Copper – Page 25 – Republic of Mining

Vale weighs offers for stake in base metals business – by Madeleine Bruder (World News Era – January 10, 2023)

January 10, 2023

Vale has received multiple bids for a stake in its base metals business after talks with parties from carmakers to sovereign wealth funds, its chief executive said, as he predicted the division could become “even bigger” than the Brazilian mining group itself.

Eduardo Bartolomeo said “non-binding offers” had been made for the slice of up to 10 per cent of the unit, which produces materials vital for the energy transition and is being carved out as a standalone entity separate from Vale’s main iron ore operations.

First Quantum at loggerheads with Panama over tax regime for 2026 and beyond – by Niall McGee (Globe and Mail – January 10, 2023)

January 10, 2023

https://www.theglobeandmail.com/

First Quantum Minerals Ltd. and the government of Panama are at loggerheads over hundreds of millions of dollars in royalties the Canadian copper miner is expected to pay from 2026 onward, with the two sides unable to agree on the treatment of tax credits.

Panama and First Quantum have been in talks for more than a year, trying to hammer out a new pact on royalties on Cobre Panama, a giant copper mine 120 kilometres west of Panama City. Talks broke down last month with no agreement in place, and Panama’s President ordered Cobre Panama to shut down amid the spat.

Peru’s mining south, rocked by violence, braces for ‘endless battle’ – by Marco Aquino (Reuters – January 10, 2023)

January 10, 2023

https://www.reuters.com/

LIMA, Jan 10 (Reuters) – In Peru’s south, a mining region that has been roiled by deadly protests over the ouster of former leftist President Pedro Castillo, protest leaders say they are ready for an “endless battle” against the government, threatening to destabilize the deeply divided Andean nation.

Seventeen protesters were killed on Monday in the southern province of Puno in the worst day of violence since Castillo’s Dec. 7 dramatic removal, which has seen a total of 39 people killed in protests and seven more in related accidents.

The View from England: When copper production was dominated by the Welsh -by Chris Hinde (Northern Miner – January 5, 2023)

January 9, 2023

https://www.northernminer.com/

The U.K. no longer springs to mind as a mining giant, but we used to have a dominant role in the global industry. The extraction of non-ferrous metals on these islands, particularly copper and tin, dates back to before 2000 BC, and surface workings for coal and iron ore were widespread after the beginning of the Iron Age around 750 BC. This mineral wealth was one of the things that attracted the attention of Rome.

The nation’s mining history comes to mind with the recent news (courtesy of the ‘North Wales Live’ website) that after 37 years of clearance work, volunteers are nearing their goal of breaking through to an unexplored section of Llandudno’s Ty Gwyn copper mine.

Climate change action could set off a copper mining boom: how Zambia can make the most of it – by Twivwe Siwale (The Conversation – January 8, 2023)

January 9, 2023

https://theconversation.com/

At last year’s US Africa leaders summit in Washington the US signed an historic memorandum of understanding with Zambia and the Democratic Republic of Congo to develop an electric vehicle battery supply chain.

At the summit, Zambian President Hakainde Hichilema also announced that Kobold metals, an exploration firm backed by billionaires Bill Gates, Jeff Bezos and Richard Branson, will invest US$150 million to develop a new mine in Zambia.

The Drift: Magna Mining on the fast track to put former Inco mine back into production – by Staff (Northern Ontario Business – January 5, 2023)

January 5, 2023

https://www.northernontariobusiness.com/

Sudbury mine development company hits high-grade mineralization at Crean Hill mine property

Magna Mining is taking an aggressive pace in looking to put a former Inco nickel and copper mine back into production.

The Sudbury exploration and mine development company keeps reporting high-grade hits from a drilling program at the former Crean Hill Mine, acquired by Magna last fall.

First Quantum receives final contract for disputed mine, Panama says – by Chris Hannay (Globe and Mail – January 3, 2023)

January 3, 2023

https://www.theglobeandmail.com/

Panama’s government says it has presented a final contract to Canadian miner First Quantum Minerals Ltd. as part of negotiations to resolve a tax dispute that threatens to shut down the Cobre Panama mine.

Panamanian President Laurentino Cortizo made the announcement Monday as part of a speech to the country’s national assembly, just a week after the government and company had returned to the negotiating table.

The Algoma district is copper country – by Staff (Northern Ontario Business – December 30, 2022)

January 3, 2023

https://www.northernontariobusiness.com/

Junior mining companies drill near Batchawana Bay to unlock copper and gold potential

The Algoma district, north and east of Sault Ste. Marie, is an often overlooked area when it comes to mineral exploration. But that doesn’t mean its geology and potential isn’t any less prospective than other areas of Northern Ontario.

The district is checkered with mostly copper properties from past producing mines that operated from the turn of the last century straight into the 1960s and 1970s, their operators’ fortunes raising or falling with the commodity prices of the green metal. Other former mines produced small amounts of gold, silver, nickel, zinc and lead.

Panama Tells First Quantum to Halt Flagship Mine After Talks Fail; Shares Sink – by Elida Moreno and Kylie Madry (U.S. News/Reuters – December 15, 2022)

December 16, 2022

https://money.usnews.com/

PANAMA CITY (Reuters) -Panama’s government ordered Canada’s First Quantum Minerals on Thursday to pause operations at its flagship copper mine in the country after missing a deadline to finalize a deal that would have increased payments to the government from the mine.

The government had given Minera Panama, which is majority-owned by First Quantum Minerals, until Wednesday to sign an agreement reached in January to pay $375 million a year to the government from its Cobre Panama mine.

Teck’s new CEO looks to tap cash from coal to fuel copper expansion – by Jacob Lorinc (Bloomberg News – December 12, 2022)

December 15, 2022

https://www.bnnbloomberg.ca/

Teck Resources Ltd.’s new chief aims to leverage his company’s booming coal business to get bigger in copper and become a “significant” miner of the metal behind the global energy transition.

“We’re so focused on copper just because of the critical role that the metal is going to play in decarbonization through electrification,” Chief Executive Officer Jonathan Price said in his first interview since taking the top job in September. “It’s really the cornerstone of what we’re doing.”

Billionaire-backed KoBold Metals to invest in Zambia copper mine (Reuters – December 14, 2022)

December 15, 2022December 15, 2022

https://www.reuters.com/

JOHANNESBURG, Dec 14 (Reuters) – California-based exploration firm KoBold Metals, which uses artificial intelligence and machine learning to identify battery metal deposits, is investing $150 million to develop a copper mine in Zambia, the company announced at the U.S.-Africa Leaders Summit in Washington, D.C.

KoBold’s investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson.

Turquoise Hill shareholders back Rio Tinto takeover, signalling end to a long saga – by Naimul Karim (Financial Times – December 9, 2022)

December 12, 2022

https://financialpost.com/

Mining giant keen to gain control of one of the world’s largest new copper and gold mines

Turquoise Hill Resources Ltd.‘s shareholders voted in favour of Rio Tinto Ltd.’s US$3.3 billion proposal to take full control of the Montreal-based miner on Dec. 9, signalling an end to a rocky journey that included the postponement of three previous votes, multiple takeover offers from Rio, and side deals with minority owners that were abruptly terminated.

The deal will, however, need the final approval of the Supreme Court of Yukon where a hearing is scheduled for Dec. 14, the companies said. About 86.6 per cent of all votes cast and 60.5 per cent of the votes by Turquoise’s minority shareholders approved the takeover, the company said in a press release.

Column: Fund managers still see no reason to be bullish on copper – by Andy Home (Reuters – December 12, 2022)

December 12, 2022

https://www.reuters.com/

LONDON, Dec 12 (Reuters) – Copper’s future in the energy transition may be bright but it’s the problematic here and now that is weighing on fund managers’ minds. Money manager positioning on the CME’s copper contract shifted back to a net long at the start of November for the first time since early May.

But the change in stance has been all about covering short positions into the recent price rally, which saw London Metal Exchange three-month copper power up to a five-month high of $8,618 per tonne on Friday.

Glencore says this time is different for coming copper shortage – by Staff (Mining.com – December 6, 2022)

December 6, 2022

https://www.mining.com/

Glencore Plc added its voice to a chorus of miners warning of coming copper shortages, arguing that a “huge deficit” is looming for the crucial industrial metal.

Chief Executive Officer Gary Nagle said that while some people were assuming that the industry would lift supplies as it had in previous cycles to meet a forecast increase in demand driven by the energy transition, “this time it is going to be a bit different.”

NEWS RELEASE: Voters in Southern Arizona Overwhelmingly Support Copper Mining in Arizona (Tucson Metro Chamber of Commerce – November 29, 2022)

November 30, 2022

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TUCSON, Ariz., Nov. 29, 2022 /PRNewswire/ — A recent survey commissioned by the Tucson Metro Chamber, in partnership with the Arizona Mining Association, showed that more than 66% of Southern Arizona voters support the Arizona copper mining industry. The poll, conducted in late September, also indicated that when given a description of the project and its location, more than half of voters support (52.6% support, 37.7% oppose) Hudbay Minerals’ new proposed Copper World Project, located 28 miles south of Tucson.

“Mining is in our region’s blood and has been for more than a century,” said Michael Guymon, President & CEO, Tucson Metro Chamber. “The industry supports thousands of jobs and creates millions in economic activity both locally and statewide. Voters clearly understand the role mining plays especially since an increasing amount of everyday items, such as electric vehicles, cell phones and solar panels, require mined resources to operate.”