BHP has announced plans to invest over $12 billion to expand its copper operations in Chile, focusing on the Escondida and Spence mines in the Antofagasta region. The investment aims to counter an expected production decline between 2027 and 2030. At the same time, the company faces worker protests over alleged labor abuses. Alexis Barrera,...
READ MOREPeru’s copper production fell by 1.2% in September compared to the same month last year, reaching 232,423 metric tons, according to data released by the Ministry of Energy and Mines on Tuesday. Peru, one of the world’s largest copper producers, produced 2.76 million metric tons of copper last year. The monthly decline in copper production...
READ MORECopper prices edged higher on Tuesday as the U.S. dollar rally paused, although concerns over demand from China and potential U.S. tariffs continued to weigh on the market. Three-month copper on the London Metal Exchange (LME) rose 0.5% to $9,114.50 per metric ton by 0320 GMT, while the most-traded December copper contract on the Shanghai...
READ MORECopper prices edged lower on Monday as investors awaited developments on potential U.S. tariffs and anticipated economic stimulus from China. Aluminium also retreated, reflecting market response to China’s recent decision to scrap export rebates. By 1125 GMT November 18, three-month copper on the London Metal Exchange (LME) dipped 0.1% to $8,994.50 per metric ton, extending...
READ MOREDrugstore magnate Dirk Rossmann has once again expanded his stake in Aurubis, a leading copper manufacturer. His investment firm, Rossmann Beteiligungs GmbH, now controls around 20.7% of Aurubis, up from approximately 17%, according to a mandatory disclosure on Monday. This ongoing increase in ownership has fueled market speculation about a potential takeover. Rossmann, founder of...
READ MOREBase metals prices largely traded higher on Monday, buoyed by dip-buying from physical consumers. However, gains were limited by a strong dollar and sluggish demand from China, which capped any significant upward movement. Three-month copper on the London Metal Exchange (LME) inched up by 0.1% to $9,013.50 per metric ton by 0629 GMT. Aluminium rose...
READ MOREThe Adani Group, one of India’s leading conglomerates, has announced plans to expand its footprint in the metals industry with a $5 billion investment over the next five years. The investment will fund aluminium and steel production ventures, as well as an expansion of copper production facilities in India. The Group’s move into metals production...
READ MORETirex Resources, a Canadian company based in Vancouver, has concluded its exploration activities in Albania and informed the government of plans to convert several exploration concessions into mining concessions. The company aims to begin production soon in six deposits in the Mirdita region, focusing on copper, gold, and zinc extraction. The volcanic deposits in the...
READ MOREBHP Group Ltd. Chief Executive Officer Mike Henry emphasized that soaring global demand for copper will necessitate an investment of $250 billion over the next decade. This major capital requirement is expected to drive further mergers and consolidations in the mining industry, as companies seek to pool resources and expertise. “New deposits in certain key...
READ MOREDue to the potential increase in U.S. trade tariffs following the incoming Trump administration and weaker-than-expected stimulus measures from China, demand for copper is likely to come under significant pressure. In response, Citigroup has lowered its short-term copper price forecast by 11%, anticipating that prices will fall from a previous forecast of $9,500 per ton...
READ MOREChinese copper smelters may cut production or extend maintenance periods next year to address ongoing feedstock shortages, as discussed by participants at an industry conference in Shanghai. The shortage of copper concentrate is leading to increased competition among smelters, with production cutbacks seen as a possible solution to alleviate the situation. Earlier this year, global...
READ MOREAnalysts at Citi Research have revised their short-term copper price forecast downward by 10%, from $9,500 per tonne to $8,500 per tonne. The downgrade is attributed to ongoing trade tensions between the U.S. and China, as well as weaker-than-expected economic growth in China, which are likely to dampen global demand for copper. According to Citi’s...
READ MOREBHP Group is expected to invest at least $7 billion in copper extraction from the Escondida mine in Chile in the coming years, according to analysts quoted by Reuters. Representatives of BHP may announce these plans next week during a roadshow for the Escondida and Spence deposits. Copper is a critical element in BHP’s long-term...
READ MOREChina Nonferrous Mining Corporation (CNMC) has committed to investing over $1.5 billion in Zambia to boost copper production, as part of a broader effort to support the country in reaching its goal of 3 million tonnes of copper output annually by 2031. Projects under this investment include the redevelopment of Shaft 28 in Luanshya and...
READ MOREExports of copper concentrate from Russia to China surged by 36% year-on-year in the first nine months of 2024, reaching 310,000 tonnes, according to data from China’s General Customs Administration. In September alone, shipments rose one and a half times to 35,000 tonnes. While concentrate exports increased, Russian exports of finished copper products like wire,...
READ MOREFrom January to September 2024, China significantly increased its imports of copper concentrate from Russia, as reported by Vedomosti, citing data from the Main Customs Department of China. Over this period, imports of raw copper materials rose by 36% year-on-year, totaling 310,000 tons. Conversely, exports of finished copper products, including wire, profiles, sheets, tubes, and...
READ MOREChina’s copper cathode production in October 2024 amounted to 995,500 tonnes, according to the Shanghai Metals Market (SMM). This figure marks a 0.9% decline from September but a slight increase of 0.2% compared to October 2023. Overall, Chinese companies produced 9.96 million tonnes of copper in the first ten months of the year, reflecting a...
READ MOREOn November 13, 2024, the China Nonferrous Metals Industry Association (CNIA) stated that increased utilization of aluminium and recycled copper could help China manage its limited copper resources. Ge Honglin, Chairman of CNIA, emphasized that Chinese smelters face challenges due to constrained copper concentrate supplies, which is impacting their profitability. He noted that smelter profits...
READ MORETroilus Gold has secured a preliminary agreement for a US$500-million loan guarantee from Germany’s Euler Hermes Aktiengesellschaft to support its copper and gold project in Quebec. The guarantee, issued on behalf of Germany’s Ministry for Economic Affairs and Climate Action, is contingent upon Troilus signing an offtake agreement with German copper smelter Aurubis. The offtake...
READ MOREChina has announced plans to inject up to $5 billion into Zambia’s mining industry by 2031, with the goal of boosting copper and cobalt production. The investments will be facilitated through a newly established entity, the Chinese Mining Enterprise Association in Zambia, as stated by the Zambian government on November 13, 2024. The Chinese government,...
READ MOREAccording to Bloomberg, Nornickel is moving forward with its plans to relocate copper smelting operations from Norilsk to China, focusing on the construction of a metallurgical plant in Fangchenggang, a port city on the coast of the South China Sea. A major hub for cargo transshipment to China, Vietnam, and other countries, Fangchenggang’s turnover rose...
READ MOREPresident Hakainde Hichilema has announced that Anglo American Corporation is re-entering Zambia’s mining sector, marking the company’s return after nearly two decades away. This move is expected to bolster Zambia’s ambitious target of tripling copper production to 3 million tonnes annually by 2031. Achieving this target is a key component of the government’s broader strategy...
READ MOREThe Adani Group plans to invest $5 billion to enter India’s metals industry, two years after its foray into the country’s cement sector, according to a report from the Mint newspaper. This move will position the conglomerate as a challenger to established players such as Vedanta Ltd., Hindalco Industries Ltd., and the Tata Group. The...
READ MOREChinese copper smelters are under mounting pressure to scale back their rapid expansion, which is impacting profitability across the global industry. China, the world’s largest consumer of copper, is on course to produce about half of the world’s refined copper this year after an aggressive wave of smelter construction aimed at securing essential supplies for...
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