miércoles, 25 de abril de 2018

Copper supply crunch earlier than predicted — experts

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Copper News Digest
Thursday 26 April 2018
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Copper production will peak in the second half of 2019, making a growing supply deficit much more real.

Copper production fell to 153,800 tonnes from 171,900 tonnes, due mostly to lower grades at the company's Centinela and Los Pelambres mines.

On the 20th anniversary of the breach of the tailings pond at the Los Frailes mine in Spain, environmental organizations held a press conference to alert the public about the possibility of a similar accident taking place.

The machinery manufacturer logged earnings of $2.82 per share on revenue of $12.9 billion, surpassing expectations.

The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.

Only in 2019, Lima expects to receive $2.9 billion in mining investments.

Company said new technology will help the DRC mine achieve its 2018 production guidance of 730,000 ounces, despite challenges posed by the country's new mining code.

They said they expected authorities to realize the sliding scale they propose would be a more effective mechanism for the government to share in higher commodity prices than the windfall tax and strategic minerals scheme included in the new code.

A group of researchers from Berlin's Humboldt University published a study where they say that mining activities are the leading cause of social conflicts in Peru.

Merger creates a mid-sized copper miner, with an expected annual production of about 73,000 tonnes of the metal.

Revenue in the first quarter slumped almost 50% due mainly to reduced operations at its flagship Bulyanhulu gold mine.

The Deputy Secretary of Mining Policy said the world needs Argentina's copper, lithium, gold and silver.

Price surges nearly 5% to three-year high over worries that top producer Norilsk could befall the same fate as aluminum giant Rusal.

The officials are accused of abuse of power in the case of the 2015 cyanide spill at Barrick Gold's Veladero mine.

Increasing disposable income in emerging economies and the adoption of greener technologies, are the two factors to drive most of the expected increased demand in copper during the next five years.

Authorities may consider potential revisions to the mining laws in order to make companies that already own concessions to work on them or else give them up.

The second largest ever private equity fund focused on mining closed in the first quarter – 13 funds aim to raise a further $4.9 billion in 2018.

One of the main problems, says the head of Chile's Mining Society, Diego Hernández, is miners have no incentives to do anything with the assets they already own and is very cheap to keep them.

While appetite for copper-mining assets is picking up, a supply crunch is imminent, experts say.

The miner is withdrawing from the World Coal Association over a clash of views on how to fight climate change, with BHP saying it'll reap little benefit from staying on as a member.

Silver-coated copper nanowires could be used to embed fitness trackers and health monitors into shirts.

Altamira Gold is mimicking big players' strategies in the Juruena Belt.

Teck, which also mines copper, zinc and gold, said adjusted profit attributable to shareholders rose to C$753 million.

Mina Justa, which is expected to require investment of around $1.6 billion, is due to begin construction in the second half of 2018.

Gecamines said on Tuesday that debts owed by Kamoto to Glencore and its subsidiaries at the end of 2017 topped $9 billion.

The union accepted an offer to begin early negotiations with the Anglo-Australian miner in March to avoid another strike at the northern Chile mine.

The Phoenix, Arizona-based copper miner reported a lower-than-expected quarterly profit on Tuesday as red metal sales missed the company's forecast.

KGHM also said in a statement that silver sales fell in the same quarter by 16 percent to 212.6 tonnes.

Katanga is mired in difficulties ranging from the prospect of higher taxes to a mounting legal battle with its Congolese partner, Gecamines.

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