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Mines & Metallurgy KI-2026-01-22-IMRJanuary 22, 2026 8 pages · Monthly Intelligence Snapshot

Industrial Metals — Silver, Cobalt & Copper Q4 2025 Recap

Year-end 2025 review of LME and LBMA-benchmarked metals, with focus on North African mining basin production economics and 2026 outlook.

Abstract

Q4 2025 saw silver consolidate above multi-year support levels while cobalt entered a stabilization phase after the post-2023 reset. Copper held firm despite Chinese demand softness, supported by tightening mine supply. This snapshot reviews LBMA/LME benchmarks, mining cost structures in North African basins, and the H1 2026 outlook.

Inside this brief

  • ●Silver — LBMA fixings and demand outlook
  • ●Cobalt — DRC production and refining margins
  • ●Copper — global supply-demand balance
  • ●North African mining basin economics
  • ●H1 2026 outlook and key catalysts

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Kolva Insight is the research division of Kolva.ai, publishing quarterly briefs and monthly snapshots across energy & materials, agribusiness, automotive supply, mines & metallurgy, chemicals, and construction materials. Our methodology combines ERP-aggregated operational data (anonymized) from the Kolva platform with public market sources — ICIS, Reuters, OPEC MOMR, IEA OMR, LBMA, LME, Argus, Drewry, and industry sector publications.

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