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.
U.S. LNG Exports to Europe on Track to Surpass Biden Promise
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with skepticism.After all, the U.S. LNG industry was already hitting its export limits and the global market is dominated by long…
US Becomes Top LNG Exporter in First Half of 2022 -EIA
The United States became the top liquefied natural gas (LNG) exporter in the first half of 2022, the Energy Information Administration (EIA) said, citing data from CEDIGAZ, as the country increased supply to Europe amid the Ukraine crisis.U.S. LNG exports rose 12% to average 11.2 billion cubic feet per day (bcfd) in the first half of the year compared with the second half of 2021, the EIA said.
Freeport LNG Targets Year End for Full Operations After Fire
Freeport LNG, one of the largest operators of liquefied natural gas export plants in the United States,on Tuesday said last week's fire damage to its Texas plant would keep it fully offline until September with only partial operation through to the year end.Natural gas prices slumped in the United States and soared in Europe on the lengthier shutdown as the Quintana, Texas, facility produces roughly 20% of U.S.
U.S. Natgas up 2% on Higher Demand, Soaring Global Prices
U.S. natural gas futures edged up about 2% on Tuesday on record power demand in Texas, forecasts for more gas demand over the next two weeks than previously expected, a reduction in gas output, low wind power and much higher global gas prices.Power demand in Texas failed to hit a new all-time high on Monday due to less hot weather…
Freeport LNG Plant Suffers Explosion
A explosion occurred on Wednesday at the Freeport LNG liquefied natural gas plant on the Texas Gulf Coast, according to police, and prompting an evacuation of nearby residents in Quintana, Texas.The plant can process up to 2.1 billion cubic feet of natural gas per day into a supercooled liquid for export.Freeport LNG acknowledged an incident occurred around 11:40 a.m. local time with providing further details.
US LNG Exports at 20-month Low
Natural gas flows to U.S. liquefied natural gas (LNG) export plants plunged this month after falling to a 20-month low in June as coronavirus lockdowns cut global demand for the fuel.Before the pandemic slashed energy demand, U.S. producers counted on LNG exports to keep growing fast as an outlet for their record gas output. But after soaring 68% in 2019 and 53% in 2018, U.S.
KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects, it told investors and employees, as customers pull back on energy investments.The company will refocus on government contracts and technology businesses, Chief Executive Stuart Bradie wrote to employees on Monday.
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture.
Australia Becomes World's Largest LNG Exporter
Australia has become the largest liquefied natural gas (LNG) exporter in the world. The record figure knocked Qatar out of the top spot."Australia is set to become the world’s largest liquefied natural gas (LNG) exporter this year, overtaking Qatar, with its supplies expected to reach 81 million tonnes (MT) as Ichthys LNG and Prelude FLNG increase production…
