- Write by:
-
Friday, December 15, 2023 - 23:22:00
-
64 Visit
-
Print
Mining News Pro - Copper prices need to nearly double in order to prompt mining companies to build costly mines to meet rising demand for critical materials, according to billionaire Robert Friedland.
The mining magnate said that forecasts of copper prices reaching $9,000 a metric ton next year isn’t enough to stimulate the industry to take on risks of building huge, capital intensive mines, especially in Latin America.
“We probably need about $15,000 a ton, stable for a long period of time, before the industry can really gear up and build those giant mines,” Ivanhoe Mines Ltd.’s founder and executive co-chairman said Friday in an interview on Bloomberg Television.
Demand for metals like copper is set to jump as nations mandate cleaner energy technology while vying to develop their own supply chains. Meanwhile, a slew of major setbacks at key mining operations is seen tightening the market for the wiring-metal in the coming year, erasing a large surplus that analysts had been expecting going into 2024.
Copper prices on the London Metal Exchange traded at $8,531 a ton on Friday.
Short Link:
https://www.miningnews.ir/En/News/627757
Barrick Gold Corp.’s chief executive officer says the gold miner will continue to host virtual-only annual general ...
China’s copper producers are planning to export up to 100,000 metric tons of metal, the largest volume in 12 years, ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Barrick Gold is not interested in bidding for Anglo American, which last week received a $39 billion takeover offer from ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
No comments have been posted yet ...