Copper – Page 13 – Republic of Mining

OPINION: Teck Resources is amassing the cash to slowly triple its copper production – by Andrew Willis (Globe and Mail – December 19, 2023)

December 19, 2023

https://www.theglobeandmail.com/

By next fall, Teck Resources Ltd. chief executive officer Jonathan Price will likely be sitting on US$9-billion in cash, the payout for selling its coal mines in British Columbia.

The CEO of the country’s largest mining company will also have a long list of projects to spend that money on, including planned new mines in Mexico, Peru, Chile, the United States and Canada that will triple Teck’s copper production and make it one of the world’s largest metal producers.

The World’s Copper Supply Is Suddenly Looking Scarce – by Thomas Biesheuvel (Bloomberg News – December 11, 2023)

December 11, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — A forecast surplus of copper going into 2024 has suddenly all but disappeared. The next couple of years were supposed to be a time of plenty for copper, thanks to a series of big new projects starting up around the world.

The expectation across most of the industry was for a comfortable surplus before the market tightens again later this decade, when surging demand for electric vehicles and renewable energy infrastructure is expected to collide with a lack of new mines.

Could the DRC become the Saudi Arabia of the electric vehicle age? – by Jason Mitchell (BNE Intellinews – December 7, 2023)

December 8, 2023

https://intellinews.com/

Perhaps no country has more to gain from the ‘clean’ energy transition than the Democratic Republic of the Congo (DRC), which sits atop some of the world’s biggest copper, cobalt, coltan and lithium reserves.

The planet’s cobalt reserves total 7.6mn tonnes of which the DRC has 3.5mn tonnes, followed by Australia with 1.4mn tonnes and Indonesia with 600,000 tonnes, according to the US Geological Survey (USGS). In 2022, the DRC produced an estimated 130,000 tonnes of the metal, or 70% of the world’s production (Indonesia, in second place, produced only 10,000 tonnes).

Construction of northern Michigan copper mine could kick off in 2024 – by Ian Ross (Northern Ontario Business – December 5, 2023)

December 5, 2023

https://www.northernontariobusiness.com/

Highland Copper hopes to hit mine production in the Keweenaw Peninsula at peak copper demand

Copper is known as the metal of electrification. Highland Copper holds ample reserves in a historic mining district in Michigan’s Upper Peninsula that could address a looming supply shortage of the metal that’s used in electric vehicles and alternative sources of power.

With two multi-billion-pound copper projects located at the base of the Keweenaw Peninsula, CEO Barry O’Shea said his Quebec and Michigan-based company could be stepping into project funding and a construction decision by 2024 to start a three-year build.

OPINION: How to trash a country: Panama vs. Canada’s First Quantum copper miner – by Greg Mills (Globe and Mail – December 5, 2023)

December 5, 2023

https://www.theglobeandmail.com/

Greg Mills is director of the Johannesburg-based Brenthurst Foundation and has worked in Panama.

Actor Leonardo DiCaprio has been among those playing a supporting role in Panama’s rejection of Canadian copper mining giant First Quantum. In his latest environmental cause, the actor is offering support for the campaign against the continued operation of First Quantum’s mine.

Mr. DiCaprio got what he wanted. Last Tuesday, the Panamanian Supreme Court ruled that a contract enabling First Quantum to extend its operations in the Central American country was unconstitutional, and authorized a process to shut down the US$10-billion mine.

More headwinds expected for miners as First Quantum faces shutdown in Panama – by Naimul Karim (Financial Post – November 30, 2023)

November 30, 2023

https://financialpost.com/

Miners will need to focus more on building trust with local communities to retain their licence to operate, analysts say

As First Quantum Minerals Ltd.’s lucrative copper mine faces a shutdown in Panama, some analysts warn that such events may occur more often as the energy transition away from fossil fuels focuses government and public attention on certain key metals.

Going forward, analysts say, miners will need to focus more on building trust with local communities to retain their licence to operate in their respective regions, especially in Latin America, which has abundant reserves of copper and lithium and whose leaders routinely gauge public opinion on mining-related issues.

OPINION: First Quantum’s Panama saga shows Canada must treat copper, a vital metal, more seriously – by Heather Exner-Pirot (Globe and Mail – November 30, 2023)

November 30, 2023

https://www.theglobeandmail.com/

Heather Exner-Pirot is director of energy, natural resources and environment at the Macdonald-Laurier Institute.

Copper is the metal of electrification. It’s essential for power transmission, batteries, renewables and more. Most net-zero scenarios require a doubling of production for the red metal, an unlikely task made impossible without greater dependence on Chinese supplies.

Events in Panama this week with Canadian miner First Quantum Minerals Ltd. show how a world opposed to more copper extraction will fail to displace fossil fuels.

New high-grade copper find in DRC similar to Kakula, Ivanhoe says – by Staff (Mining.com – November 28, 2023)

November 30, 2023

https://www.mining.com/

Ivanhoe Mines (TSX: IVN) announced on Tuesday that geologists made a significant high-grade copper discovery in the Democratic Republic of Congo (DRC) similar to the massive orebody it is mining at the Kamoa-Kakula copper complex.

The discovery, named Kitoko — meaning “beautiful” or “gift” in several local languages — was made on Ivanhoe’s recently acquired joint venture licences in the Western Foreland, about 25 km west of the ultra-high-grade to Kamoa-Kakula mine.

Canadian critical minerals miner Foran raising $200-million, a rare financing for a junior company – by Tim Kiladze (Globe and Mail – November 28, 2023)

November 30, 2023

https://www.theglobeandmail.com/

Foran Mining Corp., a Canadian company with a promising copper and zinc project in Saskatchewan, is raising $200-million to fund its next stage of development, a rare financing for a junior miner in a tough market for share sales.

Foran, which is based in British Columbia, is selling up to $190-million worth of new shares at $4.10 apiece through a private placement, as well as $10-million worth of “flow-through” shares that carry a special tax treatment.

Ivanhoe to start copper exploration in Angola – by Cecilia Jamasmie (Mining.com – November 27, 2023)

November 27, 2023

https://www.mining.com/

Ivanhoe Mines (TSX: IVN) said on Monday it planned to kick off exploration activities in Angola next year as it has secured rights over an area the size of Switzerland for an initial period of five years.

The Canadian miner has been granted 22,195 square kilometres of prospecting rights for exploration in the country’s Moxico and Cuando Cubango provinces, covering what Ivanhoe calls “highly prospective”, greenfield copper exploration ground. Activities are expected to commence following team mobilization in early 2024, the company said.

First Quantum warns of arbitration as Panama weighs copper contract – by Valentine Hilaire and Elida Moreno (Reuters – November 26, 2023)

November 27, 2023

https://www.reuters.com/

Nov 26 (Reuters) – Canada’s First Quantum intends to start arbitration against Panama, the Central American nation’s trade ministry and the company said on Sunday, as Panama’s top court considers annulling a copper contract that opponents call unfair.

On Oct. 20, Panama’s government approved a contract for First Quantum to operate the copper Cobre Panama mine. It included a 20-year mining right with an option to extend for another 20 years. In return the miner agreed to pay Panama $375 million a year.

Panama’s Mining Future Is at a Tipping Point – by Cristina Guevara (Foreign Policy – November 21, 2023)

November 22, 2023

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Protestors want to kick out the country’s biggest investor and usher in a new era of environmental politics.

A contentious mining contract has plunged Panama into protest, triggering its most significant episode of social upheaval in decades. Since Oct. 16, the public has taken to the streets in historic numbers, with no signs of abating despite concessions made by the government.

At the center of this movement is the Cobre Panamá mine, one of the world’s largest copper mines and, notably, the largest private investment in Panama’s history. When the copper deposit was identified in 1968, it was described by one newspaper as an economic asset as great as the Panama Canal. The mine is operated by Minera Panamá, a local subsidiary of the Canadian company First Quantum Minerals (FQM) and also partly owned by South Korea’s state-run Korea Resources Corporation.

Ecuador-focused Adventus and Luminex to merge – by Cecilia Jamasmie (Mining.com – November 22, 2023)

November 22, 2023

https://www.mining.com/

Canadian juniors Adventus Mining (TSX-V: ADZN) (OTCQX: ADVZF) and Luminex Resources (TSX-V: LR) (OTCQX: LUMIF) are merging to create an Ecuador-focused copper-gold development company.

The transaction will see Adventus acquire Luminex, with Luminex shareholders receiving 0.67 of an Adventus share for each held. The combined company will continue to trade under Adventus’ name and ticker. The new firm will lead the advancement towards production of two main projects and consolidate a large exploration portfolio in the South American country.

First Quantum facing Panama mine shutdown this week, as Cobre Panama’s future rests on Supreme Court decision – by Niall McGee (Globe and Mail – November 21, 2023)

November 22, 2023

https://www.theglobeandmail.com/

First Quantum Minerals Ltd. says it will likely soon suspend production at its giant copper mine in Panama in the face of continuing protests, as its licence to operate hangs on an impending legal decision in the country.

Vancouver-based First Quantum has been in crisis mode since last month after Panamanian President Laurentino Cortizo announced that a referendum will be held on whether to repeal the law that legalized its latest mining contract.

Leonardo DiCaprio backs Panamanians’ protests against First Quantum’s operation – by Staff (Mining.com – November 19, 2023)

November 20, 2023

https://www.mining.com/

Hollywood actor Leonardo DiCaprio has joined the demands of Panamanian activists asking for the shutdown of First Quantum Mineral’s Cobre Panamá copper mine.

Since mid-October, thousands of people have been protesting in different parts of the country against the recent approval of Cobre Panamá’s mining concession. They say they are worried about the potential environmental impacts of the giant operation and demand that the Laurentino Cortizo government repeals Law 406, which governs the concession and grants First Quantum the right to mine copper for 20 years, with the option of an additional 20 years. It also guarantees a minimum annual income of $375 million to the government.