When the world’s leading gold mining companies by market value are focusing on copper projects, it might indicate a problem with gold’s appeal. This week, the price of gold reached a new record high, exceeding $2,100 per ounce, driven by expectations of lower US interest rates and strong demand from Chinese households. However, major mining…
Glencore and Trafigura are urging Asian smelters to agree to lower spot prices for the conversion of mined copper into metal this year, challenging the traditional industry benchmarks that are considerably higher, according to three sources familiar with the situation. Traditionally, the industry has relied on annual benchmarks, known as treatment charges (TCs), for contracts…
The competition for mined copper resources is anticipated to increase, posing a challenge to Chinese firms responsible for half of the world’s refined copper production. Despite significant output cuts affecting the metal market, it is unlikely that these cuts will be substantial. Chinese copper producers, primarily state-owned, face pressure to uphold or elevate production targets…
On Friday, Chile’s state-owned Codelco, the largest global copper producer, announced the successful negotiation of a new contract with the union representing supervisors in its Chuquicamata division. The agreement, impacting 658 individuals, incorporates incentives tied to goal achievement and enhanced productivity, according to the company’s statement. While the financial details remain undisclosed, the contract spans…
Nationalization remains a prominent subject in mining discussions. With tightening supply chains and increasing strength in long-term demand drivers, resource-rich nations are striving to secure a larger portion of their mineral wealth. Throughout South America, Africa, and Asia, countries are challenging established norms that enable multinational miners to profit substantially from local resources. Although nationalization…
On Wednesday, the Panamanian branch of Canadian mining company First Quantum Minerals announced its intention to present the initial stage of its mine conservation plan to government authorities on January 16. This decision follows the closure order issued for its project last year. Due to a ruling by Panama’s highest court, citing the contract as…
Anglo Asian Mining plc, a gold, copper and silver producer with operations in Azerbaijan, announced that it had returned to profitability in the six months to June 30th 2019. The company reported a pre-tax profit of $1.5 million, compared to a loss of $1.2 million in the same period last year. The company attributed its…
Glencore, one of the world’s largest commodities trading and mining companies, is reportedly mulling offers for its CSA copper mine in Australia. The Swiss-based company is said to be in discussions with several interested parties, including a consortium led by private equity firm EMR Capital. The CSA copper mine, located in Cobar, New South Wales,…
Anglo Asian Mining PLC (AIM:AAZ) is back in the black after the company reported a pre-tax profit of $3.5 million for the six months ended 30 June 2017. The turnaround was driven by a doubling of copper production and a surge in gold sales. The London-listed company, which operates the Gedabek gold, copper and silver…
Copper and nickel prices have been on the rise in recent weeks as European countries scramble to secure enough of the metals to meet their industrial needs. The price of copper has jumped by more than 10% since early April, while nickel has seen an even bigger surge, rising by more than 20%. The price…
