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Copper News

Metals poisoned by Turkey contagion as copper nears bear market

By: Bloomberg     Updated 4 hours ago From Turkey’s financial crisis to China’s trade war, the emerging-market contagion is infecting metal markets. Base metals markets tumbled on Wednesday, with most contracts falling more than 2% in London. Copper sank below $6 000 a metric ton and is now approaching a bear market. Not even gold,... 

Daro exploration producing promising outputs

By: Schalk Burger     14th August 2018 Exploration work at the Daro copper/gold project, in northern Ethiopia, has produced promising results at the Teklil prospect and a significant gold-bearing quartz vein at the Keren prospect has been discovered, while stream sediment analysis has defined new target areas for exploration, Aim- and... 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook

By: Reuters     14th August 2018 Chilean copper producer Antofagasta said first-half core earnings fell 16.2% from a year earlier, citing weaker ore quality, and said trade tensions clouded the broader market outlook in the short term. Its share price was down by 5.4% by 09:13 GMT, while the broader sector was 0.8% lower. 

Antofagasta's H1 earnings fall, trade tensions cloud demand outlook
Ivan Arriagada

BHP, union extend labor talks at mammoth Chile copper mine

By: Reuters     14th August 2018 The union at the world's largest copper mine, Escondida in Chile, has called off a strike planned to start on Tuesday after agreeing to extend talks with operator BHP for another day. The announcement early on Tuesday comes amid fears of a repeat of last year's strike at Escondida, which jolted... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep
Photo by Creamer Media
Gold Fields CEO Nick Holland

Threat of contagion in emerging markets deepens commodity risk

By: Bloomberg     13th August 2018 When Thailand devalued its currency two decades ago, few in global commodity markets took note. Within a year, the crisis morphed into an emerging-market rout that eviscerated the price of everything from crude oil to copper. Fast forward to today and Turkey is presenting a similar challenge. The... 

Ivanhoe advances projects in ‘productive’ Q2

By: Marleny Arnoldi     13th August 2018 Canadian miner Ivanhoe Mines had a productive second quarter ended June 30, with underground development at the planned initial copper mine at Kakula, in the Democratic Republic of Congo (DRC), making steady progress. The mine is expected to reach the high-grade copper mineralisation later this... 

Ivanhoe advances projects in ‘productive’ Q2
Ivanhoe's Platreef exploration

McEwen closes $50m three-year loan

By: Marleny Arnoldi     13th August 2018 NYSE- and TSX-listed precious metals producer McEwen Mining has closed its previously announced $50-million senior secured three-year loan facility with Royal Capital Management Corporation. Owner and chairperson Rob McEwen is participating as a lender for $25-million of the total loan.  

Union at Caserones mine in Chile says members vote to strike

By: Reuters     13th August 2018 The main union at Chile's Caserones copper mine said on Sunday that 98.5% of its workers had voted to reject a final offer from mine operator Lumina Copper during mediation. The union said in a statement that as a result of the vote, that was held following a weekend-long meeting of its members,... 

Copper shorts exposed to supply shock as giant mine faces strike

By: Bloomberg     12th August 2018 Copper bears could get caught wrong-footed as a strike looms at the world’s biggest mine. In the US, hedge funds’ bearish bets outnumber bullish wagers by the most since 2016, latest government data show. The top brokers on the Shanghai Futures Exchange boosted their net-short position by more... 

 Copper shorts exposed to supply shock as giant mine faces strike

Most unions at Chile's El Teniente copper mine accept contract

By: Reuters     10th August 2018 Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco, union leaders told Reuters. "The contract was approved by an ample margin after the company improved its offer," said Guillermo... 

MOD adjusts T3 feasibility

By: Esmarie Swanepoel     10th August 2018 Copper developer MOD Resources has incorporated a lager process plant for its T3 resource, in Botswana, into the project’s feasibility study, following a 44% increase in the project’s resource estimate. The feasibility study will now be based on a plant throughput rate of 3-million tonnes a... 

Nevsun CEO says several companies expressed interest in miner

By: Bloomberg     10th August 2018 Nevsun Resources says companies in China, Japan and Western countries are among potential white knights that have expressed interest in buying the miner as it seeks to ward off a hostile takeover by Lundin Mining. “Several companies have indicated an interest,” Nevsun CEO Peter Kukielski said... 

Barrick says China partner for copper 'makes all kinds of sense'

By: Bloomberg     10th August 2018 Barrick Gold executive chairman John Thornton says the Canadian miner is looking at its copper assets “very seriously” to see if it makes sense to form a copper company with one or two partners, most likely from China. “The question for us on copper is, ‘Can you take the copper assets, combine... 

Barrick says China partner for copper 'makes all kinds of sense'
Barrick Gold executive chairperson John Thornton

Explorer pursues manganese opportunities

10th August 2018 Perth-based explorer Bryah Resources is looking towards mining manganese in Western Australia, as it assesses development opportunities at the Horseshoe South manganese mine. The company has locked in an exclusive one-year option to purchase the mining lease covering the historical Horseshoe... 

Explorer pursues manganese opportunities
EXPLORATION INTEREST Bryah Resources MD Neil Marston at Horseshoe South mine near Meekatharra in Western Australia

Increased exploration spend boosts services demand

By: Donald Makhafola     10th August 2018 Mining activities and the number of exploration projects in Australia have been steadily increasing since 2017, and this has, subsequently, resulted in an increased demand for South African airborne geophysics technology provider Spectrem Air’s services, says Spectrem Air GM Louis Polomé.... 

Increased exploration spend boosts  services demand
INTERNATIONAL ATTENTION Spectrem Air is focused on international projects, especially in Australia, where exploration spend is steadily increasing

Vedanta's suspends operations at Zambian unit after worker killed in accident

By: Reuters     9th August 2018 Vedanta Resources' Zambian unit said on Thursday work at its Konkola Copper Mine was stopped after one miner was killed in an underground accident to allow for investigations into the incident, the company said. In July production was halted at the same shaft, shaft 4, after a miner died in an... 

Sunstone to divest of Viscaria

By: Esmarie Swanepoel     9th August 2018 ASX-listed Sunstone Metals has signed a letter of intent (LoI) which could see the company divest of its Viscaria copper project, in Sweden, in exchange for a 30% shareholding in Swedish company Copperstone Resources AB. The proposed transaction will be completed in two stages, with the initial... 

Union at Caserones mine in Chile says no deal in labour talks, strike imminent

By: Reuters     9th August 2018 The main union at Chile's Caserones copper mine said on Wednesday that a last round of labor negotiations with mine operator Lumina Copper had broken down and that a strike was imminent. The 300-member worker's union said Lumina, which is controlled by a partnership of JX Holding and Mitsui... 

Aurubis Q2 profit falls more than expected

By: Reuters     9th August 2018 Aurubis AG, Europe's biggest copper smelter, on Thursday posted a fall in quarterly profit but confirmed its forecast of higher earnings in its current year. Aurubis said its operating earnings before taxes (EBT) fell 16% to 78-million euros in its fiscal third quarter to end-June, below... 

Teck gets approval to expand Quebrada Blanca mine in Chile

By: Reuters     9th August 2018 Teck Resources said on Wednesday it had received regulatory approval for its $4.8-billion Phase 2 project at its Quebrada Blanca copper mine in northern Chile, a sprawling expansion that will boost production from the deposit to 300 000 t/y of copper. The environmental approvals will allow the... 

Copperstone and Sunstone to team up on Scandinavia copper

By: Creamer Media Reporter      8th August 2018 Publically traded company Copperstone Resources on Wednesday announced that it had signed a nonbinding letter of intent to acquire the Viscaria copper project in Kiruna, northern Sweden, from ASX-listed Sunstone Metals. The transaction is proposed as a scrip and share deal and will make Sunstone... 

Katanga’s H1 copper, cobalt revenues rise

By: Anine Kilian     8th August 2018 TSX-listed Katanga Mining on Wednesday reported that its copper revenue for the first half of this year increased to $350.86-million, compared with $3 000 in the first half of 2017, while its cobalt revenue increased to $141.1-million, from zero revenue in the first half of the prior year. “The... 

Humiliated for years, women are fighting back in mines of Chile

By: Bloomberg     8th August 2018 he first time Karen Requena entered the cafeteria at BHP Billiton’s massive Escondida mining operation in northern Chile, she couldn’t help feeling countless eyes fixed on her body as she walked across the vast hall. “It can’t get worse than that,” she thought. Then as Requena looked for a place... 

Humiliated for years, women are fighting back in mines of Chile

CITIC Metal another step closer to acquiring a stake in Ivanhoe

By: Marleny Arnoldi     8th August 2018 China State-owned investment company CITIC's subsidiary CITIC Metal has completed its confirmatory due diligence and has received internal approvals necessary to complete the long-term, strategic cooperation and investment agreement with Canadian miner Ivanhoe Mines. This followed a high-level... 

Taseko posts Q2 net loss, but output rises

By: Nadine James     8th August 2018 TSX-listed Taseko Mines on Tuesday reported a net loss of C$4.67-million for the quarter ended June 30, compared with net income of C$5.25-million in the second quarter of 27. Adjusted net income of C$2.34-million was also lower than the net income of C$14.31-million reported for the prior... 

Indonesia issues new tax rules as Freeport seeks fiscal guarantee

By: Reuters     8th August 2018 Indonesia's president has issued new tax regulations aimed at providing clarity for mining companies shifting their current contracts to special mining permits, in a move that could help cement a $3.9 billion deal with Freeport McMoran Inc. Freeport last month signed a heads of agreement to sell... 

Glencore darts ahead of diversified rivals

By: Martin Creamer     8th August 2018 The strength of the business model and commodity mix of mining and marketing company Glencore has been demonstrated once again by sharp increases in earnings and net income in the six months to June 30. The earnings before interest, taxes, depreciation and amortisation (Ebitda) of the 146... 

Glencore darts ahead of diversified rivals
Glencore CEO Ivan Glasenberg

Ink dries on Sandfire-Talisman deal

By: Esmarie Swanepoel     8th August 2018 Copper/gold miner Sandfire Resources has signed a binding conditional sale and purchase agreement with fellow-listed Talisman Mining to acquire its 30% interest in the Springfield exploration and mining joint venture (JV), in Western Australia, for A$72.3-million. The two companies in June this... 

Copper Mountain mine’s Q2 output jumps

By: Mariaan Webb     7th August 2018 Canadian miner Copper Mountain has reported higher production at its 75%-owned namesake mine, in British Columbia, with the operation producing 20-million pounds of copper, 6 500 oz of gold and 68 400 oz of silver in the second quarter of this year. The production compares with 17.2-million... 

BHP asks for government mediation in talks at Chile's Escondida

By: Reuters     7th August 2018 Miner BHP said on Monday that it had formally requested a period of government mediation with the union at its Escondida copper mine in Chile, the world's largest, prompting the union to postpone the start of a strike approved by workers. The two parties will meet, together with a government... 

Union at Chile's Escondida sets deadline for negotiations ahead of strike

By: Reuters     6th August 2018 The union at BHP 's Escondida mine in Chile, the world's biggest copper mine, has told the company it should prove its willingness to negotiate by Monday morning if seeks to strike a deal with workers ahead of a pending strike, according to an internal union communication obtained by Reuters.... 

Copper supply woes on show with No. 2 mine output to halve

By: Bloomberg     6th August 2018 A battle over the world’s second-largest copper mine has dogged Freeport-McMoRan shareholders for more than a year. Now it may be the turn of the copper market. Production at Grasberg in Indonesia will fall by more than half next year as its giant pits transition to underground operations,... 

Copper supply woes on show with No. 2 mine output to halve

Vedanta delivers strong Q1 Ebitda

By: Simone Liedtke     6th August 2018 Diversified miner Vedanta Resources on Monday announced that it had delivered strong earnings before interest, taxes, depreciation and amortisation (Ebitda) and drove steady margins in the first quarter of the 2019 financial year, which ended on June 30. The margins, the miner highlighted, were... 

Vast expects subsidiary to be granted Baita Plai association licence soon

By: Simone Liedtke     6th August 2018 Aim-listed mining company Vast Resources, its 80%-subsidiary African Consolidated Resources (AFCR) and Romanian State-owned Baita, the holder of the Baita Plai licence, have submitted a joint formal application to Romania’s National Agency for Mineral Resources (ANRM) for the grant to AFCR of an... 

Updated study increases Frieda River mine life, production forecast

By: Esmarie Swanepoel     6th August 2018 The Frieda River copper/gold project, in Papua New Guinea, could produce more copper and gold over a longer period than previously thought, ASX-listed Highlands Pacific reported on Monday. Highlands, which owns a 20% interest in the joint venture (JV) project, told shareholders that partner... 

Brazil mining exports to rise 2.5% in 2018 – Ibram

By: Reuters     6th August 2018 Brazil's mineral exports are expected to rise 2.5% in 2018 compared with the previous year to 410-million tonnes, as investment in the sector is projected to grow, industry group Ibram said on Friday. By value, mineral exports are expected to increase to $30-billion from $28.37-billion last... 

Mount Polley workers accept new contract, strike ends

By: Creamer Media Reporter      3rd August 2018 Unionised workers at the Mount Polley mine, in British Columbia, have accepted a new three-year contract, ending a more than two-month strike at the copper/gold mine, near Williams Lake. Imperial Metals said on Thursday that the new contract is effective from January 1, 2018. 

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