State holding company ready to take 51% stake says Indonesian deputy mines minister as dispute over ownership of iconic copper-gold mine intensifies.
Freeport Mining News
Freeport restarts supply to domestic smelter in Indonesia, but the copper concentrate export ban at iconic mine remains in place.
Around 1,300 unionized miners plan to start an indefinite stoppage at Peru's largest copper mine beginning March 24.
Disputes at BHP Billiton’s Escondida mine in Chile, the world's biggest copper mine, and Freeport’s Grasberg and Cerro Verde mines, are also having a significant effect on global supplies of concentrate.
The mine produced just under 500,000 tonnes of the red metal last year, making it Peru's largest copper operation.
Strike at Escondida, export ban and smelter problems at Grasberg and community clashes at Las Bambas.
Company will perform the work and federal government will contribute about half of the more than $600 million cleanup costs.
Gecamines claims it has pre-emptive rights to buy the stake as owner of the country’s mining titles.
Canada’s Lundin, which owns 24% of Tenke, has finally agreed to sell its stake to a private equity firm from Asia’s richest nation.
The Congo mine, which cost $3 billion to build, holds one of the world’s largest known copper resources.
More than 1,000 workers have gone on strike at Grasberg in a dispute with management over better conditions, including bonus payments.
Lundin was outplayed in its last major deal, but now looks ready to pull the trigger on $1 billion-plus acquisition of one of Africa's richest copper mines.
Bondholders want more from sale of top copper miner's oil and gas assets.
Toronto miner has first dibs on controlling share of Tenke Fungurume which if contemplated expansion goes ahead would catapult mine into global top 5.
No early talks on Indonesia licence extension, export permit expiring next week still being negotiated.
About $22 billion worth of projects have been cancelled or delayed in Peru in recent years due mainly to anti-mining protests.
The $263 million deal is expected to close in the second quarter.
Quarterly net loss attributable to common stock was $4.08 billion, or $3.47 per share, compared with a loss of $2.85 billion, or $2.75 per share, last year.
The approval will include “the same rights and the same level of legal and fiscal certainty provided under its contract of work,” the company said without elaborating.
Copper miner up nearly 7% after announcing cuts to its board and an "alternative course" oil and gas business acquired only three years ago.
So far, copper prices have failed to react significantly to news of supply disruptions, remaining more responsive to news from China, the world’s largest consumer.
Chief executive Nelson Pizarro warned Codelco is ready to “cut costs to the bones,” and revealed the layoff process has already started.
The Arizona-based mining company also said it is partially suspending operations at the complex until mid-September, as it cuts mining rates in half.
Total for this year may be $7.7 billion, down from 2014's $8.7 billion and significantly lower than a record $10 billion in 2013.
Copper tumbled Wednesday to fresh six-year lows, dipping below $5,500 a tonne. Stocks in miners of the industrial metal are getting hammered.