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BHP has a year to date gain of 20% and is flirting with a buy point Rio has a gain of more than 25% that copper prices will likely reach $15 000 per ton by 2024 and China s Zijin Mining
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In fact it s possible the copper price will stay below US $8 000 MT through 2024 and perhaps 2024 The ICSG recently reported that the global refined copper market deficit had widened to
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The first two months of 2024 saw unwrought copper imports of 884 009 tonnes up % from the same period in 2024 according to data from China s customs bureau Since 2024 it hasn t provided separate figures for January and February possibly to smooth out the volatility around the Lunar New Year holidays
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China at the moment is refusing to buy coal from Australia The resulting market tightening has benefited producers in other countries such as Teck Teck also said on Wednesday that it
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03/12/2024 The Zambian government has taken over operations at a major copper mining company in what is seen as a move towards increasing its direct control of the key mining sector Economists
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Although copper has been used by humans for many centuries more than 95% of all the copper ever mined and smelted has been extracted after 1900 Largest Copper Producing Countries In 2024 annual copper mining exceeded 19 million tons South America has the most copper mines and China is the source of the greatest production of refined copper
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Southern Copper Southern Copper SCCO prides itself as the lowest cost copper miner globally It produced 1 million metric tons of copper in 2024 However Southern Copper expects its copper
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Chinese company is negotiating with Taliban to mine one of world s largest untapped reserves of copper Mining at Mes Aynak was on hold for years because of the war in Afghanistan which
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Nine years after Chinese companies took control of Mes Aynak copper extraction has yet to start One third of the Afghan population lives below the poverty line earning less than $2 a day and a
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The firm s year end results saw the profit margin improve from % to % and the normalised P/E ratio of will be low enough to encourage buyers looking for capital gain as well as the nice to have dividend yield of 6% Highlights from the year ended 31st December 2024 include Southern Copper Corp revenues increased 37% to $
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The Chinese government must mine more copper to shore up global supplies Reuters reported Chinese copper producers as saying A group led by Jiangxi Copper Co Ltd Zijin Mining and Tongling Nonferrous Metals Group Co Ltd are pressuring Chinese government authorities to increase ore prospecting as soon as possible state financed newspaper China Nonferrous Metals News said Nov 8
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China has decided to release the metal from its national reserves to regulate commodity prices dealing a double blow to the sector These changes had harmed the copper sector which had been on a roll after a surge in demand when the economy reopened following the pandemic lockdowns
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At the same time the most traded July copper contract on Shanghai Futures Exchange is at 74 140 yuan $11 638 a tonne As pandemic recovery optimism is growing in the world outside China
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James Attwood Within a decade the world may face a massive shortfall of what s arguably the most critical metal for global economies copper The copper industry needs to spend upwards of $100
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CNMC acquired an 85% stake in Luanshya Copper Mines LCM in 2024 for US$ 50 million from Enya Holdings BV Enya following the suspension of operations at Baluba Centre Mine in the advent of the Global Financial Crisis China s CNMC says followed the law in closing Luanshya Copper Mines September 14 2024 12 27 December 13
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Workers at the Candelaria copper mine in Chile are leaning toward rejecting owner Lundin Mining Corp s latest wage offer signaling that a strike will extend into a second month
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Countries like Chile Peru and China are the three topmost countries known for the highest production of copper across the world USA is the fourth largest producer of copper in the world since the largest copper mine is found in Utah Other major copper mines are found in Australia Arizona Michigan New Mexico and Montana
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The country sits above some 60 tons of copper reserves more than billion tons of iron ore million tons of rare earth minerals coveted for their use in electronic products such as lithium
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The company notably completed a deal in 2024 that saw a Congo cobalt and copper mine transfer from American company Freeport McMoRan to Chinese outfit China Molybdenum for the sum of $ billion
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This is likely to be an underestimate given the recently sharper rise in copper price in 4Q 2024 Furthermore the chart below from Taseko s latest presentation slides in December
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China Molybdenum was a surprise winner as the Australian copper miner OZ Minerals had been seen as the most likely buyer of the 80 percent stake in Northparkes after MMG of China
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In 2024 Ecuador exported $267 000 USD worth of refined copper to China 5% of Ecuador s total exports leaving substantial room for export growth In Ecuador the two Chinese owned projects are the San Carlos Panantza and Mirador mines Both mines are currently owned and managed by Corriente Resources a subsidiary of the China Railway
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Stocks such as Jiangxi Copper China s No 1 smelter and second biggest miner still have room to rally said Wang Chen a partner at XuFunds Investment Management in Shanghai
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Copper prices dipped about % on Monday morning and % this week to about $ per pound subdued mostly by increasing demand worries from China which has seen a slew of recent protests erupt over renewed zero COVID lockdowns Although somewhat expected with the country having faced stringent COVID 19 measures for several months now
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· China s switch to renewable energy systems is likely to be a key demand driver for copper moving forward Copper prices have rebounded strongly since hitting an 11 year low in March
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The proportion of smelters using Chinese technology has increased from % to around 15% in the last 10 years Over the period 2024 to 2024 annual copper refinery capacity is expected to grow at an average rate of around 2% per year ICSG says the growth in capacity for both electrolytic refinery and electrowinning is projected to average 2%
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Anglo which is expected to begin unloading at least three of its Chilean copper mines and a smelter valued at $1 billion by mid year is likely to appoint Goldman Sachs Group Inc and
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Jetti Resources founded in 2024 has developed a process for copper extraction that utilizes previously unused ore from existing copper mines Jetti Resources method allows copper mines to use
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In 2024 the overall copper exploration budget reached pre COVID 19 levels at around US$ up around 32% year over year YOY This is primarily due to high cash at disposal for miners with record high copper prices averaging US$9 741 per ton 2
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Goldman also cut its three and six month price targets to $70 and $85 a ton respectively from $90 and $110 a ton The bank said it expects the iron ore market s current predicament to outlast
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