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Copper News

Mopani transitions copper operations to care and maintenance 

By: Martin Creamer     Updated 2 hours 35 minutes ago Copper mining company Mopani Copper Mines plc said on Tuesday that it had placed its mining operations on care and maintenance and a number of projects on hold. The announcement, the company said, followed a number of meetings with Zambian government ministries to provide an update of its... 

Copperbelt miners turn to Tanzania as South African lockdown hobbles ports

By: Reuters     Updated 2 hours 43 minutes ago South Africa's strict coronavirus lockdown has caused miners to divert copper from the country's ports to others in Africa, with Dar es Salaam the clear winner, sources told Reuters. Authorities in South Africa initially said ports would only process essential goods during a three-week nationwide... 

Zambia says Glencore declares 'force majeure' to shut copper mines, will block move

By: Reuters     Updated 5 hours ago Zambia said on Tuesday that Glencore has declared "force majeure" and will shut its copper mines in the country, adding that the government would block the move which would result in 11 000 people losing their jobs. Mines Minister Richard Musukwa said Glencore plans to put its Mopani Copper... 

The state of Chinese commodities shows recovery taking hold

By: Bloomberg     Updated 5 hours ago From oil to copper to coal, China’s gigantic commodities industry is signaling that the first economy to be flattened by the coronavirus is getting closer to a return to normality. Bloomberg Economics estimates that most of China was 90% to 95% back to work at the end of last week, noting... 

Covid-19 preventing shareholders from attending Anglo AGM

By: Martin Creamer     7th April 2020 Shareholders will not be permitted to attend this year’s annual general meeting (AGM) of Anglo American because of Covid-19 restrictions – but they have been invited to submit questions in advance for answering at the AGM. The London- and Johannesburg-listed diversified mining company said in a... 

Atalaya sets copper guidance for 2020

By: Marleny Arnoldi     7th April 2020 A lower average copper price realised for the year ended December 31, 2019, resulted in TSX- and Aim-listed Atalaya Mining generating lower aftertax profit of €31-million, compared with €34-million in the year ended December 31, 2018. The average copper price realised in the year under review... 

Freeport-McMoRan workers at New Mexico mine test positive for coronavirus

By: Reuters     7th April 2020 Three employees at a New Mexico mine owned by Freeport-McMoRan, the world's largest publicly traded copper producer, have tested positive for Covid-19, the state's lieutenant governor said on Monday. It was not immediately clear if operations at the mine have been affected. A Freeport... 

Global GDP to contract 1.9% this year, spark commodity oversupply, says Fitch

By: Simone Liedtke     6th April 2020 Owing to unprecedented lockdown in much of Europe, the US and across the globe, the world is currently experiencing considerably lower economic activity, which in turn significantly reduces commodity consumption, says ratings agency Fitch Ratings. As a result, it expects global gross domestic... 

Global GDP to contract 1.9% this year, spark commodity oversupply, says Fitch

Anglo going to great lengths to support South Africa in its Covid-19 hour of need 

By: Martin Creamer     6th April 2020 Diversified mining company Anglo American is going to remarkable lengths to support South Africa through the devastating Covid-19 crisis. The London- and Johannesburg-listed company, headed by Australian Mark Cutifani, is showing far-reaching corporate humanitarianism by taking firm steps to... 

Anglo going to great lengths to support South Africa in its Covid-19 hour of need
Photo by Bloomberg
Mark Cutifani

Nevada Copper suspends Pumpkin Hollow production

By: Mariaan Webb     6th April 2020 Copper production has been suspended at the Pumpkin Hollow mine, as a result of stringent travel and workplace restrictions that the US state of Nevada imposed to combat the spread of Covid-19. The suspension of production is expected to last for at least six weeks, owner Nevada Copper, which... 

Nevada Copper suspends Pumpkin Hollow production

Spain allows copper mine to resume as supplier to essential industries

By: Mariaan Webb     6th April 2020 Aim- and TSX-listed Atalaya Mining on Monday confirmed that operations had resumed at its Proyecto Riotinto copper mine, in Spain, after the mining department of Junta de Andalucía clarified that mining operations supplying other essential industries should continue to operate. Atalaya stopped... 

Spain allows copper mine to resume as supplier to essential industries
The Proyecto Riotinto mine has resumed operations.

Pembridge reduces economic interest in Minto

By: Simone Liedtke     6th April 2020 LSE-listed Pembridge Resources is set to restructure the share ownership of its Minto copper mine, in Canada. In light of the current financial market conditions owing to the outbreak of Covid-19 globally, and the potential for material cash calls on Pembridge, the company, with other Minto... 

Antofagasta suspends contractor agreements for 120 days

By: Mariaan Webb     6th April 2020 Chilean miner Antofagasta Minerals has suspended contracts with most companies building its Los Pelambres expansion project for up to 120 days, but has stressed that this does not imply that contracts will be terminated. The London-listed company last week confirmed that its Los Pelambres... 

Antofagasta suspends contractor agreements for 120 days

Chilean copper miners 'considering production cuts' - industry association

By: Reuters     3rd April 2020 Copper miners in Chile are considering cutting production amid strict measures to contain the spread of the new coronavirus, an association of companies in the sector has told Reuters. A report by the National Mining Society (Sonami), which represents all miners of the red metal across Chile,... 

Nevada Gold Mines assisting its local communities

By: Simone Liedtke     3rd April 2020 Nevada Gold Mines (NGM), in collaboration with the state of Nevada and its stakeholders, is working to identify immediate needs and provide financial and logistical support to mitigate the impact of the Covid-19 pandemic on its local communities. NGM is a joint venture (JV) between Barrick Gold... 

Ivanhoe equips DRC mine with 10 ICU units as it speeds ahead with Kamoa-Kakula construction 

By: Mariaan Webb     2nd April 2020 Canada-headquartered Ivanhoe Mines has unveiled “extraordinary” measures to continue construction of its large-scale Kamoa-Kakula copper project, in the Democratic Republic of Congo (DRC), amid the coronavirus crisis. The miner has locked down Kamoa-Kakula and all key personnel on site, with... 

Ivanhoe equips DRC mine with 10 ICU units as it speeds ahead with Kamoa-Kakula construction
Dr Delvareine Kabwayi Buyamba of the Kamoa-Kakula medical response team.

Antofagasta operating with half its workforce, unveils $6m fund to help fight virus

By: Mariaan Webb     2nd April 2020 London-listed Antofagasta on Thursday reported that its production had not been significantly impacted by measures to curb the spread of coronavirus, despite the company operating with only about 50% of its workforce. Antofagasta, which owns mines in Chile where coronavirus cases have risen to... 

Antofagasta operating with half its workforce, unveils $6m fund to help fight virus

Chilean State copper miner Codelco confirms fifth case of coronavirus among workers

By: Reuters     1st April 2020 Chile's State-owned Codelco, the world's largest copper producer, said on Wednesday that a fifth worker has been confirmed as having contracted coronavirus, at its Ministro Hales mine. The diagnosis of the contract worker was confirmed in the central coastal city of La Serena on his final rest... 

All Antofagasta mines to be powered by renewables at lower cost

By: Martin Creamer     1st April 2020 All of the electricity of the mining division of the London-listed Chile-based Antofagasta plc will from 2022 be from renewable sources at lower cost. This follows the signing by Antofagasta’s Centinela copper mine of a new power purchase agreement with Engie Energía Chile, effective from 2022... 

All Antofagasta mines to be powered by renewables at lower cost
Antofagasta CEO Iván Arriagada

Central Asia Metals’ results demonstrate company’s ‘fundamental strength’

By: Simone Liedtke     1st April 2020 Copper, zinc and lead production and exploration company Central Asia Metals’ (CAML’s) results for the year ended December 31, demonstrate the “fundamental strength” of the business, which owns two low-cost base metals operations, one in Kazakhstan and the other in North Macedonia. CEO Nigel... 

Standard Bank meeting all capital and liquidity requirements 

By: Martin Creamer     1st April 2020 Capital and liquidity requirements across all the markets in which it operates are continuing to be met, Standard Bank Group FD Dr Arno Daehnke said during an investor call. Daehnke disclosed that the bank was benefitting from building up increased capital levels over the last few years in line... 

Standard Bank meeting all capital and liquidity requirements
Sim Tshabalala

GlobalData revises full-year copper output growth forecast lower

By: Simone Liedtke     1st April 2020 Global copper production is expected to be impacted by the Covid-19 pandemic, with data analytics and consulting company GlobalData now forecasting output growth of just 1.9% to 21-million tonnes for this year. This compares with its previous forecast of 3.4% year-on-year growth in global copper... 

Teck reduces coal output rate and suspends 2020 guidance

By: Mariaan Webb     1st April 2020 Notwithstanding the challenges related to the fast-spreading coronavirus, Canadian diversified miner Teck Resources president and CEO Don Lindsay on Wednesday reported that all the group’s operations remained in production, albeit on a reduced basis. The Vancouver-headquartered group announced... 

Teck reduces coal output rate and suspends 2020 guidance
Teck president and CEO Don Lindsay

Covid-19 prompts Glencore to defer cash distribution, reinforce liquidity 

By: Martin Creamer     31st March 2020 The coronavirus pandemic has prompted global diversified mining and marketing company Glencore to defer its proposed $2.6-billion distribution of cash and reinforce its $10.1- billion liquidity through the refinancing and extension of revolving credit facilities on the same commercial terms as... 

Covid-19 prompts Glencore to defer cash distribution, reinforce liquidity
Ivan Glasenberg

Katanga postpones acid plant commissioning

By: Simone Liedtke     31st March 2020 TSX-listed Katanga Mining is closely monitoring the progress of the spread of Covid-19 and is taking measures to contain the impact thereof on the health of its employees and operations. Meanwhile, as previously announced, Katanga’s 75%-owned subsidiary Kamoto Copper Company (KCC) entered into an... 

Nevada Copper closes balance sheet strengthening transactions

By: Tasneem Bulbulia     31st March 2020 TSX-listed copper producer Nevada Copper, which owns Pumpkin Hollow in Nevada, US, has closed several previously announced balance sheet strengthening transactions, including amendments to its senior credit facility with KfW IPEX-Bank and amendments to the metals purchase and sales agreement with... 

Gold Fields places South Deep mine on care and maintenance 

By: Martin Creamer     31st March 2020 Johannesburg- and New York-listed gold mining company Gold Fields has placed its South Deep gold mine in Gauteng on care-and-maintenance to coincide with South Africa’s lockdown until April 16. In publishing its integrated annual report for 2019 and a number of associated reports on its website,... 

Gold Fields places South Deep mine on care and maintenance
Photo by Creamer Media
Nick Holland

Global copper miners head for worst quarter since 2008

By: Bloomberg     30th March 2020 Copper miners are poised for their worst quarter since 2008 after the coronavirus pandemic fueled demand fears for industrial metals and forced companies to curb mining operations. The BI Global Copper Competitive Peers index has slumped 37% this quarter, led by Teck Resources, Hudbay Minerals... 

Mines close as Spain tightens coronavirus controls

By: Mariaan Webb     30th March 2020 Spain has implemented enhanced measures to protect its people from the fast-spreading coronavirus with a new royal decree on Sunday stipulating that only employees from essential industries are allowed to work for the next week-and-a-half. The list of essential industries excludes mining and... 

Mines close as Spain tightens coronavirus controls
The Proyecto Riotinto mine, in Spain.

Oz Minerals targets A$150m cost cuts

By: Esmarie Iannucci     30th March 2020 Copper/gold miner Oz Minerals on Monday maintained its production guidance for the full 2020, but announced a A$150-million deferral in overall capital expenditure for the year. The ASX-listed company told shareholders that in light of the COVID-19 pandemic, the company had undertaken an... 

Fitch Solutions says volatility to continue driving metals prices lower

By: Simone Liedtke     30th March 2020 Research agency Fitch Solutions expects volatility to continue playing to the downside for metal prices in the coming weeks owing mainly to bearish investor sentiment on the back of the widespread Covid-19 pandemic. The agency notes that metal prices started the year on a strong footing as the... 

Fitch Solutions says volatility to continue driving metals prices lower

Mining could be enormous post-virus stabiliser – Minerals Council

By: Martin Creamer     29th March 2020 The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release. Post coronavirus, South Africa would... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge

By: Martin Creamer     28th March 2020 South Africa’s diversified black-controlled mining and minerals company African Rainbow Minerals (ARM) and the Motsepe family on Saturday formed the key part of the partnership of companies and organisations that have pledged R1 billion to assist with the current coronavirus (Covid-19) pandemic... 

ARM, Motsepe family play key roles in R1bn coronavirus pledge
Photo by Creamer Media
Dr Patrice Motsepe and Dr Precious Moloi-Motsepe at Saturday's remote media conference using the Internet to ensure social distance.

Anglo American cuts South African iron-ore, coal guidance 

By: Donna Slater     27th March 2020 Diversified miner Anglo American is taking steps at its relevant operations in line with Covid-19-related regulations enforced in the various jurisdictions in which it operates around the world. It will also continue to provide a number of essential services, including security; mine... 

Alaska’s Pebble project team keeps eye on RoD goal despite Covid-19 precautions

By: Mariaan Webb     27th March 2020 Canada’s Northern Dynasty said on Thursday that work on the Pebble project, in Alaska, continued to advance, despite the mandatory and voluntary steps that its US-based subsidiary implemented in response to the spreading of the novel coronavirus. The project developer confirmed that it still... 

Alaska’s Pebble project team keeps eye on RoD goal despite Covid-19 precautions

Freeport-McMoRan in talks over limited operations at Cerro Verde

By: Mariaan Webb     27th March 2020 NYSE-listed Freeport-McMoRan said on Thursday that it was in discussions with Peruvian authorities to allow the Cerro Verde mine to conduct limited operations during the country’s extended state of emergency, positioning the mine to return to normal operations when restrictions were lifted.... 

Freeport-McMoRan in talks over limited operations at Cerro Verde

Jubilee confident the group will withstand Covid-19 disruption

By: Simone Liedtke     26th March 2020 Aim- and AltX-listed Jubilee Metals says it has a “robust business model” and is, therefore, confident that the group will be able to withstand the disruption caused by the spread of the Covid-19 virus across the globe. In anticipation of this disruption, Jubilee says it has already taken... 

Imperial narrows loss to $40m

By: Marleny Arnoldi     26th March 2020 TSX-listed Imperial Metals in the year ended December 31, managed to narrow its net loss from continuing operations to $40.2-million from the $109-million loss reported in the year ended December 31, 2018. This amounted to a loss a share of $0.32 apiece in 2019, compared with a loss a share of... 

Imperial narrows loss to $40m
Imperial Metals' Huckleberry mine, in British Columbia
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