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Prices are well below the levels needed to incentivise new greenfield production BlackRock says $12 000 copper is needed to incentivise new mines
Published: 25 Apr 24
Copper needs to reach $12 000 a ton — a 20% jump from this week’s high — to incentivize large-scale investments in new mines, said Olivia Markham, who co-manages the BlackRock World Mining Fund. The metal’s price hit a two-year high near $10 000, but Markham said further gains are necessary to encourage miners to sign off on projects required to avoid major deficits during the energy transition.
Lower iron, nickel and copper prices weigh on Vale's quarterly earnings Lower iron, nickel and copper prices weigh on Vale's quarterly earnings
Published: 25 Apr 24
Brazilian miner Vale on Wednesday said lower prices for iron-ore, nickel and copper in the first quarter dragged down earnings compared to the year before, as it posted net profit slightly below analyst estimates. Vale, the world's no.2 producer of iron-ore, posted a $1.7-billion net profit for the quarter ended in March, 9% lower than the year-earlier period, while analysts polled by LSEG were expecting $1.9-billion.
ALL ABOUT COPPER: The Quellaveco mine in Peru is a 300 000 t/y operation. BHP approaches Anglo American with buyout proposal
Published: 25 Apr 24
Mining heavyweight Anglo American on Thursday confirmed that it had received an unsolicited, nonbinding takeover proposal from commodities rival BHP Group, potentially transforming the mining industry landscape. The proposition entails an all-share offer for Anglo American, coupled with plans for Anglo American to demerge its holdings in South Africa-focused Anglo American Platinum (Amplats) and Kumba Iron Ore to its shareholders.
A Zimbabwe flag Changing business opportunities, challenges in Zimbabwe highlighted
Published: 24 Apr 24
Zimbabwe is undergoing change and aims to attract more companies to do business in the country, but risks and challenges remain for businesses aiming to capitalise on the opportunities in the country. These were some of the views raised by Zimbabwean and international representatives during an information session on 'Doing business in Zimbabwe' hosted by the Southern African-German Chamber of Commerce and Industry this week.
First Quantum says probability of taking out copper from Panama mine only after election First Quantum says probability of taking out copper from Panama mine only after election
Published: 24 Apr 24
Canadian miner First Quantum Minerals said on Wednesday the likelihood of taking out the 121 000 t of copper from its disputed Cobre Panama mine can only happen after the Panama national election. First Quantum's Cobre Panama is under preservation and safe maintenance after the current Panama government ordered the closure of the copper mine last year.
Silver bars Armadale sets out to earn a majority stake in US silver asset
Published: 24 Apr 24
Aim-listed investment company Armadale Capital, which holds mine investments in Africa, has entered into an agreement to earn a 50% interest in Africo American Incorporated (AAI), the holding company of the Canyon Silver lead/zinc/silver exploration asset, in Idaho, in the US. Armadale has an option to acquire an initial 25% interest in AAI through the purchase of new shares for $500 000 in cash before December 31.
First Quantum navigates Zambia power crisis through imports, renewable projects First Quantum navigates Zambia power crisis through imports, renewable projects
Published: 24 Apr 24
In response to Zambia's recent declaration of a national emergency owing to a severe drought affecting power generation, copper miner First Quantum Minerals is taking measures to ensure the continuity of its operations. Power utility Zesco has introduced daily eight-hour loadshedding for its retail customers and initiated consultations with mining companies to reduce power supply to the sector by 150 MW from May 1 to December 31. First Quantum’s operations are expected to have power curtailed by about 80 MW over this period.
China copper gauge at zero offers stark warning to metal bulls
Published: 24 Apr 24
A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10 000 a ton.
China coal prices have bottomed, will surpass 2023 highs, industry group says
Published: 24 Apr 24
China's domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday. "Overall stockpiles are not very high, so if market purchases increase, that will directly cause prices to rise," said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association (CCTD).
Vitol CEO Russell Hardy World’s biggest energy traders are returning to metals markets
Published: 24 Apr 24
Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.
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