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Copper News

The world's biggest miners want more copper but nobody's selling

By: Bloomberg     17th July 2018 It’s the mining world’s biggest dilemma: everyone’s hunting for copper deals, but even the richest producers just can’t pull the trigger. The largest miners all say they’re bullish on copper and looking for growth in the metal that’s forecast to be in ever-greater demand as cities expand and... 

New mining fund raising R750m to co-finance ancillary mine projects 

By: Martin Creamer     16th July 2018 In an economic environment of tight capital allocation and bank pull back from mining finance, the new tax-incentivised CCP 12J Mining Fund is going all out to raise R750-million for co-investment in ancillary project opportunities on existing mine sites. On the list of targeted project... 

New mining fund raising R750m to co-finance ancillary mine projects
CCP 12J MD Paul Miller talks to Mining Weekly Online’s Martin Creamer on new tax incentives to boost mining investment. Video and Video Editing: Nicholas Boyd. Photographs: Dylan Slater.

Orion on track for completing Prieska BFS

By: Anine Kilian     16th July 2018 JSE-listed Orion Minerals is on track to complete its bankable feasibility study into the Prieska zinc/copper project, in the Northern Cape, by the end of the year. The company on Monday reported positive assay results from a further 13 drilled intersections at the project. 

Atalaya produces record quarterly copper production in Spain

By: Marleny Arnoldi     16th July 2018 Aim- and TSX-listed copper miner Atalaya Mining produced 10 446 t copper at its Proyecto Riotinto mine, in Spain, in the second quarter of the year, beating its first quarter production record.  

Six die in underground fire at Palabora copper mine  

By: Marleny Arnoldi     16th July 2018 Mining company Palabora Copper confirmed on Monday that six people have died at its copper mine in Phalaborwa, following a fire that broke out at its underground conveyor belt operation during the early hours of Sunday.  

How mining tycoons are trying to foil a big UK bribery probe

By: Bloomberg     16th July 2018 It’s a faint echo of the defense being floated by targets of the Mueller probe in the US – an unaccountable circle of bureaucrats manipulating the system to their own ends. But in London, it’s the last ditch effort by a trio of Kazakh oligarchs to derail the UK’s biggest bribery investigation. 

How mining tycoons are trying to foil a big UK bribery probe
Alexander Machkevitch

Copper trains ransacked by 'moles' in full-moon desert heists

By: Bloomberg     13th July 2018 On nights lit by a full moon, thieves leap from trucks onto trains as they roll through Chile’s Atacama desert, before throwing 80-kg slabs of copper to the ground and disappearing into the dark. It’s a tactic known as “the cat” and the robbers are “moles” because no one knows where they come... 

Copper trains ransacked by 'moles' in full-moon desert heists

Copper heads for fifth weekly loss, aluminium awaits Trump-Putin summit

By: Reuters     13th July 2018 Copper headed for a fifth weekly loss on Friday as trade tensions between the United States and China rumbled on, while aluminium hit a three-month low ahead of a summit between US President Donald Trump and Russian President Vladimir Putin. Trump and Putin are due to meet in Helsinki on Monday... 

Copper heads for fifth weekly loss, aluminium awaits Trump-Putin summit

Copper Mountain production up

By: Creamer Media Reporter      13th July 2018 The Copper Mountain mine, in British Columbia, has delivered a solid performance in the second quarter, with production increasing by 13% year-on-year, the operation’s eponymous owner reported on Thursday. The mine produced 23.1-million pounds of copper equivalent, including 20-million pounds of... 

Mining pursuing optimisation, innovation to increase profits

By: Erin Steenhoff-Snethlage     13th July 2018 Sandton-based chemical reagent supplier and distributor Axis House believes mining in Africa is moving towards process optimisation through innovation to reduce costs and increase profits, explains Axis House group general manager Justine Stubbs. “Mines are optimising various processes to achieve... 

Indonesia to pay $3.85bn for majority stake in Freeport's Grasberg copper mine

By: Reuters     12th July 2018 Indonesia on Thursday struck an agreement with Freeport-McMoRan and Rio Tinto to buy a controlling stake in the world's second-biggest copper mine via a series of transactions valued at $3.85-billion. The heads of agreement establishes a structure for Indonesia, through its state-owned mining... 

Indonesia to pay $3.85bn for majority stake in Freeport's Grasberg copper mine
The Grasberg mine in Indonesia.

Ecuador attracting mining interest, political risks weigh on Latin America outlook

By: Mariaan Webb     12th July 2018 The South American country of Ecuador is attracting interest among foreign mining companies, as a low-risk, high-reward market, where government remains supportive of mining, despite the February referendum restricting mining in protected areas. Market intelligence firm BMI, which publishes a... 

BHP makes contract offer to union at Escondida mine in Chile

By: Reuters     12th July 2018 BHP Billiton handed in a proposal for a new labor contract to the union at its Escondida copper mine in Chile that includes a salary readjustment linked to inflation and a $23 000 bonus per worker, the company said on Wednesday. The offer falls short of fulfilling some of the demands laid out... 

Indonesia reaches preliminary deal with Freeport on Grasberg

By: Bloomberg     12th July 2018 Indonesia has struck an “initial agreement” to take majority ownership of Freeport-McMoRan’s giant Grasberg copper and gold mine, President Joko Widodo told reporters in Jakarta on Thursday. State-owned PT Indonesia Asahan Aluminium, also known as Inalum, will end up with a 51% stake,... 

Indonesia reaches preliminary deal with Freeport on Grasberg

Barrick trims copper guidance, gold forecast intact

By: Mariaan Webb     12th July 2018 Toronto, Canada-headquartered Barrick Gold has maintained its gold production guidance for 2018 at between 4.5-million and 5-million ounces, but has slashed 40-million pounds off its copper production guidance, owing to operational challenges at its biggest copper mine – Lumwana, in Zambia. The... 

Barrick trims copper guidance, gold forecast intact
The Lumwana copper mine in Zambia.

Copper slides to 1-year low, zinc sinks in broad selloff

By: Reuters     11th July 2018 Copper prices slumped to their weakest level in a year and zinc fell to 13-month lows amid a broad selloff on Wednesday after the Trump administration said it would slap 10 percent tariffs on an extra $200-billion worth of Chinese imports. US President Donald Trump’s latest tariff threat... 

Trump started the metals rally, now he's the reason it's ending

By: Bloomberg     11th July 2018 The US election of Donald Trump lit a fire under metals markets in 2016 as investors took a liking to his pro-business agenda. Now, copper and other metals are tanking as Trump’s trade war against China threatens to derail economic growth. Copper sunk to an almost one-year low and has fallen 16%... 

Trump started the metals rally, now he's the reason it's ending

Serbian copper miner attracts 11 possible buyers – report

By: Reuters     11th July 2018 Serbia's RTB Bor copper miner and smelter has drawn interest from 11 companies and the tender could take place this week or next, Belgrade daily Politika reported on Wednesday. Serbia has tried and failed three times since 2007 to sell the debt-laden mining complex, which suffered a long period... 

Arc lifts Zamsort stake to 66%

By: Creamer Media Reporter      11th July 2018 Aim-listed Arc Minerals has acquired a further 5% interest in Zamsort, the operator of the Kalaba copper/cobalt project, in Zambia. It now owns 66% of Zamsort, with the other 34% interest held by Kopara Investments. 

Kalahari Metals, Metal Tiger start exploration programme in Botswana

By: Marleny Arnoldi     10th July 2018 Aim-listed resources investor Metal Tiger announced on Tuesday an exploration programme at Kalahari Metals’ (KML’s) projects in the Kalahari copperbelt, in Botswana, has started and is aimed at identifying copper/gold mineralisation.  

Katanga appoints new COO

By: Simone Liedtke     9th July 2018 TSX-listed Katanga Mining, which is a subsidiary of diversified miner Glencore, has appointed Samuel Rasmussen COO. Rasmussen, who holds a BSc in Chemical Engineering and Petroleum Refining from the Colorado School of Mines, has copper processing and mining experience in large-scale openpit and... 

CITIC Metal gets internal green light to buy 19.5% stake in Ivanhoe

By: Marleny Arnoldi     9th July 2018 China State-owned investment company CITIC’s subsidiary CITIC Metal has completed its confirmatory due diligence and has received the necessary internal approvals to complete the long-term, strategic cooperation and investment agreement with TSX-listed Ivanhoe Mines.  

PEA supports staged expansion of Sierra Metals’ Bolivar mine

By: Marleny Arnoldi     9th July 2018 Hot on the heels of a positive preliminary economic assessment (PEA) for the expansion of its Yauricocha base and precious metals mine, in Peru, Toronto-based Sierra Metals on Monday announced the outcomes of its PEA for the expansion at the Bolivar mine, in Mexico.  

Metal Tiger, partner log significant visible copper sulphides at Botswana project

By: Simone Liedtke     9th July 2018 Significant visible copper sulphides have been logged in hole MO-A4-003D as part of the latest diamond drill hole testing at the A4 dome at Aim-listed Metal Tiger’s joint venture (JV) project with partner MOD Resources in the Kalahari copperbelt, in Botswana. The strong visible copper... 

Oz closes Avanco offer

By: Esmarie Swanepoel     9th July 2018 ASX-listed Oz Minerals has closed its takeover for fellow listed Avanco Resources, with a 97.7% interest. The company previously started the compulsory acquisition process for the remaining Avanco shares after gaining a 90.46% interest in the takeover target. 

Chilean miner Mantos Copper seeks buyer to help finance expansion

By: Reuters     6th July 2018 Private equity-backed Chilean miner Mantos Copper is looking to find a buyer to help finance the expansion of mines it bought from Anglo American in 2015, it said. The company's owner, a consortium led by British investment company Audley Capital Advisors and Orion Mine Finance Group, bought... 

Tiger cancels sale of Kipoi to Chinese firm

By: Esmarie Swanepoel     6th July 2018 Copper miner Tiger Resources has pulled the plug on the divestment of its assets in the Democratic Republic of Congo (DRC) to a Chinese consortium. Tiger in January announced that it would sell its Kipoi mine and other assets in the DRC to special purpose vehicle Sinomine Fuhai (Hong Kong)... 

Tiger cancels sale of Kipoi to Chinese firm

Copper's collapse tops $1 000 as Trump picks a fight with China

By: Bloomberg     6th July 2018 Copper’s flashing a powerful warning about expectations for economic growth after US President Donald Trump chose to embark on a major escalation of his administration’s global trade war, imposing tariffs on $34-billion of imports from China, which vowed to respond in kind. The metal has lost... 

Copper's collapse tops $1 000 as Trump picks a fight with China

BHP, workers at Escondida mine in Chile 'far from agreement'

By: Reuters     6th July 2018 Negotiations between workers and BHP Billiton at the Escondida copper mine in Chile, the world's largest, are "far from reaching agreement" with less than three weeks to go before the negotiation deadline, a union official told Reuters on Thursday. The official, Carlos Allendes, said the union... 

ICMM welcomes two South American miners

By: Jessica Oosthuizen     6th July 2018 Two South American mining companies, Minera San Cristóbal and Minsur, have joined the International Council on Mining and Metals (ICMM). ICMM CEO Tom Butler notes that both companies have earned their membership of ICMM by complying with the council’s “rigorous” admission procedure, adding that... 

ICMM welcomes two South American miners
TOM BUTLER Both Minera San Cristóbal and Minsur have shown real leadership in their environmental and social performance and have valuable experience to share

First-quarter global copper production up 7.1%

By: Nadine James     6th July 2018 Global mined copper production is estimated to have increased by 7.1% in the first quarter of 2018, with concentrate production rising by 7% and solvent extraction-electrowinning (SX-EW) by 7.3%, the International Copper Study Group (ICSG) reported in its Copper Bulletin, last month. The ICSG... 

Company expands South American service offering

By: Jessica Oosthuizen     6th July 2018 As part of its coordinated international strategy, minerals processing specialist Multotec is establishing a joint venture (JV) in Belo Horizonte, Brazil, which will enhance its presence in the South American region, says Multotec screening media VP Roy Roche. He tells Mining Weekly that the... 

Company expands South American service offering
PRODUCT STRATEGY Multotec is following a five-product strategy focussed on screening media, cyclones, samplers, spirals and ceramic linings in its targeting of South America

First Quantum given time to solve $7.9bn Zambian tax row

By: Bloomberg     5th July 2018 Zambia agreed to give First Quantum Minerals more time to complete its analysis of what the company might owe the southern African nation after it was slapped with a $7.9-billion tax bill, according to the Finance Minister. The Vancouver-based company is challenging the assessment from Zambia’s... 

Centerra warns water shortage may slow Mt Milligan throughput in Q4

By: Mariaan Webb     5th July 2018 Toronto-headquartered Centerra Gold on Thursday warned that it might have to reduce the throughput level of its Mount Milligan operation, as the company continues to face water risks at the British Columbia mine. Centerra has applied for permits to access further groundwater and surface water,... 

Centerra warns water shortage may slow Mt Milligan throughput in Q4

Goldman says buy commodities as clock ticks toward trade war

By: Bloomberg     5th July 2018 Commodity bull Goldman Sachs Group Inc. has poured cold water on the notion that a trade war between the US and China represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy. The Wall Street... 

Analysts spring to Glencore’s defence as miner restores confidence with buyback scheme

By: Martin Creamer     5th July 2018 Research analysts have sprung to the defence of Glencore, which has rapidly restored confidence by announcing an immediate share buyback programme that communicates the formidable faith of management in the London- and Johannesburg-listed diversified mining and marketing company. In a note... 

Analysts spring to Glencore’s defence as miner restores confidence with buyback scheme
Photo by Creamer Media
Glencore CEO Ivan Glasenberg

NGEx to fast-track study on Josemaria

By: Mariaan Webb     4th July 2018 Canadian mining company NGEx has announced that it will conduct a prefeasibility study (PFS) on the Josemaría copper project, in San Juan, Argentina, evaluating the potential to develop an openpit mine and process plant. The deposit is currently part of the company’s Project Constellation... 

US probe darkens Glencore's horizons from Africa to Americas

By: Bloomberg     4th July 2018 The US corruption and money-laundering probe into Glencore Plc represents the sum of all fears for the world’s largest commodity trader and its billionaire CEO Ivan Glasenberg. The possibility that the Justice Department would add to the dizzying array of regulatory and legal headaches the Swiss... 

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