Copper – Page 15 – Republic of Mining

As Teck weighs offers for coal business, likelihood of regulatory approval a factor – by Amanda Stephenson (CTV News/Canadian Press – October 24, 2023)

October 24, 2023

https://bc.ctvnews.ca/

The head of Teck Resources Ltd. says he will only accept a bid for the company’s steelmaking coal business if he feels confident Canadian regulators will approve the transaction. Jonathan Price, CEO of Canada’s largest diversified mining company, made the comments on Tuesday as part of an update on Teck’s ongoing efforts to separate its base metals business from its steelmaking coal unit.

Price said the Vancouver-based company continues to evaluate offers put forward by prospective buyers of its coal business with the hope of making a decision before the end of the year. While he said he is pleased with the level of outside competition the process has generated, Price said regulatory clearance will be a crucial factor.

First Quantum’s 20-year deal on Cobre Panama is now official – by Staff (Mining.com – October 23, 2023)

October 24, 2023

https://www.mining.com/

First Quantum Minerals (TSX: FM) says the law governing the mining concession for its Cobre Panama copper mine was passed and published in the Official Gazette of Panama on Oct. 20. Thus ends a period of uncertainty that began last year for the company.

The Panamanian government last December ordered First Quantum to halt operations at Cobre Panama amid disagreements during contract negotiations, which later broke down. Talks eventually resumed and the parties reached an agreement in March.

Old mining camp mineral-rich, but ‘we need an operator’ – by John Chilibeck (Hamilton Spectator/Daily Gleaner – October 23, 2023)

October 24, 2023

https://www.thespec.com/

New Brunswick politicians are not getting all that excited about a new drilling and exploration program in the Bathurst area, despite the hint it could one day become a mining powerhouse again.

New Brunswick politicians are not getting all that excited about a new drilling and exploration program in the Bathurst area, despite the hint it could one day become a mining powerhouse again.

On Monday, Canadian Metals Inc. announced exploration plans on multiple properties near the old Bathurst Mining Camp where zinc, copper and lead were mined for more than a half century up until 2013. The historical operations enriched Bathurst and created scores of jobs.

Codelco to buy Lithium Power for $244 million – by Cecilia Jamasmie (Mining.com – October 18, 2023)

October 18, 2023

https://www.mining.com/

Chilean state-owned copper miner Codelco, the world’s largest copper producer, has reached a deal with Lithium Power International (ASX: LPI) to buy the Australian producer of the battery metal for A$385 million ($244 million).

The deal reached by the parties, which have been involved in negotiations for weeks, involves a cash offer of 0.57 Australian dollars per LPI share.

Canada should be prepared to scrutinize African copper mine sale, mining veteran says – by Steven Chase (Globe and Mail – October 18, 2023)

October 18, 2023

https://www.theglobeandmail.com/

A veteran of Canada’s mining industry is warning Ottawa should be prepared to scrutinize the sale of a massive African copper mine with an ownership structure that includes a company incorporated in British Columbia. The Khoemacau copper mine in Botswana is valued at as much as US$2-billion. As many as three Chinese companies with state ties or owners are reportedly in the running to bid for the copper deposit.

Khoemacau Copper Mining is wholly owned by Cuprous Capital Ltd., which has its registered office in Vancouver and was incorporated in B.C. in 2012. Cuprous, in turn, is 88.1 per cent owned by U.S. private equity firm Cupric Canyon Capital LP, a company majority owned by funds managed by London-based Global Natural Resources Investments, and 11.9 per cent by Resource Capital Fund VII LP.

Glencore to shut Australia’s Mount Isa copper mines in second half of 2025 – by Nausheen Thusoo (Reuters – October 17, 2023)

October 18, 2023

https://www.reuters.com/

Oct 18 (Reuters) – Mining giant Glencore (GLEN.L) said on Wednesday it was set to close its copper operations at Mount Isa mines in Queensland, Australia by the second half of 2025.

The decision followed studies and reviews that it is not possible to further extend the life of the underground mines, the Swiss miner and trader said.

US DOI draft study poses further setback for Alaska’s Ambler road project – by Staff (Mining.com – October 16, 2023)

October 17, 2023

https://www.mining.com/

The proposed 211-mile transportation corridor for accessing untouched mineral deposits in northwestern Alaska, also known as the Ambler road project, will likely cause harm to wildlife and disruptions to local communities, according to the latest environmental review by the Biden administration.

In a draft supplemental environmental impact statement (SEIS) released on Friday, the U.S. Department of the Interior found that as many as 66 communities whose subsistence-style living activities could be affected. Nearly half of those could face significant impacts because of the road, the agency added.

Exclusive: Miners seek partners for copper assets as M&A heats up – by Clara Denina, Divya Rajagopal and Julian Luk (Reuters – October 11, 2023)

October 12, 2023

https://www.reuters.com/

LONDON, Oct 11 (Reuters) – A flurry of copper mining deals are being lined up for the next six to 12 months, industry sources said, as producers seek to spread the soaring cost of new projects for the metal key to the energy transition.

The capital needed to develop new mines has shot up some 50% to between $3 billion-$4 billion on average in recent years, fuelled by declining ore grades, stricter environmental requirements and rising labour costs.

Inside the battle over the Ring of Fire in northern Ontario – by Liam Casey (CP24 – October 10, 2023)

October 10, 2023

https://www.cp24.com/

On a rock-covered beach in the heart of the Ring of Fire in northern Ontario, Alex Moonias gazes east, then north. All he sees is undisturbed land, water and air. Some 100 kilometres from where he stands, the province plans to build a road as part of its pledge to mine the area, which is said to be rich in metals needed for electric vehicle batteries.

Moonias, an elder from Neskantaga First Nation, and many in his community see the provincial government’s ambitions for the Ring of Fire as an existential threat to their way of life. “Mother Earth is hurting,” the 70-year-old says. “If a big needle is pushing into your body, how would you feel?”

Canadian miner appoints Chinese firm despite Ottawa’s curbs against ‘non-like-minded’ nations – by Naimul Karim (Financial Post – October 3, 2023)

October 5, 2023October 5, 2023

https://financialpost.com/

Ottawa’s policy of preventing Chinese companies from investing in Canadian-owned critical minerals projects may be put to test after a Vancouver-based miner appointed a Chinese firm to help it sell either all or a portion of a copper project it owns in Ecuador.

Solaris Resources Inc., which is listed on the Toronto Stock Exchange and has a market cap of around $800 million, appointed Beijing-based China International Capital Corp. Ltd. to assist in “fielding and evaluating the merit” of proposals it has received from parties interested in its Warintza copper project in southeast Ecuador.

Adventus, Salazar delay construction of Ecuador project – by Cecilia Jamasmie (Mining.com – October 3, 2023)

October 3, 2023

https://www.mining.com/

Canadian miners Adventus Mining (TSX-V: ADZN) and Salazar Resources (TSX-V: SRL) have delayed the start of construction at their $250 million Curipamba-El Domo copper-gold project in Ecuador from October to the second quarter of 2024.

The schedule revision comes as the Andean country’s constitutional court suspended in August an executive decree allowing environmental consultations for mining and other projects. President Guillermo Lasso’s move sought to speed up permitting before the end of his term this year.

China’s demand for oil and copper is ‘booming,’ says Goldman Sachs – by Lee Ying Shan (CNBC.com – October 1, 2023)

October 3, 2023

https://www.cnbc.com/

China’s demand for many major commodities has been growing at “robust rates,” Goldman Sachs said in a recent note. The investment bank observed that China’s demand for copper has risen 8% year on year, while appetite for iron ore and oil are up by 7% and 6%, respectively, all beating Goldman’s full-year expectations.

“This strength in demand has largely been tied to a combination of strong growth from the green economy, grid and property completions,” the Goldman report observed.

Copper is critical to energy transition. The world is falling way behind on producing enough – by Bob Woods (CNBC.com – September 2023)

September 27, 2023

https://www.cnbc.com/

Doctor Copper, the nickname for the ubiquitous red metal that historically has taken the pulse of the global economy, is currently busy diagnosing the health of the clean energy transition. Naturally conductive copper is one of the critical minerals — along with lithium, cobalt and nickel — in the manufacturing of electric vehicles, EV batteries, solar panels, wind turbines and the power grids that connect renewable sources to homes and businesses.

Yet the prognosis for the industry to supply enough copper to meet that rapidly growing demand is not particularly rosy.

Barrick Says Big Miners Show Interest in Pakistan Copper Project – by Jacob Lorinc (Bloomberg News – September 20, 2023)

September 21, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Barrick Gold Corp.’s top executive says it’s not just Saudi Arabia interested in his company’s massive copper project in Pakistan — some major mining companies are, too.

The Canadian miner’s $7 billion Reko Diq project in Balochistan — a region bordering Afghanistan and Iran — boasts one of the world’s largest copper deposits and could become a major source of the wiring metal.

Push to green energy motivates Australian company taking over Baie Verte copper mine – by Leigh Anne Power (CBC News Newfoundland and Labrador – September 18, 2023)

September 18, 2023

https://www.cbc.ca/news/canada/newfoundland-labrador/

The new owner of the copper and gold mine on the Baie Verte Peninsula arrived in the area this week to inspect his purchase. The Supreme Court of Newfoundland and Labrador approved the sale of the property to Australian junior mining company Auteco, after former owner Rambler Metals and Mining entered bankruptcy protection last spring.

“We’re really focused on Canada,” said CEO Darren Cooke. “We’ve been looking around Canada for different assets that we believe have a huge potential to grow and obviously we came across the opportunity at Baie Verte and really liked what we saw in terms of the potential to to have a a major copper project in such a great jurisdiction like Newfoundland.”