Archive | Copper

Copper Riches Are in Cross-Hairs of Chile Presidential Hopeful – by Valentina Fuentes and Eduardo Thomson (Bloomberg News – June 10, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — The man who early polling suggests will be Chile’s next president plans to raise mining taxes in coordination with neighboring nations and take equity stakes in copper mines in a bid to retain more mineral wealth.

Daniel Jadue, the current front-runner in polls for November’s elections in Chile, wants to align mining rules with Peru, Argentina and Bolivia so they don’t compete for investments, he said in an interview Wednesday.

Like Indonesia has done, he also plans to renegotiate with foreign companies to take stakes in their assets in what would be the industry’s biggest disruption since U.S.-owned mines were nationalized to form Codelco in the 1970s. Continue Reading →

World needs Congo copper to kick fossil fuels, Friedland says – by James Attwood, Erik Schatzker and Michael J. Kavanagh (Bloomberg News – June 8, 2021)

https://www.bnnbloomberg.ca/

An African nation emerging from decades of conflict and corruption holds the key to greening the global economy.

That’s the view of mining magnate Robert Friedland, whose Kamoa-Kakula venture just started producing copper in the Democratic Republic of the Congo.

After scouring 59 countries over more than three decades, the Canadian billionaire says Congo has the world’s best deposits of the metal used in everything from electric cars to solar panels and power grids. Continue Reading →

Glencore preparing to go deeper than deep at Timmins’ Kidd Mine – by Staff (Northern Ontario Business – June 8, 2021)

https://www.northernontariobusiness.com/

Feasibility study to be start on another expansion to world’s deepest base metal operation

After 55 years, the world’s deepest base metal mine looks to still have some life yet.

Glencore Canada is spending US$44 million on drilling and a feasibility study in preparing for another deep mine expansion at Kidd Mine near Timmins Kidd’s current life of mine runs out at the end of 2023 but Glencore management and technical staff have been working to extend it.

Known as Mine 5, Glencore said they’ve put 89,000 metres of drilling into the ore body and have queued up a new round of 87,000 metres once safety protocols are put in place. Continue Reading →

Copper boom: how clean energy is driving a commodities supercycle – by Neil Hume and Henry Sanderson (Financial Times – June 8, 2021)

https://www.ft.com/

Kamoa-Kakula in the Democratic Republic of Congo is a rare commodity in the modern resources industry: a high-grade copper mine that one day could produce enough metal to satisfy more than 5 per cent of China’s annual demand.

Surrounded by small villages, the mine employs around 7,000 workers and has its own road for trucks to carry rock to a nearby smelter. The company is also upgrading a 40-year-old hydropower station on the Congo River to provide electricity to run the mine.

The first phase of the $2bn project began operating in May, more than four years after the last big copper mine of similar scale, MMG’s Las Bambas, in Peru, came online. Continue Reading →

120 year chart shows copper price supercycle only starting – by Frik Els (Mining.com – June 2, 2021)

https://www.mining.com/

While hedge funds have gone soft on copper, the metal continues to trade within striking distance of all-time highs, but whether this is as good as it gets or just the beginning of a supercycle for the bellwether metal is far from settled.

The uberbull camp – led by Goldman Sachs – has seen its ranks grow and the predictions of inveterate contrarians like Goehring & Rozencwajg Associates of $30,000 copper no longer seem outlandish.

Copper and mining’s central role in the green energy transition has been well documented and as BMO’s Colin Hamilton put it with exquisite understatement in a recent report: Continue Reading →

Glencore approves further drilling in hopes of extending Kidd mine life – by Ron Grech (Timmins Daily Press – June 4, 2021)

https://www.timminspress.com/

$50M feasibility study to be completed by end of 2022

Glencore Canada is investing more than $50 million on a drilling and feasibility program aimed at extending mine life at Kidd Operations. The mine is currently projected to wind down by end of 2023. However, hopes remain alive that operations may extend beyond that.

Last week, the company advised staff that the next phase of drilling and feasibility was approved for what has been dubbed the Mine 5 project, Alexis Segal, Glencore’s head of corporate communications told The Daily Press Thursday night. Continue Reading →

Copper roars past $4.60 as resource nationalism grips market – by Richard (Rick) Mills – Kitco News – June 1, 2021)

https://www.kitco.com/

A number of happenings in the copper market conspired to elevate the spot price beyond $4.60 a pound on Thursday, confirming Ahead of the Herd’s suspicions that a new wave of resource nationalism in some of the largest copper-producing nations is washing over the sector.

Resource nationalism is the tendency of governments to assert control, for strategic and economic reasons, over natural resources located on their territories. It has been identified as one of the key risks for investors in the natural resources space.

With the copper price soaring on tight supply and heavy demand, as the world’s biggest economies revive following a year of coronavirus-related restrictions, the temptation for producer nations to cash in on more valuable copper reserves to pay for social programs is proving hard to resist. Continue Reading →

Championing a Green Energy Revolution through High-Grade Cu-Ni-Co-Zn Projects in the World’s Best Mining Jurisdictions – by Stephen Mlot, P.Eng (June 2, 2021)

Murchison Minerals Limited (TSXV: MUR) is a company founded by industry veterans and following a plan for discovering and building resources for the Green Energy Revolution through high-grade Cu-Zn and Ni-Co projects in Canada’s best mining jurisdictions.

Murchison is operating in the provinces of Saskatchewan and Quebec, based on those provinces’ rich variety of metal deposits, as well as the positive fiscal and operational environment for mineral exploration and development. In its 2020 Annual Survey of Mining Companies the Fraser Institute ranks those jurisdictions as the top two in Canada and in the top ten globally.

The Green Energy future is not just about electric vehicles and battery power. Clean energy goes beyond this to include Wind, Solar, Hydrogen Energy Cells, Geothermal and even Nuclear. Other drivers of the future will be the electrification of everything, the 5G interconnection of devices (managed by AI systems), and energy-efficient systems. Continue Reading →

Is Ivanhoe’s Western Foreland DRC’s next major copper discovery? – by Chantelle Kotze (Mining Review Africa – May 28, 2021)

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Canadian mining company Ivanhoe Mines’ Western Foreland exploration licences, located to the west of the tier-one Kamoa-Kakula copper project, is a key pipeline asset for the company, which it believes can yield additional high-grade copper discoveries within the Democratic Republic of Congo (DRC).

Despite being focused on executing construction and development activities at the Kamoa-Kakula, Platreef and Kipushi projects, the company has exploration in its DNA and company founder and executive co-chair, Robert Friedland, is always in search of the next world-scale discovery, writes CHANTELLE KOTZE.

Having amassed a wealth of geological and related technical information about the Western Foreland region during the discovery and advancement of the nearby Kamoa-Kakula project, Ivanhoe Mines has spent the past two years securing the various exploration licenses that now make up the Western Foreland exploration project. Continue Reading →

Biggest copper mining project in decades begins production – by Cecilia Jamasmie (Mining.com – May 26, 2021)

https://www.mining.com/

Canada’s Ivanhoe Mines (TSX: IVN) has begun producing copper concentrate at its Kamoa-Kakula project in the Democratic Republic of Congo (DRC) months ahead of schedule as the metal continues to trade close to all-time highs.

Kakula, the first mine planned at the concession, is initially forecast to generate 3.8 million tonnes of ore a year at an average feed grade “well in excess of 6% copper” over the first five years of operation, the company said.

Ivanhoe and partner Zijin Mining said first ore was introduced into the concentrator plant on May 20 to perform initial hot commissioning tests on the ball mills and other processing equipment. Continue Reading →

Analysis: In world’s top copper region political risk rises – by Marco Aquino and Fabian Cambero (Reuters/Kitco News – May 17, 2021)

https://finance.yahoo.com/

LIMA/SANTIAGO (Reuters) – In South America’s copper-rich Andes political risk is rising as high poverty and debt levels amid the COVID-19 pandemic drive potentially sharp policy shifts and put mining wealth into the crosshairs of angry citizens and political leaders.

In No. 1 copper producer Chile, an overhaul of its market-orientated constitution is underway, and it is debating whether to hike royalties on miners.

Peru, the No. 2 producer, is heading for a polarized June presidential election with a little-known socialist leading in the polls who wants to redistribute mining wealth. Continue Reading →

Nornickel has changed positively, says Taimyr indigenous group – by Thomas Nilsen (The Barents Observer – May 16, 2021)

https://thebarentsobserver.com/en/

After the oil spill, we see positive changes in policy and approaches to interaction with the indigenous minorities, says Grigory Dyukarev, head of the Association of Indigenous Peoples of the North on the Taimyr Peninsula.

A year has passed since a fuel tank owned by a subsidiary of Nornickel ruptured, causing more than 20 thousand tons of diesel to leak into soil and waterways near Norilsk in the Russian Arctic.

The ecological disaster made worldwide headlines and the mining metallurgical giant had to pay a record 146 billion rubles (€1,62 billion) fine to cover environmental damages caused by the spill.

For Nornickel, a company controlled by some of Russia’s richest oligarchs, the spill became a serious wake-up call. They have entered agreements with associations of indigenous peoples of Russia, says Grigory Dyukarev to the Barents Observer. Continue Reading →

Peru Leftist Copies Chile’s Proposal for Tax on Copper Boom – by James Attwood and Daniela Sirtori-Cortina (Yahoo Finance/Bloomberg – May 17, 2021)

https://ca.news.yahoo.com/

(Bloomberg) — A proposal to tax Chilean copper sales at rates of as high as 75% is reverberating all the way to Peru, where the leading presidential candidate wants to impose a similar measure.

Pedro Castillo, who has vowed to nationalize a major gas field and capture more mineral profits to fund social spending, just added a tax on copper sales to his platform in a document he shared on Twitter late Sunday.

The left-wing candidate, who retains a slim lead over his rival ahead of a runoff election, joins a list of politicians from copper-mining nations looking to gain a bigger share of record-high prices to fight poverty. Continue Reading →

Judge allows DNR review of mining rules near Boundary Waters to move forward – by Jimmy Lovrien (Duluth News Tribune – May 12, 2021)

https://www.duluthnewstribune.com/

Minnesota regulators will review the state rules for copper-nickel mining within the same watershed as the Boundary Waters Canoe Area Wilderness after a judge on Wednesday upheld an agreement allowing for the review and dismissed a challenge by Twin Metals, which is proposing such a mine in that watershed.

Judge Laura Nelson in State District Court in St. Paul remanded the issues to the Minnesota Department of Natural Resources so it could “institute appropriate administrative proceedings to consider and make findings and issue an order regarding the alleged inadequacy” and that Twin Metals’ motion to dismiss “fails.”

The order allows a November agreement between the DNR and environmental group Northeastern Minnesotans for Wilderness to proceed. In that, the state agency agreed to review its 1993 non-ferrous, or non-iron, mining rules to determine if it can actually protect the BWCAW from copper-nickel mining pollution in the Rainy River Watershed. Continue Reading →

Sanctioned Israeli Billionaire Cost Congo $2 Billion, Group Says – by Michael J. Kavanagh (Bloomberg News – May 12, 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — The Democratic Republic of Congo lost out on nearly $2 billion in revenue by selling mining and oil assets to Israeli billionaire Dan Gertler, according to a coalition of Congolese and international organizations that urged the government to review the deals.

Companies owned by Gertler, who is under U.S. sanctions for alleged corruption in Congo, stand to gain a further $1.76 billion in the next 20 years from copper and cobalt projects in the country, said the coalition known as Congo Is Not For Sale. Gertler, who is close friends with former Congolese President Joseph Kabila, denies all wrongdoing and has never been charged with a crime.

“The coalition calls on Congolese authorities to end their silence on this matter and take urgent measures to ensure that Congo’s mineral wealth benefits the DRC Treasury and its people,” the group said in a report Wednesday. Continue Reading →