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Codelco boots copper 2024 but strains workers, delays maintenance

ByVictoria

An internal document seen by Reuters showed Codelco’s production reached 1.328 million tons in 2024, at the low end of its target range and just about 3,500 tons higher than the quarter-century low in 2023.

The worker, who asked not to be identified because they were not authorized to talk about internal operations, said Codelco has yet to fix bottlenecks in transporting minerals in the mine.

Cristian Cifuentes, an analyst at the Center for Copper Studies (CESCO), said that the Ministro Hales mine is still at reduced capacity and the ramp up of Chuquicamata Underground has been “slower than we all thought.”

Source – Reuters

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    Pan American Silver’s shares down

    ByVictoria
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    Pan American Silver’s shares slumped Monday in the wake of the Canadian miner’s move to buy smaller producer MAG Silver in a cash-and-stock deal valued at about $2.1 billion.

    In morning trading, the shares were 14% lower at C$32.61 in Toronto and down 15% at $23.17 on the New York Stock Exchange. MAG Silver in contrast jumped 8.1% to C$25.49, widening its advance so far this year to 30%.

    The deal between the Vancouver, British Columbia, companies will bolster Pan American’s position as a silver-and-gold producer in the Americas and add a stake in a big producing silver mine in Mexico. The agreement comes after precious-metals prices have rallied this year, encouraging a number of mergers and acquisitions among mining companies.

    Source – Market Watch

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    Gold and Silver gained

    ByVictoria
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    Gold prices gained over 1% on Monday as the dollar and U.S. bond yields weakened amid uncertainty over trade talks ahead of a U.S. deadline of August 1 for countries to strike deals or face more tariffs.

    Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). U.S. gold futures were up 1.3% to $3,402.40.

    Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.

    Source – Reuters

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    Freeport McMoRan mining raised at Jefferies

    ByVictoria
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    Freeport McMoRan (NYSE:FCX) trades little changed Thursday as Jefferies upgrades shares to Buy from Hold with a $48 price target, raised from $40, just one month after downgrading due to risks in Indonesia, a cautious view on copper, and the company’s near-term lack of free cash flow.

    If tariffs are implemented, Comex copper price premiums to the LME, which have been high already because of potential tariffs, likely will rise further, Jefferies analyst Christopher LaFemina says, noting Freeport (FCX) sells 1.35B lbs/year of copper at Comex prices and the current Comex premium to LME is ~$0.30/lb, and tariff-impacted imports would effectively set the Comex price since the U.S. cannot be self-sufficient in copper.

    Source – Seeking Alpha

    Jefferies – Jefferies Financial Group Inc. is an American multinational independent investment bank and financial services company headquartered in New York City.

  • Man denies knowing gold was from stolen £4.8m toilet

    ByVictoria
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    A man has denied knowing gold he was trying to help someone sell came from a golden toilet stolen at Blenheim Palace.

    Fred Doe admitted putting James Sheen, who has previously pleaded guilty to stealing the toilet, in touch with gold dealer Bora Guccuk but said he would “never in a million years” have dealt with him if he had known it was stolen.

    Mr Jones, 39, from Oxford, Mr Doe, previously known as Frederick Sines, 36, from Windsor, and 41-year-old Mr Guccuk, from west London, have all pleaded not guilty to the charges they face.

    Source – BBC

    The trial is still ongoing. Wow! And the “jurors heard the toilet was most likely broken up and has never been recovered.” How will they prosecute these thieves? Will they get prosecuted? Do they have enough evidence? So many questions! I’ll keep this updated. – V.

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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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    Gold up 1.7%

    ByVictoria
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    Futures are up 1.7% at $3,350.60 a troy ounce and on track for weekly gains of nearly 4%.

    “Without a fundamental shift in U.S. fiscal policy, the implications of rising borrowing costs and widening fiscal deficits means the U.S. is on an unstable fiscal policy path, which could lead to heightened market volatility,” says Fawad Razaqzada, analyst at Forex.com.

    Source – The Washington Street Journal