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Southern Copper lifts output forecast amid tight metal market

Published: 29 Apr 24

Southern Copper raised its annual production guidance as ore quality improves and the company resolves water supply issues in Mexico, offering a little relief for a tightening global copper market. The world’s fifth-largest supplier of the wiring metal expects to produce 948 800 metric tons this year, CFO Raul Jacob told analysts on a conference call Friday. That would be 4.1% more than last year’s result and compares with a projection of 935 900 tons a quarter ago.

Glencore bought aluminium from Rusal worth $1.06bn in 2023

Published: 29 Apr 24

Commodities group Glencore bought aluminium from Russian producer Rusal worth $1.06-billion in 2023 as part of their long-term contract, the Russian producer said in an annual report on Friday. Although Rusal, the world's largest producer outside China accounting for 5.5% of global output, itself is not a target of Western sanctions, some Western clients have been shunning new deals for Russia-made metals since Moscow invaded Ukraine in 2022.

State-owned groups Eskom and Transnet have impaired mining productivity with unreliable power supply and a lack of trains to move mineral exports.

BHP’s South Africa snub an indictment of ANC, DA says

Published: 29 Apr 24

BHP Group’s bid to spin off Anglo America’s South African assets as part of a takeover proposal shows how the economic policies of the ruling African National Congress (ANC) have undermined investor confidence in the country, the main opposition party said. The offer by BHP envisages Anglo offloading majority stakes in Anglo American Platinum, the world’s largest miner of the metal by market value, and Kumba Iron Ore to shareholders. Anglo on Friday rejected the £31.1-billion proposal by BHP because it “significantly undervalues” the company.

Codelco posts fresh output slump, underscoring copper struggles

Published: 29 Apr 24

Top copper producer Codelco saw a decline in quarterly output due to lower quality ore at its aging Chilean mines — the latest sign of supply-side struggles that have helped send metal prices to two-year highs. The State-owned company’s wholly-owned mines produced 295 000 metric tons, down 9.6% from the first three months of last year, Codelco reported Friday.

BHP mega bid and $10 000 copper expose mining’s biggest problem

Published: 29 Apr 24

Copper’s surge to $10 000 a ton just days after the bombshell news that BHP Group is trying to buy Anglo American is highlighting a core disconnect at the heart of the industry: miners just aren’t building enough mines. The biggest producers all want to increase copper output to take advantage of rising demand in electric vehicles, grid infrastructure and data centers. BHP has made its $39-billion proposal to buy Anglo American in large part because the world’s biggest miner wants to grow in copper.

BHP’s bid for Anglo casts cloud over $9bn fertiliser mine

Published: 29 Apr 24

BHP Group’s proposal for a $39-billion takeover of rival Anglo American is all about securing plenty of copper supplies — so now, the potential deal is throwing uncertainty over the future for Anglo’s massive fertiliser mine in England. That’s largely because BHP is already building its own giant fertiliser project in Canada, called Jansen, to which it’s already committed more than $10-billion. With an accelerated expansion planned for Jansen, BHP is unlikely to be interested in also going big on Anglo’s Woodsmith site.

China could hinder BHP’s bid to become copper’s top producer

Published: 29 Apr 24

BHP Group’s $39-billion bid to create a global copper giant risks irking its biggest customer China, where authorities have a history of intervening to stymie or water down international mergers. A takeover of Anglo American would catapult BHP into the top spot for copper producers, with 10% or more of the world’s output. That could be a red flag for Beijing, which has long bemoaned China’s weak purchasing power against the miners that dominate trade in raw materials.

BHP considering improved proposal for Anglo American, sources say

Published: 29 Apr 24

BHP Group is considering making an improved offer for Anglo American after its $39-billion initial proposal was rejected by the London-listed miner, a source familiar with the matter told Reuters. BHP is in discussions on a revised bid for Anglo American to be made in coming weeks, the source said. The deliberations are ongoing and the group has not yet made a decision on the size and structure of the new proposal, the source added.

Copper hits $10 000/t as bulls predict looming deficit

Published: 26 Apr 24

Copper hit $10 000 a ton for the first time in two years as speculation builds that the world’s mines will struggle to meet a coming wave of demand from green industries. The metal reclaimed its hold on five figures in London after a pick-up in global manufacturing activity, as well as flashes of tightness in mine supply, helped fuel gains in recent months. But the advance is also emboldening copper bulls like BlackRock and Trafigura Group, who say the metal will have to jump even higher to spur the creation of new mines.

World Platinum CEO Trevor Raymond at Shanghai Platinum Week 2023.

Shanghai Platinum Week: Hydrogen’s going to feature big, says World Platinum Investment Council

Published: 26 Apr 24

The growth in demand for platinum applications in China is extremely high, making detailed access to the China market hugely advantageous. Providing this detailed access from July 8 to 11 will be the far-reaching Shanghai Platinum Week 2024, which is sandwiched between the London Platinum Week in May and the New York Platinum Week in September.