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Copper News

Red Rock excited about second-phase DRC exploration

By: Marleny Arnoldi     Updated 4 hours ago London-listed Red Rock Resources has contracted mineral exploration associates Minex Consulting to start a second phase of exploration on its licence in the copperbelt, in the south of the Democratic Republic of Congo (DRC). The licence, which Red Rock calls the Luanshimba project, is... 

Ivanhoe rapidly progressing Kakula mine development  

By: Marleny Arnoldi     25th February 2020 TSX-listed Ivanhoe Mines has completed more than 8 km of underground development at the Kakula copper mine, in Democratic Republic of Congo. The company on Tuesday said this was 1.7 km ahead of schedule.  

‘Everybody is on edge’ with worry on virus – Freeport CEO

By: Bloomberg     24th February 2020 The coronavirus “took the legs out” of copper’s rally and is rattling everyone from miners to equipment suppliers, according to the head of the world’s largest publicly traded producer of the metal. “Everybody is on edge, and they’re taking it very seriously and the uncertainty around it,”... 

‘Everybody is on edge’ with worry on virus – Freeport CEO

Freeport's Adkerson pours cold water on Barrick Grasberg tie-up

By: Reuters     24th February 2020 Freeport McMoRan is not interested in pulling the trigger on a deal for its Grasberg copper-gold mine in Indonesia, president and CEO Richard Adkerson said on Monday, tamping down speculation of a tie-up with Canadian miner Barrick Gold. “Now’s just not the time for Freeport to think about doing... 

Freeport's Adkerson pours cold water on Barrick Grasberg tie-up
Freeport McMoran CEO Richard Adkerson

Hudbay prepares for next phase of growth

By: Mariaan Webb     24th February 2020 Dual-listed Hudbay Minerals is preparing for the next phase of growth, focusing on mining the high-grade Pampacancha satellite deposit, in Peru, and completing the refurbishment of the New Britannia gold mill, in Canada. Both projects, CEO Peter Kukielski says, require low capital intensity, but... 

Ecuadorean court denies public vote on halting mining projects

By: Reuters     24th February 2020 Ecuador's Constitutional Court late on Friday denied for a second time a request by activists to hold a public vote on whether to ban mining in the Andean country's mineral-rich Azuay province, where several mining projects are in development. Azuay's prefect, Yaku Perez, who submitted the... 

Even without a case, Africa may be a big victim of coronavirus

By: Bloomberg     24th February 2020 Even without a single confirmed case, sub-Saharan Africa may be the region hardest hit outside of Asia by the spread of the coronavirus. The outbreak has shut down entire swathes of the Chinese economy, threatening world economic growth and curbing appetite for oil and metals that are the... 

Rio Tinto turns to arbitration to settle Mongolia tax dispute

By: Mariaan Webb     21st February 2020 Diversified major Rio Tinto said on Friday that its Mongolian unit, Oyu Tolgoi, had initiated a formal international arbitration process to seek a definitive resolution with regard to a dispute with that country’s tax authority. The Mongolia Tax Authority issued Rio Tinto with a tax assessment... 

Teck profit slumps on lower coal prices; flags virus hit

By: Reuters     21st February 2020 Canadian miner Teck Resources reported a 76% slump in fourth-quarter adjusted profit on Friday, hurt by lower prices for steelmaking coal and warned that the coronavirus epidemic would impact its earnings. Copper and other base metal prices have suffered from a long-drawn tariff war between the... 

Teck profit slumps on lower coal prices; flags virus hit
Teck Resources CEO Don Lindsay

Teck to update QB2 schedule, cost estimates

By: Mariaan Webb     21st February 2020 Diversified mining company Teck Resources is continuing to target first production at the Quebrada Blanca Phase 2 (QB2) copper project, in Chile, by late next year, but the miner warned on Friday that there had been delays in the schedule, primarily owing to permitting and social unrest. The... 

Teck to update QB2 schedule, cost estimates

Policy review could improve investor confidence

By: Darren Parker     21st February 2020 Mining consulting firm The MSA Group is hoping that the review of Namibia’s Minerals (Prospecting and Mining) Act will enhance the country’s “friendliness” toward mining investors. The MSA Group principal consultant Mike Robertson says the 1992 legislation has been under review since 2018.... 

Policy review could improve investor confidence
DRIVING INVESTMENT Namibia’s reliable transport infrastructure, despite the remote nature of many sites of mineral interest, is attractive to investors

Copperbelt spells opportunity for firm

By: Darren Parker     21st February 2020 Superior, modern exploration techniques have resulted in a surge of interest in the Kalahari Copperbelt in recent years, with the uptick in the 2019 year-end copper price spurring exploration activity. The Kalahari Copperbelt, which is regarded as one of the world’s most promising underexplored... 

Copperbelt spells opportunity for firm
BELT OF POTENTIAL The 1 000 km long Kalahari Copperbelt Is regarded as one of the world’s most promising underexplored copper provinces

FutureSmart, P101 earn Anglo $4.7bn

By: Martin Creamer     20th February 2020 The smart technology and efficiency enhancing programmes of diversified mining company Anglo American have netted the company $4.7-billion so far. FutureSmart Mining (TM) programmes deliver additional value from equipment and processes and P101 uplifts the performance of existing operating... 

FutureSmart, P101 earn Anglo $4.7bn
Photo by Anglo American
Playing precisely to the demand for a cleaner, greener and more sustainable world.

Anglo’s earnings margins poised to strengthen – Cutifani 

By: Martin Creamer     20th February 2020 The strong 2019 earnings margins of Anglo American are poised to strengthen further in 2020, CEO Mark Cutifani said on Thursday. The 2019 earnings before interest, taxes, depreciation and amortisation (Ebitda) margins of the London- and Johannesburg-listed diversified mining company ranged from... 

Anglo’s earnings margins poised to strengthen – Cutifani
Photo by Anglo American
Anglo American calculates that these earnings margins will increase in 2020.

Palabora, Grindrod sign five-year magnetite handling contract

By: Marleny Arnoldi     20th February 2020 JSE-listed freight and logistics company Grindrod has entered into a five-year contract to transport five-million tonnes a year of magnetite by rail from copper miner Palabora Mining Company's operations, in Limpopo, to the Matola terminal, in Mozambique, where it will store the magnetite.... 

Anglo delivers $3.5bn profit, declares final dividend 

By: Martin Creamer     20th February 2020 Diversified mining company Anglo American delivered 2019 profit attributable to equity shareholders of $3.5-billion, in line with the prior year. The company, headed by CEO Mark Cutifani, generated underlying earnings of $10-billion, a 9% increase, and $2.3-billion of attributable free cash flow. 

Anglo delivers $3.5bn profit, declares final dividend
Photo by Creamer Media
Anglo American CEO Mark Cutifani

Gold prices keep Sandfire solid

By: Esmarie Iannucci     20th February 2020 Copper/gold miner Sandfire Resources has reported a solid end to the six months ending December, despite weaker US dollar copper prices. Sandfire on Thursday reported that sales revenue for the interim period reached A$313.1-million, up from the A$272.3-million, with copper sales up from 32 715... 

Freeport Indonesia aims for August kick-off of construction on new copper smelter

By: Reuters     19th February 2020 Freeport Indonesia, operator of Grasberg, the world's second-biggest copper mine, expects to start construction of a new smelter in August, its chief executive said on Wednesday. Front-end engineering and design for the $3-billion smelter has been concluded and ground preparation is expected to... 

Hudbay to start mining at Pampacancha in late 2020

By: Mariaan Webb     19th February 2020 The community of Chilloroya has formally approved a surface rights agreement with TSX- and NYSE-listed miner Hudbay for the Pampacancha satellite deposit, located near the Constancia mine, in Peru, paving the way for mining to commence from the deposit in late 2020. Announcing the agreement,... 

Hudbay to start mining at Pampacancha in late 2020
Hudbay president and CEO Peter Kukielski

Chile says copper price to recover soon from coronavirus impact - mining minister

By: Reuters     18th February 2020 Copper prices will rebound in the coming months from a downturn in demand caused by the coronavirus outbreak in China, Chilean Mining Minister Baldo Prokurica said on Tuesday. China reported its fewest new coronavirus infections since January on Tuesday and its lowest daily death toll for a... 

Climate-friendly copper, cobalt, nickel steal limelight as Glencore depletes coal reserve 

By: Martin Creamer     18th February 2020 Climate-friendly energy transition metals, copper, cobalt and nickel, stole the limelight during Glencore’s presentation of 2019 results on Tuesday, when the company revealed that it would be depleting its coal reserves in line with the global move towards a low-carbon economy. Presenting... 

Climate-friendly copper, cobalt, nickel steal limelight as Glencore depletes coal reserve
Photo by Bloomberg
Ivan Glasenberg

The top miner’s vision of the future looks a lot like the past

By: Bloomberg     18th February 2020 BHP’s new top executive has a plan to prosper in a world that’s accelerating efforts to cut greenhouse gas emissions – double down on the raw materials that’ve been key through its near 170-year history. The world’s top miner, with roots in a 19th Century tin mine, plans to add more copper and... 

The top miner’s vision of the future looks a lot like the past
BHP CEO Mike Henry

Glencore provides update on its transition to low-carbon economy

By: Martin Creamer     18th February 2020 JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore on Tuesday published an update on its performance in transitioning towards a low-carbon economy. This follows its climate change position statement of February 2019. 

Glencore provides update on its transition to low-carbon economy
Photo by Bloomberg
Ivan Glasenderg

Red River sets sights on Liontown

By: Esmarie Iannucci     18th February 2020 Junior base and precious metals producer Red River Resources has announced plans to develop the Liontown deposit as its next mining operation at the Thalanga gold project, in Queensland. An updated mineral resource for the Liontown project is due in March this year, with the miner telling... 

Revenues and profits fall at Oz Minerals

By: Esmarie Iannucci     18th February 2020 Copper miner Oz Minerals has nearly halved its net profits after tax for the full year ending December, with the miner reporting that net profits fell to A$163.9-million from the A$222.4-million reported in the previous full year. Underlying net profits after tax declined from A$228.3-million to... 

Rio submits power plans for Oyu Tolgoi

By: Esmarie Iannucci     18th February 2020 Major Rio Tinto has submitted a feasibility study for the Tavan Tolgoi power plant (TTPP) project, to the government of Mongolia, as part of its electricity solution for the Oyu Tolgoi copper project. The TTPP will involve the construction of a 300 MW coal power plant, with Rio on Tuesday... 

Minnesota Natural Resources Dept and PolyMet approach Supreme Court

By: Mariaan Webb     17th February 2020 The Minnesota Department of Natural Resources (DNR) and Toronto-headquartered PolyMet Mining have approached the Supreme Court to review last month’s state Court of Appeals decision on permits for the NorthMet project. The DNR is seeking a review of a decision regarding three permits that it... 

US-Canada critical metals focus could aid Nico

By: Tracy Hancock     17th February 2020 The Nico cobalt/gold/bismuth/copper project, in Canada’s Northwest Territories, is among several advanced critical minerals projects in the country that could be fast-tracked to production stage with some government assistance, says developer Fortune Minerals. 

US-Canada critical metals focus could aid Nico
PROJECT OVERVIEW Fortune Minerals is working on increasing grade and gold contribution from its Nico deposit and reducing the capital costs of production facilities

Coronavirus stalled First Quantum’s Zambian stake sale talks

By: Bloomberg     17th February 2020 The coronavirus has temporarily derailed talks to sell a minority stake in First Quantum Minerals’s Zambian operations, company executives said. The virus outbreak is preventing face-to-face meetings with potential Chinese buyers, postponing a sale that’s key to the Vancouver-based First... 

Coronavirus stalled First Quantum’s Zambian stake sale talks
First Quantum president Clive Newall

Katoro hopes to sell subsidiary soon, continues to explore Tanzanian deposit

By: Marleny Arnoldi     14th February 2020 Aim-listed gold and nickel project developer Katoro Gold has been pursuing various project opportunities to benefit the company and advance what it says is a transformational phase for the company. Subject to funding being secured, the company’s tailings exploitation joint venture with South... 

Metal Tiger increases stake in Kalahari Metals

By: Marleny Arnoldi     14th February 2020 Aim-listed Metal Tiger plans to invest a further $1.5-million in Botswana-based Kalahari Metals (KML), which will increase its stake in the company to 62.2%. Additionally, Metal Tiger has been conditionally granted a 2% net smelter royalty over all of KML’s wholly-owned licences, which... 

First Quantum posts surprise profit on higher copper sales, output

By: Reuters     14th February 2020 Canada's First Quantum Minerals posted a surprise profit on Thursday, helped by higher sales and production, driven by a ramp up of its Cobre Panama copper mine. First Quantum's total copper production rose 29% to 204 270 t, while sales jumped 31.8%. The company has been actively developing its... 

DeGrussa back at work after cyclone

By: Esmarie Iannucci     14th February 2020 Copper/gold miner Sandfire Resources on Friday confirmed that underground mining at its DeGrussa operation, in Western Australia, was temporarily suspended earlier this week after rainwater ingress at the mine. The company told shareholders that rainwater associated with Tropical Cyclone Damien... 

Trader Trafigura in talks with Congo over financing cobalt buyer

By: Bloomberg     14th February 2020 Trading house Trafigura Group is in talks with the Democratic Republic of Congo about financing a new state-controlled company that will buy all the African nation’s hand-mined cobalt. Entreprise Generale du Cobalt will need $80-million to $100-million to begin buying cobalt from so-called... 

Angola seeks to make itself a more mining-friendly jurisdiction

By: Rebecca Campbell     14th February 2020 Angola will this year initiate a new governance system for the country’s mining industry, the country’s Mineral Resources and Petroleum Minister, Diamantino Azevedo, confirmed at the recent Investing in African Mining Indaba in Cape Town. The new system will include the new National Agency for... 

Barrick CEO sees no competition in his bid for Freeport's Grasberg mine

By: Reuters     12th February 2020 Barrick Gold CEO Mark Bristow on Wednesday said he sees no competition from rivals in his pursuit of Freeport-McMoRan's Grasberg copper/gold mine in Indonesia but cautioned any deal for the asset would take time to pull off. Bristow has fanned speculation that Barrick, the world's No. 2 gold... 

Barrick CEO sees no competition in his bid for Freeport's Grasberg mine
The Grasberg mine, in Indonesia.

Preliminary EIS shows Pebble mine can co-exist with Bristol Bay fisheries

By: Creamer Media Reporter      12th February 2020 Canada’s Northern Dynasty on Wednesday reported that a preliminary version of the final environmental impact statement (EIS) for the Pebble project, in Alaska, has indicated that the project could co-exist with the fisheries and water resources of Bristol Bay. The TSX- and NYSE American-listed... 

Preliminary EIS shows Pebble mine can co-exist with Bristol Bay fisheries

Rio Tinto says China virus slowing copper ore imports from Mongolia

By: Reuters     12th February 2020 Rio Tinto, operator of the giant Oyu Tolgoi copper-gold mine in Mongolia, said its copper concentrate shipments to China had slowed due to efforts by the authorities to contain the spread of the coronavirus. "We have advised customers that we are engaging with authorities who are working on... 

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