Archive | Copper

SolGold confident in new major copper-gold find in Ecuador – by Cecilia Jamasmie ( – May 7, 2019)

Ecuador-focused miner SolGold (LON, TSX:SOLG) said Tuesday that recent results from the Porvenir project, held by its wholly owned subsidiary Green Rock Resources, suggest the presence of a “significant” copper-gold system.

Mapping and sampling, SolGold said, has extended copper-gold mineralization at Cacharposa Creek on Porvenir, located in southern Ecuador. The samples, the company noted, show similar veins to its other major target, Alpala, on its flagship Cascabel copper-gold project in the country’s north.

SolGold has also found similar results at Porvenir’s Mula Muerta Creek, and it believes both targets are part of the same system, comprising an 800 metre-wide corridor over 1,200 metres long. Continue Reading →

Minnesota environmentalists step up fight against Twin Metals’ copper project – by Cecilia Jamasmie ( – May 6, 2019)

A coalition of businesses, environmental advocates and outdoor recreation groups in the state of Minnesota, U.S., have gone to court challenging a Trump administration’s decision that opened the door to a copper, nickel and platinum project in a wilderness area.

Chilean miner Antofagasta (LON:ANTO), through its subsidiary Twin Metals, is in the midst of carrying out a feasibility study for the project, an underground copper-nickel mine and processing facility along the shores of Birch Lake and the South Kawishiwi River, which lie in the Rainy River watershed.

It’s the location of the project which has triggered concerns among locals. Last week, more than two dozen former U.S. Forest Service staffers sent a letter to the government, outlining the risks a proposed mine in the area would carry. Continue Reading →

The third-largest copper mine in America is Arizona’s next big fight – by Ian James and Priscilla Totiyapungprasert (Arizona Republic – May 6, 2019)

CORONADO NATIONAL FOREST — Sloping ridges descend from the rocky spine of the Santa Rita Mountains, forming an undulating landscape of gold-tinged grass dotted with the greens of juniper trees, oaks, cactuses and yuccas.

Standing on a crest and looking out over the land, Steve Brown said he feels a strong connection to this place. He grew up on a ranch in the mountains, where he rode horseback, tended cattle, and gained a reverence for the web of life he saw around him — the coyotes and bobcats, the rattlesnakes and butterflies.

He said this part of the Coronado National Forest southeast of Tucson still feels like his backyard, and he’s determined to fight plans for a giant copper mine that would be blasted and carved into the mountains. Continue Reading →

U.S, allies propose financing for power plant for Papua New Guinea gold mine – by Colin Packham (Reuters U.S. – May 6, 2019)

SYDNEY (Reuters) – The United States and a group of Pacific allies are proposing to finance a power plant to kick-start the Wafi-Golpu mine in Papua New Guinea, one of the world’s largest untapped gold resources, two sources familiar with the plan said.

The proposal would be the first to be funded by a partnership of the United States, Australia, New Zealand and Japan that pledged to support electricity projects in Papua New Guinea (PNG) during the Asia Pacific Economic Co-operation Summit held in November in the capital of Port Moresby.

The countries promised to fund projects to provide electricity for up to 70 percent of the PNG population by 2030, a centerpiece of efforts to undercut Chinese influence in the Pacific. Continue Reading →

Column: Base metals give ground as manufacturing clouds darken – by Andy Home (Reuters U.K. – May 3, 2019)

LONDON (Reuters) – It’s been a bad week for Doctor Copper. London Metal Exchange (LME) copper slumped 3 percent on Wednesday and has slid further to a three-month low of $6,150 per tonne, last trading at $6,180.

True, the move took place in something of a liquidity black hole with China and much of Europe on holiday this week, leaving the market prey to automated funds, which have been momentum-trading a rapidly deteriorating technical picture. But copper’s real problem is growing concern about the state of global manufacturing.

It was no coincidence that Doctor Copper, so called for the metal’s ability to predict the way the broader economy is heading, fell out of bed on the day the U.S. Institute for Supply Management (ISM) released its weaker-than-expected purchasing managers index (PMI). Continue Reading →

CITIC Metal’s Total Investment In Friedland’s Ivanhoe Tops $1B – by Michael McCrae (Kitco News – April 25, 2019)

To advance the Kakula copper mine in Africa, Robert Friedland and Yufeng “Miles” Sun, co-chairmen of Ivanhoe Mines (TSX:IVN), announced today that CITIC Metal Co. will invest an additional US$454 million in Ivanhoe Mines.

The deal is priced at US$2.95 per share, a premium of 29% over the last closing price. It is CITIC Metal’s second major investment in less than a year in Ivanhoe Mines. Total investment tallies US$1 billion. Friedland touted the deal.

“CITIC Metal has been a shareholder in Ivanhoe Mines for eight months now, and in that time, CITIC has seen what we already know – that the Kamoa-Kakula Project is unquestionably the best copper development project in the world,” said Friedland in a news release. Continue Reading →

BOOM! brings a century of Britannia mining history to life – by Brandon Barrett (Pique News Magazine – April 26, 2019)

KIRSTIN CLAUSEN knows mining history isn’t exactly the sexiest topic for tourists, but the executive director of the Britannia Mine Museum is banking on an ambitious interactive show launching this summer to paint the historic mill in a new light.

“I think we can be honest: Mining can be a tough sell to turn it into a tourist attraction,” Clausen said. “We hope people will feel a connection to the story.” That particular story is deeply rooted in the history of British Columbia. Once the most productive copper mine in the British Empire, the Britannia mill today is a national historic site and museum that welcomes visitors from around the globe.

In an effort to better appeal to modern audiences, staff at the museum dreamed up the concept for BOOM!, a multi-sensory, interactive show that brings the historic Mill No. 3 to life through “sound, smell, shaking and noise,” Clausen explained. In operation from 1921 to 1974, the ore mill served as the focal point of Britannia Beach, and according to Clausen, has many stories to tell. Continue Reading →

In a land of wild cats and scarce water, a battle over mining heats up – by Douglas Main (National Geographic – April 25, 2019)

The federally approved Rosemont copper mine could dry up a wet spot in Arizona rich with biodiversity, but faces precedent-setting lawsuits.

TUCSON, ARIZONAI’m perched on a ridge in the northern Santa Rita mountains, nearly 30 miles southeast of downtown Tucson. Rounded grassy hills speckled with mesquite rise to oak woodlands and rugged limestone peaks, and I can see for many miles in all directions.

The landscape is beautiful, but what’s most special doesn’t immediately announce itself. I am, for example, walking in the footsteps of the country’s rarest wild cats. In the gulch just to my southwest, a jaguar roamed during his three-year stay in the range, and an ocelot was recently spotted bounding through this spot.

To the east, miles in the distance, lays a broad valley, and within it a streak of dark green—the willows and cottonwoods of Cienega Creek, which flows all year. Continue Reading →

Report: Going 100% renewable power means a lot of dirty mining – by Naveena Sadasivam ( – April 17, 2019)

Click here for full report:

For more than a decade, indigenous communities in Alaska have been fighting to prevent the mining of copper and gold at Pebble Mine in Bristol Bay, home to the world’s largest sockeye salmon fishery and a crucial source of sustenance.

The proposed mine, blocked under the Obama administration but inching forward under the Trump administration, has been billed by proponents as necessary to meet the growing demand for copper, which is used in wind turbines, batteries, and solar panels.

Similar stories are playing out in Norway, where the Sámi community is fighting a copper mine, and in Papua New Guinea, where a company has been mining the seabed for gold and copper. Continue Reading →

Hissing snakes and ‘predatory schemes’: How the fight for Hudbay Minerals descended into name-calling – by Gabriel Friedman (Financial Post – April 17, 2019)

So far, investors appear to love the fight

The battle for the future of one of Canada’s oldest mining companies, Hudbay Minerals Inc., has spilled into the courtroom, and turned into a mud-slinging contest as the company and one of its largest shareholders lash out at each another.

So far, investors appear to love it: The company’s stock has nearly doubled in the past six months, soaring from $5.17 on Oct. 1 to $10.01 on the Toronto Stock Exchange near close on Tuesday.

That surge began the same day mining-focused private equity firm Waterton Global Resource Management, which controls 12 per cent of Hudbay’s shares and has been leading a campaign to replace most of the board and the chief executive, filed a lawsuit accusing the company of depicting it as “snakes” in a circular sent to other investors. Continue Reading →

Canada’s Lundin Mining still seeking assets after $1 billion mine purchase: CEO – by Nichola Saminather (Reuters U.S. – April 15, 2019)

(Reuters) – Canada’s Lundin Mining Corp is looking to buy more mining assets, Chief Executive Marie Inkster told Reuters on Monday, after the company announced its purchase of a Brazilian copper-gold mine from Yamana Gold Inc for more than $1 billion.

The Toronto-based company is seeking a project where exploration is complete, which it can take over and build, Inkster said. Lundin prefers a copper asset, but would also consider a zinc poly-metallic mine, with nickel a distant third option, she said.

“Our leverage will still be extremely low after we close this deal, and we have great mines that are cash flowing,” Inkster said in an interview. “But there’s a scarcity of copper assets right now, and we have to be patient.” Continue Reading →

RPT-COLUMN-Funds hold their fire on confused copper market – by Andy Home (Reuters U.S. – April 15, 2019)

LONDON, April 15 (Reuters) – Funds have this year played copper from the short side and from the long side but with little success either way. They are now broadly neutral as they and everyone else try to work out where Doctor Copper is heading next.

In part this is a reflection of copper’s lack of directional impetus in recent weeks. The London Metal Exchange (LME) contract has since late February been treading water in a $6,300-6,550 range with an absence of clear chart signals. On Monday, it was trading around $6,470 per tonne.

That has muted activity from the black-box funds that feed off momentum and other technical indicators. But copper’s well-trod trading range is itself a sign of how confused the broader market is right now with no clear consensus on the short-term outlook. Continue Reading →

CRU-CESCO-Copper industry to see more disruptions in 2019 -Antofagasta CEO – by Dave Sherwood and Fabian Cambero (Reuters U.S. – April 12, 2019)

SANTIAGO, April 12 (Reuters) – The global copper industry will be rocked by more disruptions this year than in 2018, contributing to a supply deficit as demand for the red metal continues to grow, the top executive of Chilean miner Antofagasta told Reuters.

Antofagasta CEO Ivan Arriagada said labor strife, extreme weather and unexpected project delays will knock as much as a million tonnes off the year’s total copper production, versus 600,000 the previous year.

“We think this year there will be bigger disruptions than last, which was unusually tranquil,” said Arriagada in an interview on the sidelines of CRU’s World Copper Conference in Santiago. Continue Reading →

KGHM’s mines in Canada face uncertain future – Staff (Sudbury Star – April 11, 2019)

Poland’s KGHM, which operates mines in Sudbury, may freeze some projects in Canada or the U.S. if they require big investments, its chief executive told Reuters on Wednesday.

“We are not currently thinking about selling foreign assets,” said Marcin Chludzinski told Reuters. “We’re considering strategies for the next few years.” All of KGHM’s foreign mining projects except those in Chile have been put under review, he said.

“It’s not that we want to or have to sell,” Chludzinski told the news agency. “It’s more that we are looking at these assets as a strategic reserve. We’re considering actions similar to those we took at the Morrison mine (north of Sudbury), which is to freeze a project.” Continue Reading →

From turbines to thermostats: Copper miners eyes high-tech demand – by Ernest Scheyder (Reuters U.S. – April 10, 2019)

SANTIAGO (Reuters) – Growing demand for smart thermostats, wind turbines and other high-tech devices is expected to keep copper the dominant material used in electrical components, industry players said, offsetting rising use of aluminum, a cheaper alternative to conduct electricity.

That bodes well for the likes of Chilean producer Codelco, Rio Tinto Plc and other major copper miners, who are investing billions of dollars to bring new supplies of the metal online during the next 20 years.

Copper is used to make motors, batteries, wiring and other goods as it is the best electrical-conducting metal, after silver. Aluminum, which is lighter and cheaper than copper, shares some of these traits, but is more corrosive and brittle than its red rival and only about 60 percent as conductive. Continue Reading →