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Panama approves plan for Copper mine

ByVictoria

Panama has approved First Quantum Minerals’ maintenance plan for its closed copper mine in the country, but not a re-start of the site, a top trade official said on Friday

Trade and Industry Minister Julio Molto said the plan included environmental safety measures that were necessary following the abrupt shut-down by government order under the prior administration in late 2023.

“The mine is not being reopened. We’re authorizing the implementation of the care and safe management plan to ensure it is environmentally protected,” Molto told a press conference.

He said that experts estimate that process could take three to six months, accounting for environmental measures.

Source – Reuters

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    Barrick Mining maybe under provisional administration

    ByVictoria
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    A Malian court has adjourned to Thursday a hearing on whether to put Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, the court’s registry office and one of the lawyers involved told Reuters on Monday.

    Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.

    Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports.

    The government has renegotiated agreements with other multinational miners under the new mining law. Four Barrick employees have been detained since November 2024 and an arrest warrant was issued for Chief Executive Mark Bristow in December 2024.

    Source – Reuters

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    Mali suspends artisanal gold mining

    ByVictoria
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    Mali said on Wednesday it was suspending licenses for foreign artisanal gold mining companies after a series of fatal accidents in the West African country, one of Africa’s top three gold producers.

    Gen. Assimi Goita, president of Mali’s transitional government, ordered “the suspension of artisanal mining permits granted to foreigners,” according to a statement issued following a Council of Ministers meeting.

    “These measures are designed to further strengthen the state authorities and protect our fellow citizens. These measures give us the power to seize materials (mining equipment), which will be confiscated and placed in the domain of national heritage,” Gen. Daoud Ali Mohammedine, the minister of security and civil protection, said on ORTM.

    Source – The Associated Press – Business News

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    Copper is trading higher than earlier this year

    ByVictoria
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    Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.

    Source – FX Street

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    Copper tariff in effect August 1

    ByVictoria
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    U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.

    The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.

    A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.

    The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.

    Source – Reuters