Copper short squeeze in NY prompts rush to send metal to US
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in other regions to US shores.
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Indigenous group to take fight against Arizona copper mine to Supreme Court
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the US Supreme Court, after a federal appeals court refused to reconsider whether the US government may have improperly transferred land to the developer.
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Teck sees $3bn in annual EBITDA if copper stays around current levels
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of $3 billion if copper prices hit $5 per pound, CEO Jonathan Price said on Tuesday.
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Cochilco sees considerable increase in Chile’s copper price forecast
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably higher than the previous forecast, the body’s technical head said on Tuesday.
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Codelco working to meet Q2 production goal
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado told Reuters, as the state-run copper miner is pushing to boost production up from its lowest in 25 years.
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Peru copper output flat in March, but up 3.5% in Q1 2024
Peru’s copper production came in essentially flat for March at about 219,000 metric tons, government data showed on Monday, with output of the key industrial metal from January totaling some 641,000 metric tons.
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Copper price above $10,000 as supply worries counter faltering demand
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric vehicles and power grids countered signs of demand destruction in top user China.
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Chile copper output edges down in March
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission Cochilco showed on Friday, as production slid at state-run miner Codelco but rose at other major mines in the country.
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Panama president-elect rules out First Quantum talks until arbitration dropped
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple arbitration proceedings it has launched seeking billions of dollars in compensation from the government over a mine shutdown order.
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Lower energy prices help Aurubis’ first-half profit
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by lower electricity and gas prices.
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First Quantum hopes new Panamanian leader brings fresh look to disputed copper mine
First Quantum Minerals said on Monday it is looking forward to talks with Panama’s new government to find a resolution to the Canadian company’s disputed Cobre Panama mine.
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Argentina power supplier Central Puerto eyes stake in McEwen’s copper project
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.
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What’s Anglo worth? For now it’s less than the sum of its parts
As BHP Group considers its next move, there’s one big question facing the mining world’s bankers, analysts and executives at rival producers: What’s Anglo American Plc actually worth?
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Adani flagship’s profit drops, gets queried by Indian regulator
Adani Enterprises Ltd., which posted a 38% fall in quarterly profit, said India’s markets regulator has queried it about possible violations.
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BHP CEO flies to South Africa to push $39 billion takeover
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American.
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Barrick CEO ‘can’t see any reason’ for in-person annual meetings
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general meetings despite calls for public companies to return to an in-person format.
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Barrick CEO says not interested in bidding for Anglo American
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from BHP, and is building its own copper portfolio, the Canadian miner’s CEO Mark Bristow said on Wednesday.
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Anglo under pressure to reveal plans to fend off BHP as Elliott hikes stake
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off bidder BHP, as activist investor Elliott further raised the stakes by increasing its holding in the takeover target.
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Copper price slips as Chinese demand outlook comes into focus
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand conditions in China.
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Codelco output keeps falling, underscoring copper struggles
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs.
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BlackRock says $12,000 copper is needed to incentivize new mines
Copper needs to reach $12,000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new mines, said Olivia Markham, who co-manages the BlackRock World Mining Fund.
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Aurubis investing to expand copper output in Bulgaria
Aurubis AG, Europe’s largest refined copper producer, has started a project in its Bulgarian smelter which will expand group copper production by about 110,000 metric tons, its CEO said.
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OceanaGold prices $106 mln IPO of Philippine unit
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an initial public offering (IPO) of its Philippine unit, the first listing in the Southeast Asian nation in 2024.
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China copper gauge at zero offers stark warning to metals bulls
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with what buyers in the biggest market are prepared to pay.
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First Quantum could remove copper from Panama mine after election
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of copper concentrate out of its disputed mine in Panama after the national elections there in May, the company’s chief executive said on Wednesday.
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