miércoles, 23 de enero de 2019

Strong last quarter leads Antofagasta to record copper output in 2018

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Copper News Digest
Thursday 24 January 2019
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The miner produced 220,000 tonnes of the red metal in the three months to December, up 16% from the previous quarter, boosted by higher throughput and improved copper grades.

The Canadian miner planned to lay off 2,500 workers due to higher mining taxes in the country, but has now decided to continue dialogue with the government over the issue.

Three incidents occurred during the second half of 2018 hit BHP's production volumes by 4 million tonnes of iron ore and 70,000 tonnes of copper.

Copper back in bear market with price down more than 20% since June peak over fears of the impact of the US-China trade war.

While company denied media reports that it had sold Lumwana, it said that given the challenging conditions the mine was facing in Zambia, all options would have to be considered.

MOD also said it would raise about A$15 million via a share placement and rights issue, with the majority of the proceeds to be used to advance the T3 copper project in Botswana towards production.

Robert Mayne-Nicholls has worked in companies such as Codelco, Antofagasta and Barrick Gold.

But only sliver of funds raised destined for mining and metals

The company expects Oyu Tolgoi will be the world's third-largest copper producer at peak metal production.

Company has agreed to buy BHR Newwood DRC Holdings Ltd, a holding company set up by private equity firm BHR to buy a 24% stake in the Congo mine in 2017.

The funds will enable the company to expand activities in south-west England and to drill exploratory boreholes to extract samples of lithium-bearing brines.

Canada's cobalt sector and Ecuador's budding mining sector for copper and gold will be investment hot spots.

Toronto-based private-equity firm Waterton Global Resource Management is launching a proxy fight with Hudbay Minerals, pushing to overhaul the board and oust its chief executive over alleged "mismanagement."

Some of the mining world's top executives are starting to plan their departures.

Barrick's Acacia Mining has been hit with a 300-million Tanzanian shillings fine (about $129,144) over allegations of environmental breaches at its North Mara mine.

The company produced 472,418 ounces of gold at its Egypt-based Sukari mine last year, compared to 544,658 ounces in 2017, due to disruptions and lower grades at the operation.

Concentrate shipments from Indonesia's Grasberg mine, will drop because of a lag in output while operations shift from open pit to underground mining.

Production of the red metal, the agency says, could reach a record of 7.25 million tonnes as early as 2025.

Copper price volatility is likely to be skewed to the upside.

The world is having a global energy transition party for miners – B.C. isn't invited

Jervois, which has applied for a prospecting licence in Tanzania, says the deal would complement its efforts to establish a presence in east Africa.

"We rejected their proposal and have voted to strike"

Michael McPhie, former CEO of the Mining Association of British Columbia, intends to clear his company's name after it was implicated in share distribution scandal.

Pancon now controls more than 157 square kilometres west of Timmins.

Glencore tightened its grip by appointing new executives and entering a management services contract to run its troubled Congo copper and cobalt unit.

The company's Main Ridge project is located in an area where Spaniards mined placer gold in the 16th Century.

A company spokeswoman stressed that while Zheng may be new to the copper industry, he has a lot of management experience.

The reduction in global expectations for the price in 2019, coupled with the trade war, will keep investors away, maintaining a downwards trend in the price for the short term.

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