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Copper News

South Deep output 43% down, costs 56% up – Gold Fields

By: Martin Creamer     Updated 11 minutes ago Quarter-on-quarter gold production at the South Deep gold mine fell 43% in the first three months of 2017, when costs soared 56%, Gold Fields reported on Wednesday. All-in costs (AIC) at the mechanised mine, located 45 km southwest of Johannesburg, rose to a high level of $1 821/oz in the first... 

Newmont’s Q1 results surprise to the upside as output, prices rise

By: Henry Lazenby     26th April 2017 US gold major Newmont Mining has surprised investors by beating average consensus estimates during the first quarter ended March, as the miner reported improved output and prices, which were slightly offset by higher costs. The Denver, Colorado-based miner reported net income from continuing... 

FCX stock rises on interim Indonesia export deal despite earnings miss

By: Henry Lazenby     26th April 2017 The NYSE-listed stock of US-based diversified miner Freeport-McMoRan (FCX) on Tuesday closed 7.11% higher despite the miner reporting earnings below analyst forecasts, as investors were pleased with the company reporting resumed copper concentrate exports from Indonesia following a three-month... 

FCX stock rises on interim Indonesia export deal despite earnings miss
Photo by Reuters
Freeport has taken actions to adjust its cost structure, reduce its workforce and slow significant investments in its underground development projects and new smelter at Grasberg, Indonesia

Zambia said to near mine company stake sale to Israeli investor

By: Bloomberg     25th April 2017 Zambia, Africa’s second-biggest copper producer, is close to selling a stake in ZCCM Investments Holdings, a State controlled mine holding company, for more than $100-million, according to three people familiar with the matter. Sapir Capital, an Israeli private equity company that’s invested in... 

Africa urged to transform dependence on commodities

By: African News Agency      25th April 2017 Even as the world emerges from the worst of the global commodity price meltdown, African countries were urged on Tuesday to make the most of the next upward cycle to diversify and industrialise away from over-reliance on exports of raw materials. In a statement, Dr Martyn Davies, Deloitte... 

Teck’s earnings rise on higher coal price

By: Henry Lazenby     25th April 2017 Canadian diversified miner Teck Resources on Tuesday posted adjusted first-quarter profit of C$671-million, or C$1.16 a share, a significant increase on the C$18-million, or C$0.03 a share reported a year earlier, but falling short of analyst forecasts calling for earnings a share of C$1.29. The... 

Barrick Gold cuts gold production forecast at Argentina mine

By: Mariaan Webb     25th April 2017 Toronto-based miner Barrick Gold’s shares fell nearly 4% in after-hour trade on Monday, after the group lowered its production forecast and increased its cost guidance at its Veladero mine, in Argentina. The mine, where authorities suspended the addition of cyanide to the heap leach process... 

Barrick Gold cuts gold production forecast at Argentina mine
The Veladero mine in Argentina

Miners told to move DRC HQs as provinces compete for revenue

By: Bloomberg     25th April 2017 The Democratic Republic of Congo told local units of Glencore, China Molybdenum, Ivanhoe Mines and four other mining companies to relocate their head offices as newly demarcated provinces fight over tax revenue and control of mineral projects. The companies, all headquartered in Lubumbashi, the... 

Jan Nelson heading up copper explorer

By: Mariaan Webb     24th April 2017 Former Xtract Resources and Pan African Resources CEO Jan Nelson has joined Handa Copper – a TSX-V-listed company focusing on prospects in Africa – as CEO. Nelson, who quit as Aim-listed Xtract CEO in September last year, will head up the exploration company’s new management team, which will be... 

Congo nears Eskom power-supply contract to boost copper output

By: Bloomberg     24th April 2017 The Democratic Republic of Congo (DRC) signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20%, according to the country’s chamber of mines. State-owned power company SNEL proposed importing 200 MW from South African utility... 

Anglo American achieves strong Q1 operational performance

By: Megan van Wyngaardt     24th April 2017 Diversified major Anglo American, led by CEO Mark Cutifani, posted a strong operational performance in the quarter ended March 31, with higher output achieved for most of its products, except copper and nickel. South African coal production increased 9% to five-million tonnes in the first quarter... 

Anglo American achieves strong Q1 operational performance
CEO Mark Cutifani

Syndicated sells Barbara copper project to JV partner

By: Esmarie Swanepoel     24th April 2017 ASX-listed Syndicated Metals has agreed to sell its 50% interest in the Barbara copper project, in north Queensland, to its joint venture partner CopperChem for A$2.3-million in cash and a net smelter royalty of between 1% and 2% on the first 10 000 t of copper-in-concentrate produced, subject to... 

Freeport collects export permit after Pence visit

By: Reuters     23rd April 2017 Freeport McMoRan collected a permit to resume copper exports from Indonesia on Friday after a hiatus of more than three months, hours after a state visit by US Vice President Mike Pence, who discussed the copper miner's dispute with Jakarta. Indonesia's Trade Ministry issued Freeport with a... 

Freeport collects export permit after Pence visit
US Vice President Mike Pence and Indonesian President Joko Widodo

Strengthening fundamentals continue to bolster ‘new age’ metals outlook

By: Henry Lazenby     22nd April 2017 ‘Big money’ investors are increasingly looking to invest in the relatively small ‘new-age metals’ space, comprising metals such as lithium, graphite and cobalt, as strengthening fundamentals for these minerals and an unprecedented high-impact investment opportunity draw the potential for bonanza... 

Strengthening fundamentals continue to bolster ‘new age’ metals outlook

BMI expects gradual price recovery for industrial metals

By: Megan van Wyngaardt     21st April 2017 Since bottoming out in early 2016 and staging an impressive, albeit largely speculative, rally over the past year and a half, industrial metals will experience a gradual price recovery over the coming years, as improving fundamentals support a stabilisation, rather than rebound, in prices,... 

Oz hikes Carrapateena budget to A$90m

By: Esmarie Swanepoel     21st April 2017 Copper and gold miner Oz Minerals has further cemented its plans for the Carrapateena copper/gold project, in Western Australia, increasing the project’s current budget to A$90-million. At the end of March, some A$53-million had already been spent, with a further A$37-million to be spent on... 

Pence discusses barriers to US companies with Indonesian President

By: Reuters     21st April 2017 US Vice President Mike Pence said on Friday he discussed with Indonesian President Joko Widodo barriers to US companies operating in Southeast Asia's largest economy. Pence arrived in Jakarta late on Wednesday to boost a strategic partnership between the world's second- and third-largest... 

Despite adverse weather, Vale reports Q1 iron-ore record

By: Henry Lazenby     21st April 2017 The world’s largest iron-ore producer Vale has lifted production of the steel-making ingredient to a new record high in the first quarter ended March, touching 86.2-million tonnes despite inclement weather. The diversified miner boosted iron-ore output by 11.2% over the comparable quarter of... 

Despite adverse weather, Vale reports Q1 iron-ore record

Despite slower growth, China still key market for miners and Africa

By: Keith Campbell     21st April 2017 There can he no doubt that, for the past two decades-and-a-half or so, the biggest single influence on the global mining industry has been China. Between 2002 and 2012 that country experienced an annual average real gross domestic product (GDP) growth rate of 10.4%, as against India’s 7.6%, the... 

Despite slower growth, China still key market for miners and Africa

Shaft sinking progresses at Platreef’s Shaft 1

     21st April 2017 The sinking of Shaft 1 at the Platreef platinum-palladium-gold-nickel-copper project in Limpopo, South Africa, has reached a depth of more than 283 m below surface, 697 m away from its target depth. Proceeding at an average rate of about 45 m a month, the shaft, with an internal diameter of 7.25... 

Shaft sinking progresses  at Platreef’s Shaft 1
STEADY PROGRESS The sinking of Shaft 1 is scheduled to be complete in 2018

Test production starts at Mowana

     21st April 2017 Africa-focused gold and copper exploration and development company Alecto Minerals has started test production at its Mowana copper project, in Botswana, after initial commissioning at the project’s process plant, says CEO Mark Jones. He notes that Alecto is moving at speed to deliver continuous... 

Test production starts at Mowana
Photo by Bloomberg
NOTABLE PRODUCE The atmosphere on site at the Mowana copper project in Botswana is buoyant, with the plant producing saleable concentrate up to 28% copper

Zambian mine in first-of-a-kind tailings dump site rehab, hopes to eventually produce biodiesel

By: Mia Breytenbach     21st April 2017 Zambia’s largest integrated copper producer, Konkola Copper Mines (KCM), owned by global conglomerate Vedanta Resources, has launched the first project of its kind in Zambia to rehabilitate a mining site. The project, launched earlier this month, aims to cultivate elite Pongamia Pinnata trees for... 

Zambian mine in first-of-a-kind tailings dump site rehab, hopes to eventually produce biodiesel
CULTIVATION AIM Zambia Minister of Works and Supply Matthew Nkhuwa waters a Pongamia Pinnata tree as Konkola Copper Mines CEO Steven Din (middle) and other officials look on

Philippine Minister wants to work with Maoist rebels in mine areas

By: Reuters     20th April 2017 The Philippine Environment Minister said she has been given the green light by President Rodrigo Duterte to work with communist rebel fighters to help rehabilitate and develop the country's mining areas. The decades-long conflict between the New People's Army (NPA) rebels and the Philippine... 

Capricorn copper mine to reopen in October

By: Esmarie Swanepoel     20th April 2017 The Queensland government has granted the A$152-million Capricorn copper mine, near Mount Isa, prescribed status in order to assist in the restart of operations. The Capricorn mine, which was previously known as Mt Gordon, was sold to privately held Lighthouse Minerals and its joint venture (JV)... 

Peru's Southern Copper workers mark ten days on strike

By: Reuters     20th April 2017 Workers at mining company Southern Copper in Peru completed their tenth day of an indefinite strike on Wednesday, though the company said it had not significantly impacted output. Jorge Campos, the secretary general of the Unified Union of Workers of Southern Copper, said some 3 000 workers have... 

Turquoise Hill output falls on lower grades

By: Henry Lazenby     20th April 2017 Rio Tinto subsidiary Turquoise Hill Resources has reported a 23% drop in concentrate production at the Oyu Tolgoi copper/gold mine, in Mongolia, as it processed lower grades from phases 6 and early 4A of the openpit, as well as stockpile material, during the three months ended March. Concentrate... 

Glencore cobalt supplies in Congo face hold up over mine row

By: Bloomberg     19th April 2017 A dispute between State-owned Gecamines and its joint venture partner at a Congolese cobalt mine that supplies Glencore threatens to halt the supply of as much as 4% of the metal within two months. Jersey-registered GTL, a joint venture between Gecamines and closely held Groupe Forrest... 

Americas Silver gains momentum in transition to low-cost producer by 2018

By: Henry Lazenby     19th April 2017 Bolstered by improving silver and base metals prices, junior miner Americas Silver is in the home stretch to deliver on a four-year turnaround strategy at its two operating mining complexes in Sinaloa state, Mexico and Idaho, in the US. “We have a lot of intrinsic value that’s about to be... 

Americas Silver gains momentum in transition to low-cost producer by 2018

Freeport Indonesia has initial approval to resume copper exports – spokesperson

By: Reuters     18th April 2017 Freeport McMoRan has received preliminary approval to resume copper concentrate exports from its Indonesian operation and hopes to lodge an application for an export permit this week, a company spokesperson said. Indonesia halted Freeport's copper concentrate exports in January under new rules... 

Mining majors' shares pull back as iron, copper prices retreat

By: Henry Lazenby     18th April 2017 Major miners saw their respective stocks pull back on Tuesday on the back of weaker iron-ore and base metals prices, despite the latest Chinese economic data showing better-than-expected growth in the first quarter of 2017. Major miners traded in the red on Tuesday, including the world’s largest... 

Mining majors' shares pull back as iron, copper prices retreat

Concentrator closed after supervisor killed at Codelco’s Salvador mine, Chile

By: Henry Lazenby     18th April 2017 A supervisor has died at Codelco’s Salvador mine, in Chile, following an accident at the flotation plant, the company reported Tuesday. The Chilean State-owned miner said its Salvador division immediately shut down the concentrator plan and started “rigorous” procedures such as informing the... 

Noront, Marten Falls First Nation ink exploration and project advancement agreement

By: Henry Lazenby     14th April 2017 The largest landholder in the so-called Ring of Fire, an emerging base and precious metals mining camp in Northern Ontario, has signed an exploration and project advancement agreement with the Marten Falls First Nation (MFFN). The accord stipulates compensation for work already completed on... 

Sierra Metals lifts Bolivar, Cusi resources

By: Henry Lazenby     13th April 2017 Toronto- and Lima-listed Sierra Metals has updated the compliant resources and reserves for both its Bolivar and Cusi copper mines, in Mexico’s Chihuahua state. At Bolivar, the Toronto-based miner reported a new probable reserve of 4.3-million tonnes grading 1.18% copper equivalent comprising... 

Codelco awards design contract for eighth phase of Talabre tailings expansion to SNC-Lavalin

By: Henry Lazenby     13th April 2017 TSX-listed engineering and construction group SNC-Lavalin has been awarded a contract by Corporación Nacional del Cobre de Chile (Codelco), one of the largest copper producers in the world, to provide detailed design services for the Talabre tailings expansion Phase VIII project, located in the... 

Taseko output rises somewhat while molybdenum prices gain traction

By: Henry Lazenby     13th April 2017 British Columbia-based base metals producer Taseko Mines has produced 41.3-million pounds of copper and 900 000 lb of molybdenum during the first quarter ended March, which was marginally higher than the fourth quarter, but benefitted from continued relative copper price strength and a molybdenum... 

Chile to produce less than 5.6m tonnes of copper in 2017 – Cochilco

By: Reuters     13th April 2017 State copper commission Cochilco forecast on Thursday that Chile would produce slightly less than 5.6-million tonnes of copper in 2017, down from a previous forecast of 5.79-million, due largely to a strike at BHP Billiton's Escondida mine. The walkoff at Escondida, where workers downed tools... 

Scotiabank’s commodity price index gains 2.2% in February

By: Creamer Media Reporter      13th April 2017 The Scotiabank Commodity Price Index gained 2.2% month-over-month in February as industrial commodities continue to benefit from healthy demand on the back of a stronger global economic outlook, while supply-side idiosyncrasies continue to provide opportunity for differentiation, the banking... 

Codelco says output at Chuqui copper mine unaffected by labour action

By: Reuters     12th April 2017 Access to the large Chuquicamata copper mine in Chile was blocked Wednesday by workers from one of its unions, in what the union said was a "warning" over company plans to alter the mine's occupational structure. Mine owner Codelco said that output had been unaffected so far as workers from... 

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