Chinese data, tight supply light fire under copper price launching copper mining stocks higher – Freeport up 15%.
Copper Mining News
It now expects adjusted earnings per share to come in at $5, significantly higher than the $3.75 it had forecast just three months ago and almost doubled the $2.90 it had originally projected for the year.
Zaldívar produced 102,000 tonnes of copper in 2016.
Shares collapsed on the news to close almost 21% lower in London. Barrick, which has a 64% stake in Acacia, also fell in both Toronto and New York.
A hot and dry summer in British Columbia has set forests aflame, and last week the effects of Mother Nature were felt by two prominent BC mines.
Glencore (LON:GLEN) has placed a multi-million-dollar bet on copper by investing just over US$21 million (GBP 16.16 million) into Brazilian copper producer Paranapanema (PMA).
Philippine President Rodrigo Duterte said on Friday the country's mining industry pays too little in tax and not enough in compensation for any environmental damage.
Company will make a decision on the plan in August.
Early reports claimed that Tanzania had asked foreign workers of the gold miner to leave the country, but a spokesperson for the company denied that story.
South Africa intends to suspend the granting of applications for prospecting and mining rights as well as any renewals pending a court case to review new mining laws, the Mineral Resources Minister Mosebenzi Zwane said on Thursday.
As steel production reaches all-time high Chinese miners pump out most iron ore since 2015 while refined copper output jumps 12% to highest in 18 months.
The smelter, one of the largest in the Southern Hemisphere, has been hampered by insufficient power supplies and maintenance work since a major power outage last year shut operations for two weeks.
The indefinite labour action involves 56 unions, which are protesting a government’s proposed reform they see as "anti-workers".
Kamloops city council has voted to oppose the proposed Ajax mine — again.
World number one miner's Pilbara mines produce 268m tonnes for the year, but strike at Escondida sees copper output slide 16%.
JP Morgan: "We think the second-half 2017 fundamental outlook for zinc looks less supportive, easing supply constraints and questionable demand strength."
Big winners will be aluminum, copper, lead, lithium, manganese, nickel, silver, steel, and zinc and rare earth minerals such as indium, molybdenum, and neodymium.
It also revised down its expected share of hard coking coal for the year to between 7.2 to 7.8 million tonnes from 7.8 to 8.4 million tonnes.
New report shows lead swinging into 91,000 tonne deficit and zinc undersupply increasing by a third to 178,000 tonnes during first five months of 2017.
New paper interprets low-angle faulting near the world-class Sullivan zinc, lead and silver deposit.
Codelco, which sends all its profits to state coffers, posted a larger profit in the first quarter of 2017 than in all of 2016 as a result of a strict policy of containing costs and a modest recovery in global prices for the red metal.
Chinese economy on track for first annual growth acceleration since 2010 as industrial output surges by 7.6%.
Two employees at the Tenke copper mine in Democratic Republic of Congo suffered minor injuries in an electrical fire at the weekend.
The spin-off business would go after royalty agreements in copper, zinc, nickel and cobalt, worth more than $300 million, while looking to attract a strategic partner to fund further deals.
Vutomi licences were extended into additional area of mineralization adjacent to the firm’s Frischgewaagt project in South Africa.