The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer.
The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer.
Escondida copper output at BHP and Codelco is up in October.
Data from the copper commission Cochilco on Tuesday showed that Chile's state copper miner Codelco posted flat production in the month of October, compared with the same period last year, while BHP's Escondida mine, the largest copper mine in the country, saw its output increase by more than a fivefold. Codelco, which is the world's biggest copper producer and is trying to boost its declining production…
Freeport's copper concentrat exports will only temporary ease global shortages
Sources in the industry said that Freeport-McMoRan’s unit, located in Indonesia, will help ease global shortages of copper concentrate, but only for a short time and if Indonesian authorities allow it. Since last year, the competition for copper concentrate has intensified due to shortages caused by stoppages at First Quantum's operations and China's massive expansion in smelters.
Freeport Indonesia expects to see production at the Manyar smelter ramp up in Q3 of next year
An official revealed on Wednesday that Freeport Indonesia, a copper miner in Indonesia, expects its $3.7 billion Manyar Smelter in East Java will ramp up operations in the third quarter next year following a fire that halted it in October. Katri Krisnati, its spokesperson, said that based on the plan of repair for the affected facilities…
MIND ID claims that Freeport Indonesia will fix its smelter within six months
Freeport Indonesia’s holding company MIND ID announced on Wednesday that it aims to have the new Manyar Smelter, located in East Java Province, repaired within six month after being damaged by fire. Freeport Indonesia stopped the production of copper cathodes at its smelter in October after an explosion at its gas cleaning unit. The Manyar smelter's production delays…
Chile plans to invest $83 billion in mining by 2033, a newspaper reports
In a study quoted in a newspaper article on Tuesday, the state-run Cochilco agency said that Chile will invest $83,18 billion between this year and 2033. This is a 27% increase from last year's estimation. The Cochilco Report, set to be released on Wednesday, will include 51 projects within the South American country, which is currently the largest producer of lithium and copper in the world.
All Freeport LNG Trains on Line Monday
All three liquefaction trains at Freeport LNG's export plant in Texas were expected to be back in service on Monday, according to preliminary data from financial firm LSEG.Freeport told environmental regulators that liquefaction Train 2 tripped while operating around midday on Nov. 22 due to an issue with a compressor system, resulting…
Freeport LNG liquefaction train at Texas export plant shuts
Freeport LNG reported to state regulators on Thursday that one of the three liquefaction train at its export plant in Texas was shut down on Wednesday. Freeport stated that Train 3 was tripped during operation due to a problem with a lube-oil pump. This caused an emissions event which lasted for more than 11 hour from Wednesday evening until early Thursday morning.
Freeport's local director says that the delay in mining permits is a serious issue.
The U.S. mining company Freeport-McMoRan's local director said that the extended delay in Chile in enacting the reforms aimed at expediting the mining permits is a "serious problem" for the industry. The miners of Chile also claim that regulatory obstacles are slowing down project development. The government of President Gabriel Boric…
Freeport-McMoRan beats its third-quarter profit expectations on the back of higher copper prices
The Freeport-McMoRan miner reported on Tuesday a profit for the third quarter that exceeded analysts' expectations as higher copper prices offset a decline in production. Copper prices increased in the third quarter, mainly due to signs of improved demand from China's top consumer. There were also falling inventories in China and the…
Sources say that Freeport will delay Indonesian copper sale to the second quarter of 2025 due to a fire.
Two sources familiar with the situation said that the U.S. miner of copper, Freeport McMoRan, will delay its sales of refined Copper from Indonesia until 2025 due to a fire in its new smelter. The new Manyar smelter with a production capacity of 480.000 metric tons copper cathode per year is likely to reduce the expected surplus of metal in 2025 and support the prices.
Freeport Indonesia says the fire at its Gresik smelter is under control.
On Monday, the fire at Freeport Indonesia’s Manyar smelter, located in Gresik (East Java), was brought under controlled, according to a spokesperson for the company. No injuries were reported. Katri Krisnati, a spokesperson for the company, said that the company would assess the damages and determine the cause once it was safe to enter the area.
Copper output at Freeport's Manyar smelter delayed until November
Two sources familiar with the situation said that due to leakages of water and steam during an initial testing period, copper production at Freeport McMoRan’s giant Manyar smelter will be delayed until late November. Analysts expect that new supplies will be available soon. If the $3.7 billion smelter is delayed, it could support the price.
Equities, commodities climb after China announces stimulus
After China announced stimulus measures for its economy, a widely-followed global stock index reached a new record high. Copper prices also hit their highest level in 10 week on Tuesday. Mining stocks drove the Dow and S&P 500 to record-breaking closing highs. The Chinese yuan reached a 16-month-high against the U.S. Dollar, and oil…
Freeport LNG plant nearing full power again on Friday according to LSEG data
LSEG data revealed that the U.S. liquefied gas (LNG), company Freeport LNG, was on course to resume near-full power on Friday following an unexpected shutdown on Wednesday. Freeport is one the most watched U.S. export LNG plants in the World because of its history of changing global gas prices every time it restarts or shuts down. The Freeport outage was caused by a glitch that many thought would be temporary.
Freeport LNG plant to resume service in Texas on Thursday, LSEG data indicates
LSEG data indicated that the U.S. liquefied gas (LNG), company Freeport LNG, was on schedule to resume service at its Texas export plant on Thursday. The facility had been shut down on Wednesday. Freeport is one the most watched U.S. export LNG plants in the World because of its history of changing global gas prices every time it restarts or shuts down.
BHP strike in Chile enters its third day, boosting global copper price
The strike at BHP's massive Escondida Mine in Chile, which entered its third full day on Thursday boosted global copper prices. A continuing standoff between BHP and the workers is spreading concerns about the supply of red metal. BHP and the union of workers held an initial meeting Wednesday to try to defuse a strike. However, they…
U.S. Natgas Demand, Price Nosedive Continues
U.S. natural gas futures held near a 21-month low on Tuesday, keeping the contract on track for its second-biggest monthly drop in history, as a decline in output from this week's extreme cold offset forecasts for warmer weather and less heating demand next week than previously expected.Gas prices have been depressed for weeks due…
US Regulator to Allow Freeport LNG to Resume Partial Operations in October
The second-largest U.S. liquefied natural gas (LNG) exporter on Wednesday said it reached an agreement with a federal regulator that will allow it to resume some operations at its Quintana, Texas, plant in October.Freeport LNG shut the plant, which supplies about 20% of U.S. LNG exports, following an explosion and fire on June 8. Its closure helped to push up LNG prices in Europe and Asia, and dampening U.S.
