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Copper News

Zambia to set up mineral investment and trading unit

By: Reuters     12th June 2024 Zambia will set up a new entity for investment and trading in minerals as it seeks to earn more from its natural resources, the Cabinet said on Wednesday after giving its approval. The government of Zambia, Africa's second largest copper producer which currently owns several mining assets through... 

Reserve Bank concern about decline of public markets welcome development – Miller  

By: Martin Creamer     12th June 2024 The concern that South Africa’s Reserve Bank expressed last week on the state of this country’s public markets is seen as a welcome development by AmaranthCX director and public market promoter Paul Miller. Everything the Johannesburg Stock Exchange (JSE) has done, even when it has been... 

AmaranthCX director Paul Miller.
AmaranthCX director Paul Miller interviewed by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Forget copper and gold as steelmaking manganese outperforms

By: Bloomberg     12th June 2024 Manganese, an essential steel-making ingredient, has outstripped copper, gold and many other commodities this year after a cyclone halted exports from the world’s second-largest mine in March. Prices of 44% grade manganese ore have almost doubled since the start of the year, beating gains of 15%... 

Supply constraints and elevated prices will continue until Gemco (pictured) is brought back on line.
Supply constraints and elevated prices will continue until Gemco (pictured) is brought back on line.

BHP set to avert mine strike in Chile with preliminary wage deal

By: Bloomberg     12th June 2024 BHP reached a preliminary wage agreement with union leaders in Chile, signaling the company will avert a costly strike at a copper mine that accounts for about 1% of global supply of the wiring metal. More than 1 100 members of the main union at BHP’s Spence mine in northern Chile will vote on... 

BHP set to avert mine strike in Chile with preliminary wage deal

Elliott steps in to back faltering Canadian copper miner after bankruptcy

By: Bloomberg     12th June 2024 US hedge fund manager Elliott Investment Management has offered support to troubled Canadian miner Nevada Copper after the company filed for bankruptcy protection. Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one, CFO... 

Elliott steps in to back faltering Canadian copper miner after bankruptcy

Freeport-McMoRan is looking for ways to expand copper production, CEO says

By: Bloomberg     12th June 2024 US copper giant Freeport-McMoRan believes it can unlock the equivalent of a large new mine by applying new processing technology at its existing assets, according to new CEO Kathleen Quirk. Quirk, who steps into the role on Tuesday to become the only female CEO of a major listed mining company,... 

Freeport-McMoRan is looking for ways to expand copper production, CEO says

Kamoa-Kakula Phase 3 concentrator achieves first production ahead of schedule

By: Marleny Arnoldi     11th June 2024 Canada-headquartered miner Ivanhoe Mines has achieved first concentrate production at the Kamoa-Kakula operation’s Phase 3 concentrator, in the Democratic Republic of Congo (DRC). The Phase 3 concentrator was completed nearly two quarters ahead of schedule and is expected to increase... 

Kamoa-Kakula, in DRC
Kamoa-Kakula, in DRC

South Africa’s quickly advancing Copper 360 is guiding sharp 2025 revenue rise  

By: Martin Creamer     11th June 2024 The revenue of South Africa’s quickly advancing Northern Cape copper mining company Copper 360, the only pure copper play on the Johannesburg Stock Exchange, is forecast by the company to have risen sharply by the end of February next year. The AltX-listed company headed by CEO Jan Nelson, is... 

Copper 360 CEO Jan Nelson.
Copper 360 annual results presentation covered by Mining Weekly's Martin Creamer. Video: Darlene Creamer.

Canadian govt invests C$10m in Ontario critical mineral projects

By: Mariaan Webb     11th June 2024 Energy and Natural Resources Minister Jonathan Wilkinson on Monday announced two investments of C$5-million each to support the critical minerals sector in Canada, specifically in northern Ontario. The funding recipients are the Mining Innovation Rehabilitation and Applied Research Corporation... 

Premium Nickel raises C$27.5m for Botswana projects amid strong investor interest

By: Mariaan Webb     11th June 2024 Canadian mining company Premium Nickel Resources will raise C$27.5-million through an upsized private placement offer, the company announced on Monday. This is an increase from the initial C$15-million offering, reflecting strong interest, primarily from existing shareholders, said the... 

Codelco copper output hit by lingering effects of rock collapse

By: Reuters     11th June 2024 Codelco attributed a sharp drop in production at its top mine to the lingering effects of a rock collapse last year as the world’s No. 1 copper supplier strives to reverse slumping output. “This situation was foreseen in annual planning and does not affect the committed production budget,” the... 

Codelco copper output hit by lingering effects of rock collapse

Nevada Copper files for bankruptcy, CEO steps down

By: Mariaan Webb     10th June 2024 US copper miner Nevada Copper on Monday announced that it had filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code. The company, which owns the Pumpkin Hollow mine, will not continue operations during the restructuring period. 

Tom Albanese has been appointed chairperson
Tom Albanese has been appointed chairperson

Zambia sees KoBold spending $2.3bn on giant copper mine

By: Bloomberg     10th June 2024 KoBold Metals, the Bill Gates-backed mining exploration company, could spend $2.3-billion to build a major new copper mine in Zambia, President Hakainde Hichilema said, citing figures from the company. The firm aims to produce more than 300 000 metric tons per year at Mingomba — making it the... 

Hudbay and unions sign agreement for Copper World mine project

By: Creamer Media Reporter      7th June 2024 TSX- and NYSE-listed Hudbay Minerals, in collaboration with several labour unions, has announced the signing of a letter of intent to enter into a project labour agreement (PLA) for the construction of the Copper World mine, in Arizona. The agreement involves the International Brotherhood of... 

Nevada Copper urgently seeks funding

By: Mariaan Webb     7th June 2024 Vancouver-based Nevada Copper said on Thursday that it urgently needed funding to maintain operations and complete the commissioning and ramp-up of its Pumpkin Hollow underground mine in Yerington, Nevada. The company has been in discussions with key stakeholders and other parties to secure... 

Nevada Copper urgently seeks funding

Newmont CEO says divestment of non-core assets progressing well

By: Reuters     7th June 2024 Newmont CEO Tom Palmer said on Thursday the gold miner's plans to divest eight non-core assets and trim its workforce to cut debt following its $17.14-billion purchase of Newcrest were progressing well. "(We are) quite excited about the level of interest in each of those assets," Palmer told... 

Newmont CEO Tom Palmer
Newmont CEO Tom Palmer

New copper fund revives controversial product  

By: Bloomberg     7th June 2024 Sprott has launched a $100-million fund that will buy and hold physical copper, marking a comeback for a class of investment product that has in the past been highly controversial among investors and regulators. The new Sprott Physical Copper Trust started trading on the Toronto Stock Exchange... 

New copper fund revives controversial product

B2Gold sells royalties to Versamet

By: Mariaan Webb     6th June 2024 Canada-based B2Gold on Thursday announced the sale of a portfolio of ten precious and base metals royalties to Sandbox Royalties, a private, returns-focused metals royalty company that has been renamed Versamet Royalties. The move, valued at about $90-million, is an opportunity for B2Gold to... 

The transaction includes a 2.7% NSR royalty on the Kiaka gold project, owned by West African Resources.
The transaction includes a 2.7% NSR royalty on the Kiaka gold project, owned by West African Resources.

Firetail’s stock catches alight with Canada copper acquisition

By: Mariaan Webb     6th June 2024 The share price of Australia-listed Firetail Resources skyrocketed 150% on Thursday, as the company unveiled a copper acquisition in Newfoundland, Canada. Firetail announced it had executed an option agreement for the acquisition of up to 80% of the York Harbour project through a staged earn-in. 

Firetail’s stock catches alight with Canada copper acquisition

SolGold inks exploitation contract for Ecuador copper and gold mine

By: Mariaan Webb     6th June 2024 Dual-listed SolGold has signed an exploitation contract for its flagship Cascabel copper and gold project, in Ecuador. The signing follows successful contractual negotiations and approval of the term sheet by the Ecuador government in July last year. 

SolGold inks exploitation contract for Ecuador copper and gold mine

Copper’s spike isn’t justified by fundamentals, Trafigura says

By: Bloomberg     6th June 2024 Copper’s recent surge to a record wasn’t justified by real-world supply and demand, according to Trafigura Group — the top copper trader and usually one of the market’s most bullish voices. “Prices of non-ferrous metals have moved much higher than fundamentals in the physical spot market might... 

Copper’s spike isn’t justified by fundamentals, Trafigura says

Peru authorises Barrick to explore mining at southern border

By: Reuters     6th June 2024 Peru's government has authorised miner Barrick Gold to carry out mining explorations in the country's southern border area, the prime minister announced on Wednesday. Peru's constitution requires foreign private investment within 50 km of the country's border to be approved by the Cabinet of... 

Prime Minister Gustavo Adrianzen
Prime Minister Gustavo Adrianzen

Antofagasta signs $1.5bn investment deal for water transport system in Chile mine

By: Reuters     6th June 2024 London-listed Antofagasta on Wednesday signed a $1.5-billion investment deal to improve water supply at its Chile mining operations. The deal, signed with a firm owned by Madrid-based Almar Water Solutions and Chile-based power transmission company Transelec, is to set up a water transportation... 

Traders are desperate for copper deals and miners are cashing in

By: Bloomberg     5th June 2024 A heated competition for copper among some of the biggest commodity traders is creating opportunities for miners to negotiate favorable terms ranging from huge upfront payments to extra-long contracts. Recent moves by cash-flush energy traders including Mercuria Energy Group to expand in metals... 

China’s unusually large copper stockpiles fuel demand concerns

By: Bloomberg     5th June 2024 China’s copper inventories are growing at exactly the time of year when they should be shrinking fast — an anomaly that underscores concerns about demand in the world’s biggest market. Stockpiles of the metal held in Shanghai Futures Exchange warehouses ended last week well above 300 000 t.... 

BHP turns to mediation as Chile miners seek share of copper boom

By: Bloomberg     5th June 2024 BHP Group is heading into mediation with union leaders in Chile in a bid to avoid a strike as this year’s surge in copper prices inflates the bottom lines of producers and expectations of their employees. The Spence mine operated by the Melbourne-based mining giant requested a five-day mediation... 

BHP turns to mediation as Chile miners seek share of copper boom

First shipment of Kanmantoo copper sets sail

By: Creamer Media Reporter      5th June 2024 Australia’s newest copper producer Hillgrove has completed loading its first shipment containing 10 099 wet metric tonnes of concentrate from the Kanmantoo underground mine. The company achieved its first shipment in less than 12 months since operations at the South Australian mine started. 

First shipment of Kanmantoo copper sets sail

Glencore to toll treat Crean Hill bulk sample – Magna

By: Mariaan Webb     5th June 2024 Exploration and development company Magna Mining has signed a toll milling agreement with Glencore Canada for the surface bulk sample of the 109 Footwall (FW) zone at its Crean Hill project, in Sudbury, Ontario. This development, CEO Jason Jessup says, is the next step of advancing the Crean... 

Glencore to toll treat Crean Hill bulk sample – Magna

External probe finds Sandfire disturbed artefact scatters at DeGrussa

By: Mariaan Webb     5th June 2024 Copper miner Sandfire Resources chairperson John Richards on Wednesday apologised to traditional owners Yugunga-Nya for failing to protect artefact scatters during the construction of the Monty mine at its DeGrussa operations, north of Meekatharra in Western Australia. This comes as the... 

External probe finds Sandfire disturbed artefact scatters at DeGrussa

First call applications for R400m junior mining exploration fund close July 12

By: Martin Creamer     4th June 2024 The first call applications for the R400-million junior mining exploration fund (JMEF) close on July 12. This was stated on Tuesday in a media release issued by the Department of Mineral Resources and Energy (DMRE), in partnership with the Council for Geoscience (CGS) and the Industrial... 

Need for quick exploration activity.
Unless exploration increases fast, the vital mining economy will shrink.

Copper falls through $10 000 as exchange inventories keep rising

By: Bloomberg     4th June 2024 Copper fell below $10 000/t as a sharp rise in global inventories prompts traders to zero in on weak conditions in the spot market. Stockpiles on the Shanghai Futures Exchange have climbed to the highest since 2020, and there have also been a steady stream of smaller inflows into Asian depots... 

Copper falls through $10 000 as exchange inventories keep rising

Indonesia imposes 7.5% export tax on copper concentrate shipments

By: Reuters     4th June 2024 Indonesia will impose a 7.5% export tax on shipments of copper concentrate, effective immediately, a finance ministry regulation showed on Tuesday, applicable to the two mining firms currently exempt from its ban on raw copper exports. Indonesia has outlawed shipments of raw copper since June... 

Glencore’s Adamson joins Stillwater Critical Minerals board

By: Creamer Media Reporter      4th June 2024 TSX-V-listed Stillwater Critical Minerals has announced the appointment of Bradley Adamson as an independent director. Adamson, a veteran resources industry professional with more than 25 years of global experience focused on nickel and cobalt, joins the Stillwater board as Glencore’s appointee. 

Yukon Metals ready to hit the ground running

By: Creamer Media Reporter      4th June 2024 Exploration newcomer Yukon Metals is ready to hit the ground running, president and CEO Rory Quinn said on Monday, announcing the completion of the acquisition of a portfolio of assets from the Berdahl family’s prospecting company. The property portfolio was built over 30 years of prospecting by... 

Yukon Metals' projects overview
Yukon Metals' projects overview

BHP faces a test of patience after $49bn Anglo bid falters

By: Bloomberg     4th June 2024 Days after BHP Group failed to secure the $49-billion takeover of smaller rival Anglo American, investors have one message for CEO Mike Henry — keep your cool. BHP argues it showed restraint in the battle for Anglo, a welcome attribute in a sector notorious for burning billions of dollars of on... 

BHP CEO Mike Henry
BHP CEO Mike Henry

Kincora secures new unexplored Macquarie Arc porphyry project

By: Creamer Media Reporter      3rd June 2024 Dual-listed Kincora Copper has secured a new exploration licence covering 173 km2 in the Macquarie Arc, in central New South Wales. The Wongarbon project is considered to host one of the last remaining untested and large intrusive complexes of the Macquarie Arc, said Kincora in a statement on... 

True North makes management changes

By: Creamer Media Reporter      3rd June 2024 Australian copper company True North Copper on Monday announced the appointment of Bevan Jones as MD and Craig Gouws as CFO. Jones, a seasoned operations officer, has more than 30 years of experience in mine management across a range of commodities. He was previously COO at Toronto-listed Karora... 

South Africa’s ARM completes strategic investment in Canada’s Surge Copper 

By: Martin Creamer     3rd June 2024 South Africa’s diversified mining company African Rainbow Minerals has secured its 15% strategic shareholding in Surge Copper, a Toronto Stock Exchange-Venture Exchange company that is advancing an emerging critical metals district in British Columbia, Canada. Johannesburg Stock Exchange-listed... 

African Rainbow Minerals Executive Chairperson Dr Patrice Motsepe
African Rainbow Minerals Executive Chairperson Dr Patrice Motsepe
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