Copper

[blacksheep]

Top copper miner's output slump adds to worry on metal shortfall

Reuters | a day ago |

A tight copper market may be set to get a lot tighter, if a report this week from the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s biggest miner of the metal is any indication.

 

Santiago-based Codelco posted the lowest quarterly copper production this year in the third quarter, according to Chile copper agency Cochilco. The company reported declines across all of its mines in September as ore grades fell an average of 5 percent in the first nine months of the year.

 

The decline in ore grades compounds supply troubles after a commodities price slump that ended in 2016 made miners skittish about expanding their operations in Chile, the worldÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s largest copper supplier. At the same time, mounting trade tensions are prompting mining companies to delay big expansion projects amid uncertainty about the outlook for demand.

 

read more - http://www.mining.com/web/top-copper-miner...etal-shortfall/

[blacksheep]

Chinese copper smelters look to mine investment to secure supply

Reuters

SHANGHAI ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Chinese copper smelters are looking to make more investments in mines, pushing to shore up supply of concentrate at a time when competition for the raw material is heating up, industry executives said on Wednesday.

 

China is the world's biggest consumer of the metal but its own copper mine production has been stagnating amid a broad crackdown on pollution, exacerbating a heavy reliance on imports.

 

Xiangguang is looking at potential investment in mines in South America, Europe and some African countries with stable political environments, Qi told Reuters on the sidelines of the conference.

http://www.mining.com/web/chinese-copper-s...-secure-supply/

[blacksheep]

Copper benchmark deal signals shifting supply dynamics in 2019: Andy Home

Reuters | about 6 hours ago |

extract - see link for full details - http://www.mining.com/web/copper-benchmark...2019-andy-home/

Copper supply has surprised this year, but not in the way everyone expected.

 

It was supposed to be a year of mine disruptions, with the market anticipating that multiple labour contract expiries would result in at least one strike, and possibly more.

 

In the event there was none.

 

By copper's standards it has been a remarkably smooth year for mine production, leaving analysts struggling to fill the customary collective allowance for disruption in their forecasts.

 

There has been plenty of disruption, but it has taken place at the smelting-refining stage of the copper production chain, roiling the refined metal market and allowing smelters to feast on a rare abundance of raw materials.

 

This dynamic looks set to change again next year, judging by the benchmark copper concentrate terms set by Chilean miner Antofagasta and China's Jiangxi Copper.

[blacksheep]

What does China's Belt and Road Initiative mean for copper?

BHP's presentation - ChinaÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Belt and Road Initiative, episode three: copper bottomed

https://www.bhp.com/media-and-insights/pros...copper-bottomed?

[blacksheep]

First Quantum Is Said to Offer $700 Million for Zambia Mine

By Matthew Hill and Taonga Clifford Mitimingi

February 5, 2019, 2:54 AM GMT+11

Company seeks to buy remaining 20% of Kansanshi Copper Mine

Deal includes state-owned ZCCM-IH dropping $1.4 billion suit

First Quantum Minerals Ltd. has offered to buy the Zambian governmentâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s 20 percent stake in Africaâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s biggest copper mine for as much as $700 million, according to two people familiar with the transaction.

https://www.bloomberg.com/news/articles/201...for-zambia-mine

[blacksheep]

At least three Chilean copper mines halted due to heavy rain

Heavy rains in northern Chile, which forced state miner Codelco to halt operations at its Chuquicamata and Ministro Hales copper mines, have also impacted Freeport-McMoRanâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s El Abra.

 

Codelco, the worldâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s No.1 copper producer, said Friday it had sent its daytime shift of workers home as a preventative measure and would evaluate whether to cancel its night shift as well.

 

Freeport-McMoran (NYSE: FCX), the worldâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s largest listed copper miner, has also suspended operations at its northern Chile mine El Abra following several days of heavy rain and electric storms that have killed three people and left roads cut off, houses damaged and triggered warnings of land and rock slides.

read more - http://www.mining.com/least-three-chilean-...due-heavy-rain/

[blacksheep]

Glencore cuts workers at Congo copper and cobalt mine

Bloomberg News | about 7 hours ago |

Glencore is cutting the workforce at its Mutanda copper and cobalt mine in the Democratic Republic of Congo to lower costs before a possible shift in production methods, according to people familiar with the matter.

 

The company is studying the economic viability of those deposits, given rising production costs and an uncertainty political environment in Congo

 

Labour unions met on Friday to discuss the job cuts, which will affect contractors and expatriate employees, the people said, asking not to be identified as the matter is private. No Congolese nationals are affected.

read more - http://www.mining.com/web/glencore-cuts-wo...er-cobalt-mine/

 

Glencore's Zambian unit suspends operations after three workers die in fire

Reuters | about 9 hours ago |

Glencore's Zambian unit Mopani Copper Mines Plc said on Friday it had suspended operations at its Mindola north shaft after three workers were killed in a fire accident.

 

Mopani is one the biggest mining companies in Zambia âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€šÃ‚ Africa's No. 2 producer of the metal âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€šÃ‚ with an output of around 100,000 tonnes a year. It was not immediately clear how much production would be lost owing to the suspended production.

 

(By Chris Mfula; Editing by James Macharia)

http://www.mining.com/web/glencores-zambia...rkers-die-fire/

[nipper]

Heavy rains in northern Chile,

Because El Niño's warm pool feeds thunderstorms above, it creates increased rainfall across the east-central and eastern Pacific Ocean, including several portions of the South American west coast. The effects of El Niño in South America are direct and stronger than in North America. An El Niño is associated with warm and very wet weather months in Aprilâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“October along the coasts of northern Peru and Ecuador, causing major flooding whenever the event is strong or extreme.[95] The effects during the months of February, March, and April may become critical along the west coast of South America, El Niño reduces the upwelling of cold, nutrient-rich water that sustains large fish populations.........

[blacksheep]

An opinion piece by Andy Home - extract

Last year it was the Democratic Republic of Congo. This year it is Zambia.

 

Both African countries have driven through draconian changes to their mineral tax regimes, overcoming the entrenched opposition of some of the worldâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s biggest mining houses.

 

Both are betting that the worldâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s need for their resources, particularly copper and cobalt, will keep the tax receipts flowing.

 

Right now, however, the push for a greater share of the wealth lying beneath the African Copperbelt is causing supply-chain disruption for both copper and cobalt.

read more - https://www.reuters.com/article/us-africa-m...e-idUSKCN1QG04X

[nipper]

Next year it's DRC again.