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Copper News

Oyu Tolgoi on track for full-year guidance despite concentrator fire, lowers 2015 guidance

By: Henry Lazenby Rio Tinto Subsidiary Turquoise Hill Resources on Friday reported that despite a recent concentrator fire at the massive Oyu Tolgoi copper/gold mine, in Mongolia, the operation was on track to meet its expected full-year output. Turquoise Hill in October reduced its 2014 forecasts for gold and... 

Zambia royalty hike to force mine closures – chamber

By: Reuters Zambia's decision to hike royalty rates on open pit mining from 6% to 20% will lead to shaft closures and 12 000 job losses, the chamber of mines said on Friday. Barrick Gold said on Thursday it would suspend operations at its Lumwana Copper Mine after royalty increases were passed into law in... 

Zambia royalty hike to force mine closures – chamber

Codelco says El Teniente expansion two to three yrs behind schedule

By: Reuters The expansion of Chilean copper company Codelco's El Teniente underground mine has fallen around two to three years behind schedule, CEO Nelson Pizarro said on Friday. Pizarro, who took the helm at the world's No 1 copper producer earlier this year, added that the El Teniente expansion will... 

Horseshoe waits for better days

By: Esmarie Swanepoel ASX-listed junior Horseshoe Metals would have to wait for an increase in commodity prices before considering the development of its Horseshoe Lights copper-gold project, in Western Australia. A scoping study into the project, which is estimated to host some 12.85-million tonnes of resource,... 

Peru OKs environmental study for Southern Copper mine expansion

By: Reuters Peru approved the environmental study for Southern Copper's $1.2-billion expansion of its Toquepala mine, a project expected to raise copper output by 100 000 t/y, the government said on Thursday. Construction on the expansion, which will add a new concentrator at the mine and boost its tailings... 

First Quantum says Zambia royalties could discourage investment

By: Reuters Zambia's new mining royalty rate could be a "massive disincentive" for future investment if it does not come with some form of capital relief, First Quantum Minerals's president told Reuters on Thursday. President Clive Newall said the miner does not yet know the specifics of the scheme to raise... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law

By: Henry Lazenby Canada’s Barrick Gold Corp will suspend operations at its Lumwana copper mine, in Zambia’s Northwestern province, after the country enacted legislation that raised the royalty rate on openpit mining operations from 6% to 20%. TSX- and NYSE-listed Barrick, the world’s largest gold producer, said... 

Barrick Gold to suspend Lumwana copper ops after Zambia passes new royalty law
Photo by Barrick Gold
Lumwana, Zambia

Judge refuses Vale request to dismiss Rio Tinto lawsuit in US

By: Reuters A US federal judge on Wednesday refused to dismiss mining giant Rio Tinto's lawsuit against rival Vale, alleging it conspired with Israeli billionaire Beny Steinmetz and BSG Resources to steal the company's valuable mining rights in Guinea. US District Judge Richard Berman of Manhattan rejected... 

Discovery set to shut Boseto mine

By: Esmarie Swanepoel Copper miner Discovery Metals on Wednesday announced that it would mothball its Boseto openpit operation, in Botswana, within the next six months. The miner told shareholders that a review of the openpit operation had been launched earlier this year to determine the effect of the current and... 

Osisko Gold Royalties agrees to provide C$10m loan to Highland Copper

By: Henry Lazenby Gold-focused royalty and stream company Osisko Gold Royalties on Tuesday said it had agreed to give Canadian explorer Highland Copper Company a C$10-million secured loan in exchange for, among other things, a 3% sliding-scale net smelter return (NSR) royalty on all metals produced from the White... 

Nevsun reports full power restored at Eritrea ops, lifts dividend

By: Henry Lazenby Horn of Arica-focused copper miner Nevsun Resources on Monday reported that a third-party power solutions provider has fixed and restored the electricity supply to the Bisha plant, in Eritrea. Nevsun last week reported that power supply issues had forced a temporary halt in concentrate... 

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility

By: Martin Creamer Gold mining companies Harmony Gold of South Africa and Newcrest Mining of Australia plan to spend $2.3-billion on developing their Golpu deposit in Papua New Guinea. Harmony and Newcrest, which each own 50% of the Golpu project through the Wafi-Golpu Joint Venture, on Monday gave a firm thumbs up... 

Harmony Gold, Newcrest to spend $2.3bn on Golpu feasibility
Photo by Duane Daws
Graham Briggs

After conquering iron ore, BHP and Rio move to dominate in copper

By: Reuters Rio Tinto and BHP Billiton are amassing vast copper holdings in a push to capture a greater chunk of the $140-billion world market, apparently aiming to squeeze out high-cost producers just as they did in the global iron ore business. Separately and in joint ventures, Rio and BHP intend to mine... 

US Congress approves land swap for Rio-BHP copper mine in Arizona

By: Reuters The US Congress has cleared the way for global miners Rio Tinto and BHP Billiton to swap land with the government, which will allow them to build a long-delayed $6-billion copper mine in Arizona. The land swap, first proposed nine years ago, was tucked into the annual defence policy bill passed... 

Waning investor confidence, weak commodity prices among factors limiting growth of African mining sector

By: Jade Davenport Along with the Arctic, sub-Saharan Africa remains the most underexplored and highly prospective mineralised region on earth. However, despite its ‘open for business’ approach and myriad investment opportunities – in terms of greenfield and brownfield projects across the commodity spectrum –... 

Waning investor confidence, weak commodity prices  among factors limiting growth of African mining sector

US$-denominated copper hedging gives Taseko the edge in volatile price environment

By: Henry Lazenby Base metals miner Taseko Mines on Thursday said it had copper put options in place to provide downside protection to the price of copper through to June 30, 2015. For the first half 2015, the Vancouver-based company had put options in place to guarantee a floor price for 30-million pounds of... 

Freeport resumes processing at sole US copper smelter

By: Reuters Freeport McMoRan operations at its sole US copper smelter have returned to normal production levels after it completed repairs on an electric furnace damaged in a fire at the Arizona facility, a spokesperson said on Thursday. Freeport, the largest US miner by market value and revenue, resumed... 

Nautilus receives PNG funds from escrow, forms Solwara 1 JV

By: Henry Lazenby Prospective marine miner Nautilus Minerals on Thursday formed a joint venture (JV) company with Papua New Guinea’s (PNG’s) nominee Eda Kopa (Solwara) to mine high-grade polymetallic seafloor massive sulphide deposits at 1 600 m below the surface of the Bismarck Sea, offshore PNG, within the... 

Thompson Creek to suspend Endako mine operations

By: Henry Lazenby Denver, Colorado-based Thompson Creek Metals would suspend operations at its Endako molybdenum mine, in British Columbia, at the end of the month, as a result of the continued weakness in the molybdenum market. The NYSE- and TSX-listed miner said that about half of its salaried employees at the... 

Strike affecting some ops at Peru top copper mine - union

By: Reuters A strike at Peru's biggest copper and zinc mine Antamina is affecting "some" operations at the project, a union director said on Wednesday, although a mine spokesperson said operations were "normal". The workers began a fresh strike at the mine, which produces around 30 000 t/m, on Wednesday in... 

Yamana Gold to spin out, sell some noncore Brazilian assets

By: Henry Lazenby Canadian gold producer Yamana Gold will spin out some of its noncore Brazilian assets into a new subsidiary next year, but would continue to consider strategic alternatives for these assets, including their possible outright sale. The Toronto-based miner on Wednesday said it had already made... 

Yamana Gold to spin out, sell some noncore Brazilian assets

Capital misallocation lowering commodity prices – Glencore

By: Martin Creamer Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday. Highlighting the need to differentiate by commodity in allocating capital, Glasenberg said at the company’s investor day in... 

Capital misallocation lowering commodity prices – Glencore
Photo by Duane Daws
Ivan Glasenberg

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

In light of these developments, Creamer Media’s Base Metals 2014 Report examines the global base metals market, with a particular focus on supply and demand, and on the production of copper, zinc, nickel and lead, as well as selected base metals operations and projects in Africa. 

Creamer Media publishes Base Metals 2014: A review of Africa's base metal's sector research report

Metallum completes San Sebastian buy

By: Esmarie Swanepoel Junior explorer Metallum has taken full ownership of the San Sebastian concession and mine, which forms part of the greater El Roble copper project, in Chile. Metallum in August this year signed an option agreement to acquire the San Sebastian concession, covering about 50 ha adjoining the... 

Workers at Peru's top copper mine to start new strike Wednesday – union

By: Reuters Workers at Peru's biggest copper and zinc mine, Antamina, will start a new indefinite strike on Wednesday to continue pushing for a bonus and other benefits, union leader Jorge Juarez said. The union ended a 19-day strike on November 30 after Peru's work authority declared it illegal. The mine... 

Sumatra resumes Tembang work, eyes first gold by Nov 2015

By: Esmarie Swanepoel Gold developer Sumatra Copper & Gold has restarted construction work at its flagship Tembang gold/silver mine, in Indonesia, and expects to produce its first gold by November next year. In December 2013, Sumatra halted the development work on the Tembang project after project costs increased... 

Sandfire restarts underground activities at DeGrussa

By: Esmarie Swanepoel Underground mine and ore haulage has restarted at copper/gold miner Sandfire Resources’ Conductor 1 and DeGrussa orebodies at its DeGrussa operation, in Western Australia. Mining activities in the Conductor 1 and DeGrussa orebodies were temporarily put on hold in November owing to increased... 

Nevsun unfazed by unreliable power at Bisha plant

By: Henry Lazenby Eritrea-focused copper producer Nevsun Resources was unaffected by power supply issues that had forced a temporary halt in concentrate production at its flagship Bisha mine. Vancouver-based Nevsun reported that the 27-generator strong third-party-supplied power plant was undergoing routine... 

KGL to spend more on Jervois optimisation

By: Esmarie Swanepoel ASX-listed KGL Resources would spend a further A$2.7-million on an additional work programme at its Jervois copper project, in the Northern Territory, despite positive results from a recently-completed prefeasibility study (PFS). Based on a resource estimate of 25.3-million tonnes, containing... 

Tiger delays DRC copper expansion to strengthen balance sheet

By: Esmarie Swanepoel Copper miner Tiger Resources on Monday announced that it would postpone the Phase 2 expansion of its solvent extraction and electrowinning (SX-EW) plant, at the Kipoi project, in the Democratic Republic of Congo, until it could strengthen its balance sheet. The Phase 2 expansion of the SX-EW... 

Tiger delays DRC copper expansion to strengthen balance sheet

Anglo American signs up for PNG exploration project

By: Esmarie Swanepoel Mining major Anglo American has entered into a joint venture (JV) agreement with ASX-listed Highlands Pacific over its Star Mountain copper project, in Papua New Guinea. Under the term of the nonbinding letter of intent, Anglo American would pay $10-million, in two tranches, to Highlands. The... 

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