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Copper News

Chile orders two copper mines suspended after fatal accidents

By: Reuters     Updated 5 hours ago Chile's mining regulator on Tuesday ordered a halt to all operations at two major copper mines, state-owned  

Workers at Chile Codelco's Salvador copper mine vote on strike

By: Reuters     30th August 2016 Workers at Chilean state-owned miner Codelco's smallest copper mine began voting on Tuesday whether to accept a wage offer or go on strike, a potential headache for the company as it finds itself in a delicate financial position. Union leaders at the Salvador mine in Chile's arid north say they... 

Codelco says Chuquicamata mine halted after fatal accident

By: Reuters     30th August 2016 Two workers died in an accident on Tuesday at Chilean state-owned miner Codelco's massive Chuquicamata mine, the company said, prompting the world's No 1 copper producer to halt mining activities there. At around 1 pm local time on Tuesday, two workers were involved in a fatal accident while... 

Worker dies at Freeport El Abra copper mine; some operations halted

By: Reuters     30th August 2016 Chile's El Abra copper mine, controlled by Freeport-McMoran, said on Tuesday that a worker died after an accident at its acid unloading terminal, forcing a halt to some operations. "The deceased worker was carrying out his job at the acid unloading terminal, and for reasons under investigation,... 

Panoramic suffers severe loss amid plummeting nickel price

By: Samantha Herbst     30th August 2016 Nickel-focused Panoramic Resources’ 2016 financial year results have been severely impacted by the falling nickel price, which reached a decade low in February, pushing the company into an after-tax loss of A$144.4-million, against a loss of A$28.8-million reported in the previous year. Further,... 

Mongolia asks Rio Tinto to speed up work on giant copper mine

By: Reuters     30th August 2016 Mongolia's Prime Minister has asked Anglo-Australian miner Rio Tinto to step up the pace of construction at the giant Oyu Tolgoi copper/gold mine, part of efforts to revive the country's debt-ridden economy. Jargaltulga Erdenebat assured Rio Tinto's copper chief Arnaud Soirat that Mongolia would... 

Mongolia asks Rio Tinto to speed up work on giant copper mine

Carbine increases Jorc resources at Mount Morgan by 215%

By: Samantha Herbst     30th August 2016 A 215% increase in the Joint Ore Reserves Committee resources at the Queensland-based Mount Morgan gold-copper tailings project to 850 000 oz highlights the potential to increase the project’s mine life and production, says owner Carbine Resources. 

Galileo sells Nevada asset to focus on South African copper project

By: Anine Kilian     30th August 2016 Dual-listed Galileo Resources has sold its Gabbs gold-copper property in Nevada, in the US, to Waterton Precious Metals Fund II for $2.5-million in cash. The sale enables the company to reduce exposure to gold exploration and focus on exploration and funding of its Concordia copper project in... 

Copper price drags down Sandfire profit in otherwise strong financial year

By: Mariaan Webb     30th August 2016 Despite posting lower profit owing to weaker copper prices, the owner of the DeGrussa copper and gold mine, Sandfire Resources, is satisfied with its performance and upbeat about its prospects as the company turns net debt free. The ASX-listed copper and gold miner had delivered its best... 

Ivanhoe seeks strategic advice following unsolicited interest in its projects

By: Creamer Media Reporter      29th August 2016 TSX-listed Ivanhoe Mines is planning to appoint an investment bank to advise the company’s board on strategic options after having received unsolicited interest in its projects in recent months. “The mining industry has taken notice of our company. Our remarkable Kakula discovery on the Central... 

Hedge funds bail on copper as Goldman sees ‘supply storm’

By: Bloomberg     29th August 2016 Copper is stuck in a rut. While other metals have shined in 2016, copper has struggled to gain traction and last week erased its gains for the year. Demand in China, the world’s biggest user, is slowing just as Goldman Sachs Group predicts a “ supply storm” will hit the market and drag prices... 

Former director of Minotaur JV partner charged for insider trading

By: Creamer Media Reporter      26th August 2016 A former director of Golden Fields Resources, which was a joint venture (JV) partner with ASX-listed explorer Minotaur Exploration at the Eloise copper project, in Queensland, has been charged with two counts of insider trading. The Australian Securities and Investments Commission (Asic) alleges... 

Codelco places bond on local market at historic low price

By: Reuters     26th August 2016 Chilean state copper producer Codelco said it placed $390-million worth of bonds on the local market on Thursday, fetching an historically low effective rate of 2.09%. The world's top copper miner Codelco is raising the money for refinancing and investment purposes, at a time when a fall in the... 

Noront expands RoF land-holdings, outlines exploration and development strategies

By: Henry Lazenby     26th August 2016 Northern Ontario-focused project developer Noront Resources has increased its position as the dominant land-holder in the prospective Ring of Fire (RoF) mining camp after closing the acquisition of 75% of MacDonald Mines’ claims in the region, the company said this week. Through the transaction,... 

Free-falling Mongolia won’t be saved by commodity revival

By: Bloomberg     25th August 2016 The commodity super-cycle that peaked in 2011 powered Mongolia to world-beating growth. Then came the bust and China’s recent economic slowdown that’s pushed the land of Genghis Khan into an unprecedented economic crisis this summer. Yet even though the commodity market finally has a pulse again... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Panoramic hikes Savannah North resource

By: Mariaan Webb     24th August 2016 ASX-listed base metals company Panoramic Resources has upgraded the Savannah North resource to 175 100 t of nickel, 74 400 t of copper and 15 300 t of cobalt, representing a 60% increase in the contained nickel on the maiden resource estimate. The combined resource at the Savannah project, in... 

Copper poised to be only metal loser this year as stocks pile up

By: Bloomberg     24th August 2016 Copper’s on the verge of becoming the only major metal to post a loss this year as the highest stockpiles in almost seven months suggest the market is amply supplied. Inventories of copper, used in everything from wiring to automobiles to iPhones, rose 4.7% to 240 075 metric tons, according to... 

Codelco to raise up to $390m via local bond issue

By: Reuters     24th August 2016 Codelco, Chile's State-run copper producer, is looking to raise up to $390-million from a local bond market issue, it said on Tuesday, for refinancing and investment purposes. Codelco, the world's biggest copper miner, said it would issue the ten-year debt on Thursday. 

Sandfire buys Ventnor out at Green Dragon project

By: Megan van Wyngaardt     23rd August 2016 ASX-listed Sandfire Resources is purchasing the remaining 65% of joint venture (JV) partner Ventnor Resources’ Thaduna/Green Dragon copper project for $3-million. Sandfire will pay Ventnor $2-million in shares, a further $1-million if it decides to mine the project and a 2% net smelter return... 

CuDeco celebrates shipping milestone from Queensland copper mine

By: Megan van Wyngaardt     23rd August 2016 Queensland copper producer CuDeco on Tuesday reported that its first delivery of sulphide copper concentrates had been sent from its flagship Rocklands operations, near Cloncurry, to the Port of Townsville, ahead of the start of bulk shipments. The shipment complements the second shipment of 300... 

KWG and Chinese engineering group move ahead with RoF rail feasibility study

By: Henry Lazenby     23rd August 2016 Junior exploration firm KWG Resources has appointed a China-based consulting engineering group to undertake a conditional bankable feasibility study (BFS) on a proposed railroad from the mineral properties in Ontario's Ring of Fire (RoF), to a junction with the CN Railroad at Exton, Ontario. KWG... 

Desktop study indicates copper potential at Northern Cape project

By: Natasha Odendaal     22nd August 2016 An exploration desktop study has identified and ranked seven high-priority additional prospective copper targets showing the potential for shallow, near-surface, openpit copper mineralised zones within the Concordia project, in the Okiep copper district, in the Northern Cape, Aim-listed Galileo... 

We did it, you should too: Ore-ban talk gathers pace in Asia

By: Bloomberg     22nd August 2016 The Philippines should follow Indonesia’s lead and prohibit the export of raw metal ores, according to National Development Planning Minister Bambang Brodjonegoro, who said he was a big supporter of the curbs imposed by his country and results so far have been a success. The restrictions have... 

Moody’s restates Barrick’s Baa3 rating and revises outlook to stable

By: Henry Lazenby     19th August 2016 Credit ratings agency Moody’s Investors Service has confirmed the Baa3 ratings of the world’s largest gold producer by volume Barrick Gold and revised the ratings outlook to stable from negative. "The outlook revision to stable reflects Barrick's reducing leverage and management's commitment to... 

ARM to report contraction in FY16 earnings

By: Natasha Odendaal     19th August 2016 JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the year ended June 30 to decline by between 36% and 41%, hit by a contraction in the average US dollar commodity prices realised, partially offset by the weaker rand. Headline earnings a share are anticipated to decrease... 

Congo slashes growth forecast after drop in copper production

By: Bloomberg     19th August 2016 The Democratic Republic of Congo cut its growth forecast for 2016 for the third time this year because of lower commodity prices and warned the economy could slow further if other industries don’t perform. The government “has duly noted the slowdown in economic growth in the DRC” in the first... 

A commodities rebound is accelerating right on China’s doorstep

By: Bloomberg     19th August 2016 China may be slowing, but a commodities rebound is under way and the world’s biggest miner knows where the next growth story is building – emerging economies in Southeast Asia. Combined gross domestic product in the ASEAN-5 nations – Indonesia, Thailand, Malaysia, the Philippines and Vietnam –... 

A commodities rebound is accelerating right on China’s doorstep
BHP Billiton CEO Andrew Mackenzie

Chile economy shrinks in second quarter from first as mining falls

By: Reuters     19th August 2016 Chile's gross domestic product shrunk by 0.4% in the second quarter of 2016 from the first quarter, as mining in the world's biggest copper exporter contracted, the central bank said on Thursday. The fall was the first contraction from one quarter to the next since early 2010, when Chile was hit... 

Drilling reveals high-grade zinc/copper at Prieska project

By: Mia Breytenbach     19th August 2016 ASX-listed Orion Gold has made a “strong start” to its maiden drilling programme at the Prieska Copper (PC) zinc/copper project, in the Northern Cape, with initial assays including grades of up to 21.7% zinc and 7.5% copper confirming and enhancing historical results. The PC mine, a key part of... 

Drilling reveals high-grade zinc/copper  at Prieska project
Photo by Bloomberg
HISTORICAL PERFORMANCE The Prieska Copper mine has a recorded historical production of 0.43-million tonnes of copper

Horomela seeks to expand its asset base, attracting investors

By: Ilan Solomons     19th August 2016 Local base metals exploration and mining aspirant Horomela last month received permission from the Department of Mineral Resources (DMR) to assess the viability of exploring a further 600 000 ha of tenements adjacent to an existing 200 000 ha of prospecting land, in the Namaqualand region of the... 

Horomela seeks to expand its asset base, attracting investors
Photo by Duane Daws
ABONGILE MDINGI The Department of Mineral Resources has given Horomela the go-ahead to survey its new tenements for copper, lead, silver, tungsten, zinc and uranium

Zambian economic progress linked closely to wellbeing of mining sector

By: Ilan Solomons     19th August 2016 A new analysis of mining over the past 100 years in Zambia shows a clear historical link between levels of mining investment and wider economic development. This is according to an academic paper published last month in the journal of the Southern African Institute of Mining and Metallurgy,... 

MMG to start formal expression of interest process for Golden Grove

By: Mariaan Webb     18th August 2016 Metals miner MMG has received “several approaches” from parties interested in its Golden Grove copper mine, in Western Australia, CEO Andrew Michelmore has said. The China-owned company, which this week reported a half-year loss of $67-million, will appoint a financial advisor to start a formal... 

Poland's KGHM H1 net below forecasts on foreign asset losses

By: Reuters     17th August 2016 Poland's KGHM on Wednesday reported a bigger-than-expected fall in net profit in the first half of 2016 on the back of losses on its foreign assets, driven by rising costs and falling copper prices. The State-run miner, which is Europe's No 2 copper producer, reported a 75% fall in its... 

Harmony back in the black, eyes acquisitions 

By: Natasha Odendaal     17th August 2016 Gold miner Harmony Gold has bounced back into the black and is now eyeing acquisitions to reach its target of becoming a 1.5-million-ounce-a-year gold producer, at below $950/oz, within three years. Declaring its first dividend in four years, CEO Peter Steenkamp reported a net profit of... 

Harmony back in the black, eyes acquisitions
Harmony Gold CEO discusses the company's three-year strategy to uplift gold output. Date recorded: 17.08.16. Camerawork and videoediting: Nicholas Boyd

Antofagasta reports 3% drop in H1 profit; copper headwinds to persist until 2018

By: Henry Lazenby     16th August 2016 London-listed base metals miner Antofagasta has reported a 3% decline in profit for the six months ended June, despite a 24.7% reduction in operating costs offsetting the decline in the copper price and lower sales volumes, the miner said Tuesday. Antofagasta reported a net profit of... 

Citigroup sees no ‘significant wave’ of copper supply looming

By: Bloomberg     16th August 2016 The world is not about to be swamped by copper, according to Citigroup Inc. Growth in supply will fall significantly short of demand through 2020, tempering the bearish sentiment that’s made copper the worst-performing metal this year. Global copper mine supply will be one-million metric tons a... 

Citigroup sees no ‘significant wave’ of copper supply looming

Protesters in Peru block key road to Las Bambas copper mine

By: Reuters     16th August 2016 Residents of Andean communities in Peru have blocked a key road to MMG's Las Bambas copper mine for the past week, forcing the Chinese-owned company to use an alternate route, the country's ombudsman's office said on Monday. The residents say the road passes through their lands and want the... 

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