity and Projects in kt

China New Copper Foil Capacity 2019-2024

China 2024 Projects

China 2023 Projects

China 2022 Projects

China New Capacity 2021

China New Capacity 2020

China New Capacity 2019

0 1,000 2,000 3,000 4,000

Copper Foil Castings /Ingots Powder Flat Rolled PSS Rod Bars Shapes RBS Tubes Alloy Wire Wire Rod
5
 In 2021 China´s copper and alloys fabrication output increased to ~19.3 Mt.
Copper content not reported yet by CNIA. Data in gross weight.

China 2021 Copper and Alloy Fabrication Output in kt

Second Use

Fabrication Output

0 5,000 10,000 15,000 20,000 25,000

Copper Plate Copper Alloy and Other Strip, Tube and Rod Bars
Copper Wire Rod Output Copper Foil from Wire
Source: China Non Ferrous Metals Industry Association April 2022: 6
“Impact of EV Revolution on main Ferrous Non Metals”
Regulatory Changes Affecting China´s Copper Market in 2021-
2022: Market Interventions and Electricity Supply Constraints

Commodity Markets Commodity Markets Aluminium Prices to China´s Responses to Coal

Interventions in China Interventions in China June Historic Records on Coal and Fossil Fuels Shortages:
January-May 2021 -August 2021 Shortage Russian Coal Imports

China´s Emergency Government Imposed Southern China 2021 Electric Grid

Actions to Reduce Energy Use Controls : Extended Electricity Spending Slowdown
Industry Energy Use and Electricity Supply Consumption and 2022 Recovery
CO2 Emissions in 2022 Shortages
Restrictions in 2022 7
 In 2021 China decided to clamp down on leverage by making
difficult for the most indebted property developers to borrow.

2021 Rectification of the

Real Estate Market
China Housing
3 Red Lines Guidance

Impacts of the Chinese Investors Carbon Emissions from the Investment Needed for
Rectification of the Concerned about 2022 Chinese Building Sector Improvement of China´s
Chinese Real Estate Property Sector Including Construction Building Energy Efficiency
Market Downturn 8
 After China´s clampdown on property developers in 2021,
financial distress spread to other economic sectors in 2022.

To local
and businesses
governments, for
directly and
which land sales
indirectly affected
were the largest
by insolvency in the
single source of
property sector.
revenues;

To households,
which suddenly
began to worry that
house prices
wouldn’t rise
indefinitely;
Beijing reluctant to allow developers to take on debt to finance speculative new projects.
New energy infrastructure, green generation and power grid improvements:
option selected to keep the savings-investments based Chinese economy in action?
9
Or income redistribution from the State to Chinese consumers? Or <3% GDP?
 Contraction in electric appliances output in H1-2022.
Fall in white goods output expected to end in H2-2022.

China´s weak domestic demand, dovish PBOC and strong USD = CNY down.
But a strong trade surplus is supporting “real” CNY and copper demand.
China´s real estate financial adjustment of 2022 faced with
more public investment in specific electric related sectors.

China Evergrande Debt Default 2022:
Fitch No Longer Provide Ratings
China´s National Real Estate Development
Investment Contraction in 2022
Stimulus Policies to Support
Economic Recovery in H2 2022

End of Chinese Banks Era of High Interest Run on Four Commercial Banks in Henan PBOC 2022: Enough Liquidity
Rates on Fixed Term Deposits Province and PBOC Intervention
but Limited Capital for Investments

Effects from Monetary Policy Tightening 2022 Fiscal Revenue and Land Sales Fall. State Council July 2022: Employment,
11
on the Domestic Chinese Economy in 2022 Fiscal Expenses Increasing Rural Home Appliances and “Trade In”
China renewed 2022 priority in grid transmission and power
distribution infrastructure might need much more copper.

In 2022 China is increasing imports of anodes and blister,

concentrates, scrap and any refined copper available.
 China´s copper end use 2022: construction and appliances
slowdown, but booming copper use power infrastructure.
China Copper End Use Indicators: H1-2022 % Annual Growth
Solar Power Installed
Wind Power Installed
Power Generation
Electric Grid Spending
State Power Grid Budget 2022
Copper Semis Output
Air Conditioners Output
China Urban Unemployment Rate
Automobiles Output
Computer Output
Integrated Circuits Output
Refrigerators Output
Housing Completions
Housing Starts

-60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160%
 Regulatory Developments Affecting the Use of Copper
in Renewable Energy in China in 2022

China Offshore Renewable China Changing Plans to Cut China Ministry of Industry and
Power Subsidy: no End in 2022. Subsidies on New Energy Information: Cu intensive
Vehicles in 2022 Technology Policy
Recommendations

China Ministry of Industry and EV Battery Production in New Electric Vehicles in

Information Technology Li-ion China’s 14th Five-Year Plan Circular Economy and Regional
14
Battery Guidelines (2021-2025) Developments Plans
Regulatory Developments Affecting Copper Manufacturing
and Copper Stockpiling in China in 2022

China VAT Credit Rebates for China Jan-July 2022 fiscal Mismatches in Commercial
Small Manufacturing Firms in revenue up 3.2% y/y, excluding Chinese Base Metal Stockpiles
2022 impact of VAT credit rebates

Lack of Due Diligence Behind Impact of Aluminium Financing China’s Banks Strengthen
New Metal Financing Frauds in Frauds in 2022 on the Chinese Oversight, Reducing Metals15
2022 in China Copper Market Collateral Financing
 Regulatory Developments Affecting Copper Mining,
Smelting and Scrap Recycling in China in 2022

China NDRC Approve Mineral China Futures and Gold/Arsenic in Copper China 2025 Deadline to
Exploration Plan Derivatives Law Enforced Concentrates: New Chinese Reduce Pollution by Non-
Import Rules Enforced in 2022
in 2022 Ferrous Metals Sectors

Chinese Copper Recyclers
Benefit from Tax Discounts of
2021 Refunds
China Regions Attempts Chinese Fabricators
Formalization of Domestic Relying Mainly on
Copper Scrap Traders
Imported Copper Scrap in
2022
Chinese Rare Earths:
No VAT Export Refund.
13% Refund for Magnets
16
 Regulatory Developments Affecting Copper
in the Russian Federation in 2022

Norilsk Nickel: Russian Russian Federation Plan Russian Federation New Tax Russian Federation and
Federation Permission for Mineral Extraction Tax Plan on Producers of Steel, Industry Agree on 2022
Listing Abroad in 2022 Linked to Commodity Prices Coal and Iron Ore Mineral Extraction Tax
Formula

Russian Federation Change The Central Bank of US and UK Bans on Russian Japan Bans on Russian
Rules on Management of Russia Temporarily Sets Federation Bound to Federation Bound to
Precious Metal Stockpiles Precious Metals in 2022 Precious Metals in 2022
Ruble/Gold

Impact of Russian Federation Russian Ministry of Foreign New copper concentrates supply:
Precious Metals Bans Affairs Announced Not 17
Withdraw from UN Agencies
Udokan mine output delay
 No significant changes in Russian Federation refined copper
exports in 2022 according to importer countries.
Reported Imports of Refined Copper from the Russian Federation
January/September of Every Year in kt-Cu. Sorce:UN GTT

2022

2021

2020

0 100 200 300 400 500 600 700

Taiwan (China) Slovakia Singapore United States
Saudi Arabia Croatia Finland Belarus
France Bulgaria Canada Greece
Italy Turkey Germany Netherlands
China (People's Republic of) Rest of the World
18
 Regulatory Developments Affecting Copper
in Mongolia in 2021 and 2022

Mongolia Launch EITI Opening
Extractives Programme
Beneficial Ownership Data in
2022
Mongolia Concerns About Independent Consulting Group UK and US Financial
Oyu Tolgoi Mine Cost on Oyu Tolgoi Mine Cost Regulators Probes into Oyu
Overruns and Delays Tolgoi Delays and Costs
Overruns and Delays

Mongolian Government and
Rio Tinto Efforts to Find
Mutually Beneficial Solutions
Investment Banks Analysis On Mongolian Government and Revisit of Economic Benefits
Value of Oyu Tolgoi Rio Tinto High Level Meetings of Oyu Tolgoi Expansion to
Investments and Mongolia on Oyu Tolgoi Mongolian State’s Finances
Public Debt
19
 Regulatory Developments Affecting Copper
in Mongolia and Rest of Central Asia in 2022

Turquoise Hill Resources Agreement and Suspension of Rio Tinto Write off USD 2.4 Rio Tinto Efforts to Control
Ltd Updated CAPEX for the Oyu Tolgoi Tax Dispute in Billion in Loans and Interest Turquoise Hill Resources:
Mongolia Owed by Mongolia Minority Shareholders Issues
OT Phase 2

Oyu Tolgoi Mine to Kyrgyzstan Gold Mining Company

Oyu Tolgoi Mine
Increase Drilling and Peak Expansion and
Output Plans 2024-2028
Shareholders Good
News in 2022
Kyrgyzstan Gold and Prime Minister Perspectives
Mine Nationalization
20
2. Regulatory Developments Affecting
Copper Flows in Latin America in 2022

21
 Regulatory Developments Affecting Copper in Chile in 2022:
Evolution of Negotiations for A Mining Royalty 2018-2022

Royalty Instead of Current Mining Tax: Chile New Mining Tax Proposal: Mining and Energy Committee in the
Parliament Proposals in 2018-2021 Multinational Accounting Firms Senate Improving Tax Bill Draft
Perspective

Chile Senate Approved to Continue CESCO Proposal for a New Tax Details on CESCO Proposal for a New
Modifications to Mining Tax Bill Regime for Chile Mining Sector Mining Tax Regime
22
 Chile Government Broad Tax Reform
Included New Mining Royalties in 2022

Chile Government Tax Chile Copper Mines Increasing Chilean Government Chile Government Mining Tax
Plan Dialogues to Reduce Cash Costs/Disparity and New Broad Tax Reform Proposal: Investment Bankers
Royalty Proposal Reaction
Past Tax Instability Including Mining Royalties

Chile Government New Mining
Tax Proposal: Mining
Companies Perspectives
Chile Government New
Mining Tax Proposal:
Implementation Details
Mining Industry Associations
Reaction to New Mining Tax
Proposal
23
 Regulatory Developments Affecting Copper in Chile:
Important Mineral Policy Decisions in 2022

Decree to Reinvest 30% of Reinvestment Rule Bill on Austerity in State

Codelco Annual Profits Secures CODELCO Companies Executive
Compensation
Investment Program

Environmental Assessment Anglo American Reaction to Improvement of Capacity

Service Rejects Los Bronces Rejection of Los Bronces Expansion of Collahuasi Mine:
Expansion
Accepted

Antofagasta Minerals Los Conversion of Combustion Changes in Large Scale Mining Investment Bankers: Impact of
Pelambres Mine Tailings Cars into Electric Limited by Companies Lobby Groups Chile Mining Tax Change
24
Compliance Power Supply
 Regulatory Developments Affecting Copper in Chile:
Stricter Management of Water Use in Mining in 2022

Government Enforcing Chile Water System Antofagasta Minerals COCHILCO Estimates

Miners Water Changes Ahead After 12- Affected by Water Mining’s Use of Seawater
/Environmental Years Drought Shortage
Management in 2022

COCHILCO: Incentives Authority Acts on State Defense Council Escondida Environmental

Needed for Mining Excessive Extraction of Legal Action on Aquifers Damage “Very Serious”:
Exploration and Water Water for Mining Overexploitation by Water Authority 2022
Use Miners
25
 Regulatory Developments Affecting Copper in Chile:
Actions on Illegal Water Use in Mining in 2022

Environment Authority Fines Escondida Supreme Court Restore Fine on Minera Glencore Lomas Bayas Mine
on Irreparable Environmental Damage Candelaria Use of Groundwater Sanctioned on Water Monitoring

Environmental Tribunal Set Limits to BHP Cerro Colorado Mine Sued on Illegal Environmental Court Limits Cerro
Cerro Colorado Mine Activity on Water Water Use and Environmental Damage Colorado Mine Water Extraction
26
Regulatory Developments Affecting Chile Copper Industry:
Copper Smelter Closure Plans and Related Issues.

Environment Superintendence Chile Senate Discuss End of Codelco Ventanas Copper

on Ventanas Industrial Area Operation of Codelco's Smelter Closure: Steps
New 2022 Pollution Episodes Ventanas Division Proposed

Environment Authority Actions Environmental Regulator Ask Illegal Copper Economies:

Against Ventanas Industrial Gold Fields Action on Death of Organized Crime and Copper
Area Pollution Sources Endangered Foxes Theft in Chile 27
 Regulatory Developments Affecting Copper in Chile in 2022.
Rejected Constitutional Proposal: Mining Related Subjects

Chile Constitutional Proposal : Chile Constitutional Chile Rejects Constitutional Chile Constitution Draft:
Assembly Final Text and Proposal to Give the State Exploration, Exploitation and
Rejected in September 2022 Mining Industry Reaction Exclusive Mining Rights Use Subject to Regulation

Constitutional Proposal: Environmental Impact In Constitution Draft: State Exclusive Rights:

Mining Regulations to Chile Constitutional Proposal Opportunities for Lithium, Hydrocarbons and
Consider Environmental Private/Public Joint Rare Earths
Protections Ventures

Implications of Constitutional Constitutional Statute of Negative Impacts of Mining, A New Mining Law and
Proposal on Chile Copper Minerals in the Draft New Royalties and Socio- Litigation Risk? 28
Industry: Background Constitution Environment Compensations
 Regulatory Developments Affecting Copper
in Peru in 2021-2022

Peru President Report High Peru President Report Record Historic Record in Mining Regions of Peru With Highest
Investment Inflows in Mining in Mining Tax Canon Paid in May Taxes Transfers to Regions in Mining Taxes Transfers in
2021-2022 2022 2022 in Peru 2022

Peru Government Dealing with Ministry of Energy and Mines Artisanal Mining Sector
Communities Surrounding Las Transparent Dialogue Route Formalization Process in Peru
Bambas Mine in 2022 for Las Bambas Mine 2012-2022

29
Regulatory Developments Affecting Copper Mine
Production in Peru in 2022

International Monetary Fund and International Monetary Fund

The World Bank to Advise Peru Optimistic About Peru Broad Tax
Mining Tax Reform Reform

Environmental Authority Decision EITI Report on Transparency in

in 2023 on Antamina Copper Mine Extractive Industries of Peru
Expansion Delayed to 2023 30
 Regulatory Developments Affecting Copper Mine
Production in Peru Beyond 2022

Mining Regulations in Peru in Mining Regulatory Framework in Foreign Investment Regimes in

2022: Introduction Peru in 2022 Peru in 2022

Mining Royalties in Peru in 2022 Peru Income Tax and Special Special Mining Contribution,
Mining Tax in 2022 Employee Duties and Other Fees
in 2022 31
Regulatory Developments Affecting Copper in Brazil in 2022:
mining royalties, deforestation and indigenous issues

2022 Tax Reform Draft Mining Royalties Change in Brazilian Mining Industry and Legal Brazilian Mining Industry
Brazil Impact on the National Advisors React to Mining Royalty Recommends Study of Mining
Including Mining Royalty Increase
Increase to 5.5% Mining Agency Companies Situation

Deforestation Impact of Brazil’s New Draft Law Would Constitutional Issues on Brazil
Opening Brazil Amapa and Allow Mining on Indigenous Law for Mining on Indigenous
Para States to Mining Reservations Reservations

32
Regulatory Developments Affecting Copper in Brazil in 2022:
illegal mining, mine tailings and decarbonization.

Brazil Central Bank Working BHP and Vale Obligations from London Court of Appeal
with Mining Industry to Isolate November 2015 Samarco Rejects BHP Request to Block
Illegal Gold Miners Disaster in Brazil New Samarco Lawsuit

Brazil Market for More Ethanol Instead of Brazil Ethanol GHG Emission
Decarbonization Credits More Electric Vehicles in Higher than Expected
33
Increasing 300% in 2022 Brazil According to the UN
 Regulatory Developments Affecting Copper in Mexico:
mining law reform, lithium and outsourcing prohibitions.

Mexico Executive Decree Changing Mexico Lithium Industry Managed Mexico’s Senate Passed Law to
by Decentralized Public Agency Nationalize Lithium Mining
Announce Reforms to the Provisions of the Mining
Mining Law in 2022 Law of Mexico Published

Mexico Working with Argentina, Prohibition of Outsourcing Effective Dates for Legislation Mining Companies Adapt:
Bolivia and Chile to Create for Prohibition of Outsourcing in Recruitment Campaigns, Training
Lithium Association Affecting Mexico Mining Mexico and New Equipment
Operations

34
 Recent Regulatory Developments Affecting
Copper Mining Projects in Ecuador in 2022.

Ecuador Executive Decree: Ecuador Developing Institutional New Ecuador Negotiations to Ecuador Government Push for
Mining Policy and Mining Action Structure to Manage Copper Develop Llurimagua Copper Mine Five New Mines into Production
Plan. Investment Projects with Codelco in 2022-2025

Ecuador Sign Investment Ecuador Sign Investment Ecuador’s Constitutional Court

Protection Agreement for New Protection Agreement for Revocation of Exploration
Copper and Gold Projects Cascabel Copper Project Environmental Permits

35
 Regulatory Developments Affecting Copper Mining
Projects in Panama and Argentina.

Panama Government: Panama Government Concession Panama Government Draft

Options for Future Copper of Cobre Panamá Mine: Concession of Cobre Panamá:
Mining Concessions Renewal Process New Tax Regime

Government Ask Cobre Panama Argentina: Substitution of 4.5% Argentina to Implement Power,
Mine to Use Sustainable Energy Copper Export Duty by Price Railway and Mining Projects with
Sources Linked Duty Chinese Financing 36
 3. Regulatory Developments Affecting
Copper in Africa and the Middle East in 2022

37
 Regulatory Developments Affecting Zambia in 2022

Zambia Companies Wanted Zambia President Goal and Zambia Re-introduction of

Deduct Mineral Royalties Challenge: Copper Mine Output to Deductibility of Mineral
from Tax Paid on Profits 3 Million Tonnes Royalties for Income Tax

IMF Bail Out Enhancing Zambia Zambia Government Commitment Zambia Advances on Disclosure
Investment Climate for Mining to Transparency through EITI of Beneficial Ownership
Implementation Information 38
 Regulatory Changes Affecting Copper Mining
Operations in Zambia in 2022

First Quantum Advances with Zambia Konkola Copper Konkola Copper Mines
Zambia Government for Mines Case with Vedanta Case Hearing:
Kansanshi Mine Expansion Resources Still Unsettled January 2023

Glencore Provides Letters of
Credit for Mopani Concentrates
Purchases
Market Based Capital Raising
Solutions Announced for Mopani
Copper Mines
Glencore Transfer 90%
Interest in Mopani Copper
Mines to Zambia ZCCM
39
 DRC-Zambia border long queues of trucks in 2022
on fast expansion of DRC copper output and exports.
Democratic Republic of Congo Copper Mine Production kt-Cu
2,500

2,000

1,500

1,000

500

0
2017 2018 2019 2020 2021 2022 F
40
 Regulatory Advances Affecting Copper Output in the
Democratic Republic of Congo in 2022 and Ahead

DRC-Zambia Border Long DRC Expand Main Border UN Security Council Renews
Queues of Trucks and DRC: Post with Zambia, to Ease Sanctions on Democratic
Ministry of Mines Response Republic of Congo
Truck Queues

UN Security Council Request Democratic Republic of the International Monetary Fund

DRC Group of Experts Report Congo Concerns About the UN Conditional Resources for DRC
by June 2022 Security Council Resolution in 2022 41
Regulations Affecting Copper Supply in the DRC in 2022:
I4M Agreements Review, Audits and Transparency

DRC Review 2007 Objectives of DRC review of Infrastructure-for-

Infrastructure-for-minerals Infrastructure-for-minerals minerals Agreement:
Agreement Companies Involved
Agreement with China in 2021

IGF Audit to Gecamines: Missing DRC Inspectorate General of DRC Ministry of Mines Ending DRC Cobalt Mine Investigation
USD 400 Million in Tax Finance: Gecamines Report Monopoly Over Artisanal Cobalt Reveals Worker Rights
Advances and Loans Contents Purchases Violations

DRC Challenges to Manage the Congo DRC Government DRC Justice Ministry Advances
Artisanal Mining Sector in 2022 Memorandum of Understanding and International NGOs Position 42
with Fleurette Group
 Regulations Affecting Copper Supply in the Democratic
Republic of Congo in 2022 : Tenke Copper Mine Related

Follow up of Gecamines - CMOC DRC Commission Investigate DRC-CMOC Tenke Fungurume DRC Government Administrator
Royalties Dispute in 2022 Reserves at Tenke Fungurume Mine Agreement Not Been Control CMOC TFM Mine Bank
Copper and Cobalt Mine Renewed Accounts

TFM Administrator Orders DRC’s
Customs Authority to Suspend
Tenke Mine Exports
CMOC Announced the DRC
Administrator Does Not Have
Authority to Stop Exports
DRC-CMOC Advances on Tenke
Fungurume Mine Reserves and
Royalties Paid
43
 Regulatory Developments Affecting Copper
in the Middle East and Rest of Africa in 2022

Kingdom of Saudi Arabia Kingdom of Saudi Arabia Egypt Mining Regulatory

Licensing Process for its Khnaiguiyah Site and New Changes Yielding Investors
Largest Mining Site Mining Investment Law Interest

Angola Concession for Rail Angola Concession: Rail DRC Congo’s First Deep Sea
Services to Trafigura and Infrastructure for Cargo Atlantic Port Concession
Partners Transport from DRC Agreement with Gulf Firm44
 Plans for “Made in Africa” New Electric Vehicles
and Other Regional Regulatory Advances

DRC Prime Minister
Launches African Electric
Vehicles Production
Initiative
Demand for Electricity in Africa Electric Vehicles Made in Africa: Batteries for Electric Vehicles
and Electric Vehicles Regulatory Challenges and Made in Africa: Showcases
Opportunities Opportunities.

Botswana’s President Project Guinea's Deadline to Bauxite EITI Raising the Standard for
for Geological Mapping Coverage Miners for the Construction of Mining Governance in Africa
for Exploration Alumina Refineries

45
 Regulatory Advances Affecting African Copper Markets:
Reasons why South Africa is Falling Behind

South African President: Need South African President on South African Copper South African President on
to Fix Regulatory Problems Mineral Rights Transfer Exploration Strategy and New Electricity Generation
Delaying Mine Investments Applications Problems Mineral Value Chains Issues for Mining

South African President
on Rule of Law
Improvement Needs
South African President on South Africa Regulatory South Africa Review Glencore
Water and Rail Issues in 2022 Trends in Hazardous Mine Mining Licences and Contracts
Waste Treatment and Disposal
46
 4. Regulatory Changes Affecting Copper
in East Asia ex-China and the Pacific in 2022

47
 Regulatory Developments Affecting Copper
Value Added in Indonesia in 2022
Indonesia Export Ban on Raw Indonesia President Talks Policy
Minerals Positively Impacts on Minerals and the End of
Trade Balance Copper Concentrates Exports
Korean, Chinese and
2022 Increase in
Nickel-Related Japanese Groups Start EV
Investments in Battery Factories in Java,
Indonesia
Indonesia 2022-2023
Indonesia President Policy Indonesia Policy on Minerals:
Gross Domestic Product 2030
to Produce Copper Expected to Triple
Intensive Finished Goods
Ministry of State-Owned
Indonesia President Enterprises on New Copper
New Speech on Copper Smelter Capacity in Indonesia
Smelters
48
 Regulatory Developments Affecting the Copper Scrap
Markets in Malaysia and Indonesia region in 2022

Malaysia and Indonesia New Limits for Metal New Limits for Metal Certificate of Approval of
New Impurity Thresholds Content Affect Indonesia’s Content Affect Malaysia’s Metal Scrap and Recovery
for Scrap Metal Imports Metal Scrap Imports Metal Scrap Imports Facilities in Malaysia

Malaysia Preparing for
Certificate of Approval
(COA) Application in 2022
Malaysia Limits for Metal
Content: Uncertain Next
Place for Dismantling
Capacity
ASEAN Restrictions on Copper
Scrap: Positive Impact on India
and Pakistan Scrap
Dismantling
49
 Changing import duties in India copper market in 2022.
Less scrap import taxes and fabricators protected.

2020 India Import Duties India 2021 Investigation India Reduced Tariff on India and Malaysia Metal
to Subsidized Copper Wire on Subsidised Copper Copper Scrap Imports Scrap Classification and
Rod Tubes from Malaysia, from 5% to 2.5% in 2021 Recycling Authority
Thailand and Vietnam Expected 2023

Bureau of International Vedanta Ltd Selling Vedanta Looks India State

Recycling Views on India Copper Smelter Capacity Government Partner for
Regulatory Plans on in India 2022 New Copper Smelter
Copper Scrap
50
 Regulatory Developments Affecting the Copper
Market in India and Pakistan in 2022

Pakistan Relaunch Reko Diq India Copper Dependence in 2022 India Removing Environmental
Mining Project After Exit of and 2030 Renewable Energy Regulations in 2022 to Increase
Antofagasta plc Plans Coal Mine Output

India Bans Trading in Seven India Plans to Add Inter-State India Building Transmission Lines
Commodities on 2022 Inflation Power Transmission Networks by in Advance of Renewable
2024 Generation Capacities 51
 Regulatory Changes Affecting Copper in the
Philippines and Bouganville/PNG in 2022

Philippines Drops Open Pit Philippines DENR Technical Philippines DENR New
Mining Ban in December 2021 Reasons to Permit Open Pit Requirements for Open-pit
Mining in 2022 Mining

Papua New Guinea – ABG President: Most Renewed Attention on

Bouganville: 20 Years of Successful Peace Agreement Panguna Copper Mine by
52
Peace Agreement in Modern Times Miners in 2022
 5. Regulatory Developments Affecting Copper
in the United States, Canada, the United Kingdom,
and Australia in 2022

53
 Regulatory Changes Affecting Copper Mining
in the United States in 2021

• There are significant potential copper mines that can

provide the copper the US needs for the energy
transition,

• Resolution and Rosemont in Arizona, Twin Metals and

Polymet in Minnesota, and Pebble mine in Alaska,

• but all are tied up in legal cases in 2022.

54
 Ongoing Developments Affecting Future
Copper Mine Supply in the United States

USGS and Rio Tinto Mapping Montana Stagnation in Key US Copper Resolution Copper Mine Opposed by
Under Earth Mapping Resources Mining Project Permits in 2022 Apache Native Americans and
Initiative Conservationists

Resolution Copper Mining Project Land Apaches to Appeal to the U.S. Supreme
Exchange Issues Solved in 2022 Court on Resolution Mine Land 55
Exchange in 2022
 Future Copper Supply in the United States:
more mining projects delays in 2022

US Bureau of Land Management US Administration Mining Permits US Twin Metals Copper and
Suspends Pebble Mine Road Right- Constraint: Minnesota Copper Nickel Mine Project Delayed
of-way in 2022 Mine A Showcase for 2 Years

US Twin Metals Copper and Nickel Mine Deep Sea Mining Noise:
Project Permit Challenges Ahead Beyond US National Marine Fisheries Service Limits 56
 Regulatory Changes Affecting Copper Mining
Laws in the United States in 2022

US Clean Energy Minerals US Clean Energy Minerals US Mining Royalty Regulations

Reform Act: Leasing Reform Act: Different Amendments Reconciliation Bill
System and Royalties for Royalties Under Discussion
Mining

US Reform on Permits for
Copper Mining, Smelting and
Refineries Discussed
United States Minerals US Department of Interior: US Mining Schools Act of
Security Partnership for Unlimited Scope of 2022 Introduced in the US
Critical Mineral Supply Compensatory Mitigation Congress
Chains 2022 57
 United States Invokes the Defence Production Act
for Clean Energy in 2022: Impacts on Copper Markets

US Defence Production Act and U.S. Department of Energy US Defense Production Act Solar Technologies Included in
Import Tariffs on Solar Panel Invokes Defence Production Aiming to Reduce Future Clean the Defence Production Act
Photovoltaic Cells Act for Clean Energy Energy Imports Announcement

Transformers and Power Grid
Components in the US Defence
Production Act Call
US Defence Production Act for
Clean Energy: Insulation and
Heat Pumps
US Defence Production Act
Funds to Open Mines in
Australia and the United
Kingdom
New DOE’s Office of
Manufacturing and
Energy Supply Chains
58
 Regulatory Changes in 2022 Affecting the United States
Copper Value Chain for Clean Energy

US Administration Backup US to Rely on Overseas US Antimony Stockpiles Changes: US Department of the

More Domestic EVs by 2030: Mineral Imports for EV Battery Opportunities for Copper Smelters
Interior Release 2022 List
Mine Supply Undefined Raw Materials
of 50 Critical Minerals

US List of 50 Critical Challenges to Establish a US Power Grid Funding and US No Oil Producing and
Minerals 2022: Limited US Domestic Critical National Strategy Limits Exporting Cartels Act
Domestic Mines and Minerals Mining Industry (NOPEC) Bill of 2022
Refineries 59
 2022 Regulatory Developments Affecting
Copper Trading in the United States Financial Markets

US Securities and Exchange Commodity Futures Trading US Securities and Exchange

Commission: Derivatives Commission and SEC: Derivatives
Enforcement Actions Enforcement Actions
Commission Fraud Action
Against Vale S.A.

US SEC: Vale Mine Tailings Dam US SEC: Importance of Ensuring Changes in Basel III Change US
Management Update Compliance with ESG Policies Reporting for Precious Metals
and Procedures Contracts and Credit Risk 60
 Regulatory Developments Affecting Copper
in Australia in 2021- 2022

2022 Energy Crisis Prompts Australian Electricity New Electric Vehicle Tax Australia to Remove Fuel
Suspension of Electricity Providers Losing Money on Concessions in Australia: Excise and Implement Mass
Market in Australia and the UK Power Price Cap Tax Uncertainties Distance Charges

Australian Tax Office: Australia Petroleum Australia Low Tax Revenues Australian Mining Tax
Resources Boom But No Resources Rent Tax on Exports of Liquefied and Royalties: 16 %
Income Tax Paid by Oil Overcompensated Investors Natural Gas
Increase in 2020-2021
Majors on Deductions
61
 Regulatory Developments Affecting Copper
in Australia in 2022-2023

2022 Australian Labor Party Australia to Implement OECD Australia Expected Mandatory
Government: Focus on Mining Corporate Tax and Transfer Reporting of Tax Haven
Taxes and E-Vehicles Prices Package in 2023 Exposure to Shareholders

Australia Queensland Australia Queensland Australia Victoria: Zero and Low

Partnership with JOGMEC on Government Hikes Coal Emission Vehicle Distance-based 62
Cobalt in Copper Mine Tailings Royalties Up to 40% in 2022 Charge Bill Implemented
 Regulatory Developments Affecting Copper
Resources Governance in Canada in 2022

Rights of Indigenous Peoples and Canadian Investment Canada Act:

Critical Minerals Strategy 2022 Critical Mineral Security and Canadian Mining

ESG Self-Regulation:
Mining Association of Canada’s Sustainable
Mining Program. 63
 Canada Regulatory Developments Affecting
Junior Copper Miners and Water Pollution

Canada Federal Budget 2022: Grants for Mineral New Regulation for Junior Canadian Securities
Surveys, Processing and Recycling Mining Companies to Go Public Administration on Mineral
in Canada Resource Estimates

New Amendment to Metal New Effluent Discharge Limits Canada Water Agency 2022
Mining Effluent Regulations for Copper and Other Minerals in Canada Watershed Security Strategy

64

British Geological Survey
New Critical Minerals
Intelligence Centre
Electrification of the
UK Transport System
Raises New Regulatory
Challenges
Regulatory Developments Affecting Copper
Flows in the United Kingdom in 2022
UK Department for Business, UK Building Safety Bill 2030 UK Combustion Engine
Energy and Industrial Strategy Vehicles Ban Versus Electricity
Critical Minerals List Enforced Costs
Challenges to the Rules for EVs Only Render UK British Metals Recyclers Affected
Abolition of Transport Homeowners Vulnerable to
Emissions in the United by Red Diesel Ban in 2022
Power Outages and Political
Kingdom
Risk
65
6. Regulatory Developments Affecting
Copper in Metal Exchanges in 2022

66
Regulatory Developments Affecting the LME After March 2022:
reluctance of some players to place metal into LME registered warehouses.

UK Financial Conduct Authority London Metal Exchange Lawsuit Against the London
and Bank of England Review LME Commission Independent Review Metal Exchange by Elliott
Events. on March 2022 Events Associates

Lawsuit Against the London Britannia Global Markets Ltd to Banks Proposals to Make LME
Metal Exchange by US Market Withdraw as a Category 2 Clearinghouse More Resilient to 67
Maker Member of the LME Shocks
 LME Actions on Metals Trade Volatility in 2022:
Over-the-Counter Trade and Temporary Price Limits

LME Introduce Weekly LME Consultation to Introduce

LME trading conditions in H1-2022: Weekly OTC Position Reporting:
“chaotic and completely unprecedented” OTC Position Reporting Findings

LME Position on LME Introduced a 15% LME Consultation on OTC Historic Opposition to the Limited LME Powers
Confidentiality Concerns Upper and Lower Daily Position Reporting for Introduction of OTC on OTC Information
of OTC Position Reporting Price Limit for Delivered Physically Deliverable Reporting of LME Metals
Metals Metals Agreed in 2020

LME Requirements on OTC Position LME OTC Trade and Position Reporting
Reporting for Deliverable Metals in Framework Proposed in 2022 68
2022
 Regulatory Developments Affecting Copper
Related to Chinese Metal Exchange in 2022
SHFE – INE: Shanghai Shanghai International Energy
International Energy Exchange Exchange Copper Contract:
Copper Contract in Yuan Recent Developments
Internationalization of Chinese Chinese Commodity Futures
Copper Futures Market Alignment with International
Accelerated Significantly Standards
SHFE Revise Copper
Cathode Specifications in
2022
Rising Proportion of Overseas
Participants in Chinese
Commodity Futures Market
SHFE Copper Cathode
Specifications in 2022: Quality
and Other Specifications
Foreign Institutional Investors
Allowed to Trade Commodity
Futures and Options in China
69
Other Regulatory Developments Affecting Copper Related to LME in 2022
Uncertainty about Russian metals going to LME warehouses in 2023.

LME Recognition of Multi Metal LME Passport Digitalize Purity, LME Delists Four Metal
Standard for Responsible Size and Shape of LME Metals Warehouses in Port Klang,
Sourcing Malaysia in June 2022

LME Reviewing Impact of LME Discuss Bans and Russian Consolidating and Downsizing
Sanctions on MMC Norilsk Nickel Federation Refined Copper the Number of LME Ring Dealers 70
CEO Brands in British Warehouses in 2022
 Movements between reported and unreported refined copper
inventories remain a key driver of copper price volatility.
Reported Refined Copper Inventories in kt-Cu
ICSG ex-Exchanges Versus Reported in Exchanges 1990-2022
2020
2018
2016
2014
2012
2010
2008
2006
2004
2002
2000
1998
1996
1994
1992
1990

0 200 400 600 800 1,000 1,200 1,400

Exchanges ICSG reported
1.17 million tonnes of refined copper vanished from exchanges in 2002-2004.
2016-2022: refined copper inventories emigrating out of metal exchanges
 Consumers and governments are not reporting inventories,
marginal from merchants, limited from metal exchanges and producers.
Reported Global Stocks of Refined Copper 2020-2022 in kt-Cu
1000

500

0
Merchants Government Consumers Exchanges Producers
2020 2021 Jun-22
 Under-reported copper end uses + under-reported
copper inventory changes: +17.8 Mt-Cu in 2012-2021:

Global Copper Demand and Copper End Use in kt-Cu

2021 Preliminary
2020
2019
2018
2017
2016
2015
2014
2013
2012

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000

Copper End Use ICA-IWCC Refined Demand+ Scrap Direct Melt ICSG
7. Multilateral and Bilateral Regulations
Affecting Copper in 2022

74
 UNEP Deep Sea Mining Report 2022:
Harmful Marine Extractives

UNEP 2022 Report on Deep UNEP Deep Sea Mining Report: UNEP Deep Sea Mining Report UNEP 2022 Report on Deep
Sea Mining: Harmful Marine Absence of Understanding of on European Union Opposition Sea Mining: Risks of
Extractives Ecological Relationships Reputational Damage

UNEP Report on Deep Sea UNEP 2022 Report on Deep UNEP 2022 Report: Deep Sea
Mining: Lack of Regulatory Sea Mining: Managing Risks of Mining and Sustainable Blue
Certainty Financing Economy

75
 UN International Seabed Authority:
Developments on Seabed Mining Regulations in 2021-2022

ISA Coordination With the Rest ISA Council and ISA Assembly ISA Roadmap for Accelerated Recent ISA Work on Seabed
of the UN System on Seabed Meetings Delayed to 2022 Work on Seabed Mining Mining Exploitation Regulations
Mining Exploitation Regulations in 2022

ISA Secretary General:
Developing Countries Limited
Capacity on Deep Sea
Research
International Seabed Authority
Ask Exploration Contractors
for Bathymetric Data
Nauru: UN ISA Two-Years
Deadline to Finalise Seabed
Mining Regulations
The Metals Company Sea
Bed Mining Proposal for
Nauru: Financial Issues
76
 New Challenges to UN Agreement on
International Seabed Mining Regulations in 2022

Requests for Moratorium ISA Latin American Group: Chile Calls for a Peru Lawmakers Bill Calling
on Seabed Mining in No Progress in Adoption of Moratorium on Deep-sea for a Deep-Sea Mining
International Waters Seabeded Mining Mining Moratorium
Regulations

Church of England and UN ISA Report: Impact of Impact of Seabed Mining on ISA Impact of Seabed
Investors Meet to Discuss Seabed Mining on Land Land Based Producers: Mining on Land Based
Deep Sea Mining Risks Based Producers Conclusions Producers: Market Impacts

UN Ocean Conference 2022: Effort to Pass a UN Global Agreement to 2022 UN High Seas Treaty:
Positions on Sea Bed Mining Protect the World’s Oceans and Marine Life Governments Discuss Terms. 77
 UN Minamata Convention on Mercury
2022 Regulation Affecting the Copper Industry

UN Minamata Convention UN Minamata Convention UN Minamata Convention UN Minamata Convention

National Reports Deadline Recent Achievements and on Mercury (COP-4) Held Establishing Thresholds for
Achieved COP in 2022 in Indonesia Mercury Waste in 2022-2023

UN Minamata Convention UN Minamata UN Minamata Convention UN Minamata

Decisions on Gold Tailings Convention Decision
and Other Mine Tailings
on Tests for Mercury
Contents in Mine
Tailings
Mine Tailings Work Convention Interaction
Guidelines
with Broader UN
Environmental Agenda
78
 2022 Regulatory Developments on CO2
Emissions from the Shipping Industry

UN International Maritime IMO and the European Union’s Shipping Industry: Challenges to
Organization CO2 Emissions FuelEU Maritime Regulation Reduce CO2 Emissions in 2022-
Reduction in Shipping 2025

Shipping Decarbonisation Agenda at Ship Owners Zero Emission Targets Proposed by NGOS
IMO Marine Environment Protection Proposals for IMO Member and Industry for IMO MEPC
79
Committee States 2023 Meetings
 Key Regulatory Challenges Affecting Copper in 2022:
Other Intergovernmental Reports and Surveys

The World Bank Energy Report 2022: IEA Energy Efficiency Action Plan on Energy Institutional Investors: Copper
Global Electrification Shortage Copper Intensive Efficiency 2022 by Miners to Include Scope 3 GHG
Opportunities Group of Countries Emissions

ESG: Decarbonization Copper Demand Climate COP27: Climate Policy

Challenges:
Main Challenge for
Increasing Challenge Opportunities and
for Mining Operations COP 26 Review
Mining Operations at
at EY Survey 2022
Challenges for the
EY Survey 2022 Copper Mining Industry 80
 Industry Self Regulation Affecting
Copper Mine Supply and Tailings in 2022

More Mine Tailing Accidents in Implementing a Global Industry Independent Global

2019-2021 and Church of Standard on Tailings Management Tailings Management
England Investors Activism in 2022 Institute Created in 2022

Advisory Panel and Tailings Dams Portal ICMM Releases a Mine The Copper Mark: +Complex
https://tailing.grida.no/map/overview/ Tailings Management Advances 2020-2022 Concentrate Exports
Good Practice Guide
and China Arsenic
Threshold
81
 Industry Self Regulation Advances Affecting
Copper Market Transparency in 2022

ICMM: New Social and Copper Industry ESG Transparency: EITI 2022 EITI Advances on Critical
Economic Reporting Performance: Improved Beneficial Ownership Advances Minerals, Energy Transition
Responsible Mining Index 2022 and Gender Issues

EITI Advances on Mining Church of England and UK Pension Funds Help

Industry Governance Investors Initiative for Mining Emerging Economies to Use
Sector Self-Regulation Less Fossil Fuels
82
 Global Regulatory Developments in 2022
on Lead Content in Copper Alloys

Tightening of Global Regulations Regulations on Lead Content of Alternatives to Leaded Copper

on Lead Content to Impact Copper Alloy Products: Alloys On Tight Global Lead
Copper Alloys Copper Industry Views Content Regulations

83
 Advances on Regulatory Compliance at
Major Copper Mining Companies in 2022

Glencore Reaches Coordinated Other Glencore Related Glencore New Ethics and
Investigations and New Compliance Programme
Resolutions with the US, UK and Brazil Internal Controls Implemented

BHP Loses Appeal to Block £5 BHP on Climate Change, BHP on Consequences of ESG
Billion Lawsuit on Samarco Mine Decarbonization and ESG Investment Investment Policies on Mine Supply
Policy 84
Tailing Disaster
 Developments on UN Security Issues and Bilateral
Regulations Between China, the IMF and the DRC

UN Security Council Renews Sanctions on DRC, DRC and China UN Security Council DRC Expert
Reactions to UNSC Group Annual Report 2022
Extends DRC Expert Group Mandate
Sanctions on DRC

IMF Loan Conditionality to China Write Off Some Debts China Supports DRC in Cracking
DRC: Renegotiate Minerals by from DRC: New Partner for Down on Illegal Activities of
Infrastructure Agreements Belt and Road Initiative Chinese Companies
85
 Bilateral US, UK and EU-27 Regulatory Changes
Affecting Global Copper Trade in 2022

US-China Trade Impact from Reinstatement of US Tariff US Tariff Exclusions on US and European Union
“Make in America to Sell in Exclusions on Copper Electrical and Mechanical Suspend Steel and
America Act of 2021” Intensive Imports from China Machinery from China Aluminium Tariffs

The US and the EU US Imports of Russian British Government Changes in

Advance on Future Carbon Cobalt: New 45% Duty Increase Import Tariffs on Counterpart Holdings
Intensive Metals Trade and Impacts Russian Metals by 35%
Deal of US Treasury86
Bills
 International Bilateral Regulations Affecting
Copper Trade in ASIA and Europe in 2022

South Korea Anti-Dumping Special Tax Rates for Trade China New Trade Tariff China Reduce Import Tariffs
Action on Copper Tubes from with China for Bilateral for Blister Copper on High-Voltage Cables Used
China and Vietnam Agreements in 2022 in High Speed Trains
Increased 100% in 2022

China Impose Export Quotas Russian Exporters of
on Fertilizers in 2022 Copper Paid Extra Export
Taxes in Last Five Months of
2021
EU’s Economic Sanctions
Against Russian Steel Exports
EC Council Agreed to
Ban Imports of Only
Finished Steel from
Russia

EU Sanctions on Russia: Packages of 87

Sanctions Reviewed
8. Regulatory Developments Affecting
Copper in the European Union in 2022

88
 European New Regulatory Changes and Priorities in 2022:
German Energy Self-Subsidy, Carbon Prices Jump
and 2035 Ban on Petrol/Diesel Vehicles

Germany’s EUR200 bn energy European Transport Industry Italy Automotive Industry

subsidy, on top of their previous Position on EU Ban on Petrol and Association Position on Battery
EUR65 bn subsidy. Diesel New Cars in 2035 Electric Vehicles

Carbon Pricing Remain a EU-27 New Proposed Reform to the

European ETS Carbon Prices Carbon Emissions Trading System
European Only Emission Trading
System in 2022 100 Euro per Tonne 89
 European Union Regulatory Changes in 2022:
Decarbonization and Carbon Border Adjustment Reform Rejected

Reform of the EU
Carbon Market
EU-27 Carbon Border EU Carbon Border Adjustment CBAM Overburden on
Mechanism Implementation Rejected by the
Adjustment Mechanism European Companies in
and Emissions Trading Changes in 2022
the Midst of an Energy
European Parliament
System Crunch

European Union Carbon Border Netherlands Farmers Against

European Commission Adjustment Mechanism: New Nitrogen Emission Limits
New Proposal for
Carbon Border Looking for Consensus
Adjustment Mechanism 90
 European Union New Priorities in 2022
on Critical Raw Materials and Electric Batteries

European Commission Critical Raw Materials Act Sept 2022

European Union EIT Raw Eurometaux Options to European Union Energy

EIT Raw Material Material Summit: Avoid Metal Shortages for Efficiency Directive EU-27 Proposal
Summit Plan to EUROMETAX Position the EU Energy Transition Discussed in 2022 to Replace the
Face Expected 2006 Batteries
Shortage of Directive:
Critical Materials Advances in 2022

European Parliament EU-27 Batteries Regulations: WEEE Recycling Group Positive

Position on New 2022 Feedback to New European Union
Batteries Directive Recycled Content Targets and Battery Law 91
Easy/Safe Removal
 European Union 2022 Regulatory Priorities
on Raw Materials Dependency and New Mineral Policy

EU-27 Sustainable Access EC 2022 Strategic EU-27 to Reduce Fossil EU-27 Renewable Energy
to Raw Materials: Foresight Report: Focus Fuels Dependency in 2022 Generation Plan: Costs
Strategic Priority in 2022 on Key Action Areas and Solar PV Role

EU-27 Plan to Reduce EU-27 Fossil Fuels Proposed Law to Reduce European Commission
Fossil Fuels Dependency: Plan: Permits Red Tape by the Discuss New Priorities
Funding and Power European Commission on Mineral and Metals
Transmission Issues Targets 2022-2030
Policy 92
 European Union Regulatory Developments in 2022:
Showcases on Critical Raw Materials Regulations Under Discussion

European Raw Materials European Response to 2022 ERMA EU Work on Securing Raw
European Alliance: Magnesium Magnesium Dependence: 15% Materials from Rare Earths to EU-ECHA May Label
Institute of Showcase of EU Mineral Domestic in 2030 Base Metals Lithium As Toxic:
Innovation and Dependence Impact on Clean
Energy Transition
Technology:
EIT Raw
Materials
Initiative
Lithium Potentially Toxic in the EU: EU to Asses Lithium as a
Battery Industry Reactions
Potential Category 1A Lithium Toxic in
Reproductive Toxin in 2022 the European
Community:
Implications for
Mines and EV
Output

France Deep Sea Mining Contract

93
and Request for A Legal Framework to Stop It
 European Union Regulatory Developments in 2022
on End of Waste, End of Life Vehicles and Power Chargers

New EU Waste Electrical and New European Commission End-of-life Vehicles:

Electronic Equipment Directive
End-of-Waste Criteria by 2023 Evaluation and Review of the
ELV Directive in 2022

EU-27 New Standard Charger Industry Reactions to EU-27 New

for Smartphones and Tablets in Standard for Power Chargers
2024 94
 2022 European Union Regulations Affecting Shipments
European Union 2022
of Unprocessed Developments
Copper Waste andonProcessed
Waste Shipment
Copper Regulation
Scrap

EU Waste Shipment Regulation
Improvement: Background and
Recent Advances
Regulatory Burdens of EU EU Waste Shipment EU New Waste Shipment
New Waste Shipment Draft Regulation Draft: Objectives
Regulation Draft Discussed in
Law Changes and Proposed Tools
2022

Waste Shipment Expected Impacts of EU New Waste BIR: Regulatory No Distinction Between
Regulation Draft the EU New Waste Shipment Regulation: Burdens of WSR Draft Processed Scrap and
Shipment Regulation Bureau of International Unprocessed Waste in
New Annexes
Recycling Position WSR Draft

95
 2022Union
European European Union Regulations Affecting Shipments
of Unprocessed Copper Waste and Processed Copper Regulation
2022 Developments on Waste Shipment Scrap

Negotiations of Waste Shipment Rules to Changes to the EU Waste EU Waste Shipment

Artificially Reduce EU Copper Shipment Regulations to Regulations Negotiation
Changes to the EU Scrap Prices: EURIC Reduce Net Scrap Exports Reveals Different Commercial
Waste Shipment Rules Interests
in 2022

EC Waste Shipment Regulation EuRIC: Problematic Eu Action on Illegal

Review Requires
Improvements: Untreated Waste Waste Exports and
Traders Should Not Be Intra-EU Trade
Exported from the EU 96
 Even before changes in EU Waste Shipment Regulations:
falling exports of recycled copper raw materials after 2019.
Exports of Copper Scrap, Alloy Scrap and Copper Waste Extra EU-27 in kt
1,000

800

600

400

200

0
2019 2020 2021 2022 F 97
 Conclusions: Trends in Observed Regulatory
Developments Affecting Copper in 2022
1. Tax and royalty reforms in Chile, Brazil, Argentina, Panama, Mexico. Peru-IMF tax reform next?
2. Africa less stringent regulations making faster and easy to start new copper mine capacity
3. +Copper miner friendly in 2022: Panama, Zambia, Mongolia, DRC, others, capital moving in!
4. DRC review mineral agreements and royalty. Zambia miner-friendly regulations and IMF bailout
5. Mongolia-Rio regulatory agreement on Oyu Tolgoi expansion securing more mine supply
6. India subcontinent advancing to replace ASEAN as top non ferrous scrap dismantling location
7. Indonesia ore export ban: next copper smelting spot in Asia. Open pit ban ended in Philippines
8. New clean energy regulations pushing copper demand up, but restricting mine/scrap supply
9. Advances on miners tailings compliance but trade bans and new taxes affecting copper flows
10. New copper mining regulation in North and South America, less permits approved in 2021-2022
11. Disagreements in UN agencies on seabed mining rules and permits. Moratorium proposals
12. LME unprecedented trading and lawsuits: reluctance to place metal into the reporting system
13. EU-27 international trade of recycled copper affected by waste shipment rules uncertainty
14. EU-27 CO2 markets reforms delayed, priority in securing raw materials, scrap exports controls
15. China copper use: real estate slowdown+energy conservation vs grid + green energy subsidies.
98
Thank you!

risopatron@icsg.org 99