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Panama approves plan for Copper mine

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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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Gold rises during holiday trade

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Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the U.S. Federal Reserve’s interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal’s direction in the coming year.

Source – Daksh Grover / Reuters

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Gold’s price gains jewellery demand

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A 12% y/y drop in Q4 gold jewellery consumption to 547t- took the annual total down to 1,877t, down 11%, as unrelenting gold price strength impacted consumers’ ability to buy, the World Gold Council (WGC) said in a report on Wednesday.

For 2025, the WGC said central banks and “ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.”

Source – Seeking Alpha

Mining in Peru suspended

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Mining in Peru’s northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners.

On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month.

“The armed forces will take control of the area where Poderosa operates,” Boluarte said, but did not provide details on how the mining pause would work.

Peru is the world’s third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north.

Jorge Montoro, said the 30-day pause could be extended.

Source – Reuters

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Reserve Bank of India becomes more strict on gold loans

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India’s central bank plans to ask lenders to follow stricter underwriting processes for gold loans and monitor the end-use of funds as it tries to cool growth in the fast-growing segment, seven people, including industry sources and those aware of the regulator’s thinking, said.

“The RBI wants to ensure that the entities are following a standard protocol and any growth in the gold loan sector is not out of bounds,” one of the sources aware of the central bank’s thinking, said.

Source – Reuters

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LME copper spreads surge to premium on short covering

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The spread between the cash LME copper contract and benchmark three-month futures spiked to a premium for the first time in 19 months on Friday.

It rocketed to $249 a metric ton, the highest since November 2021, compared to a discount, or contango, of $119 two days ago.

Copper prices on COMEX have surged as investors seek to price in potential tariffs, with the premium of COMEX over LME at $1,050 a ton on Friday, down from a record peak of $1,153 a day earlier.

Source – Mining.com

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