The Mali situation will rumble on for some time: the company has already paid the country $160mn, agreed while Holohan was still detained, but will only have its longer-term future confirmed once signed on to the 2023 mining code. Berenberg analysts have slashed their cash profit forecasts for 2025 and 2026 by 34 and 39 per cent, respectively, taking them to $261mn and $219mn.
Source – Investors Chronicle
Goldman Sachs says U.S. net copper imports could rise by 50%-100% in the coming months due to higher U.S. prices before the Trump administration’s planned tariffs, which the bank believes will be imposed at 25% and lead to the surge in imports and a 200K-300K-ton increase in U.S. copper inventories by the end of Q3.
“We maintain our forecast that the LME month-month price will average $10,200/ton in 2024 Q3, and see the impact of inventory dislocation predominantly in timespreads,” the bank writes.
Source – Seeking Alpha
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According to SMM, the cash spot prices for national standard silver ingots in Shanghai today were quoted at a discount of 4 yuan/kg to 1 yuan/kg, while the premiums and discounts for large-scale silver ingots were quoted at a range of a discount of 2 yuan/kg to parity.
Source – SMM
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
Silver prices marched past the $34-an-ounce mark on Monday as market sentiment soured over the weekend in the wake of renewed US-China trade tensions.
Spot silver traded as high as $34.31 per ounce during the session, for a gain of more than 4%. Comex silver futures also rose 4.5% to $34.51 an ounce.
Source – Mining.com
President Donald Trump is taking a step toward granting the U.S. mining industry’s biggest wishes by singling out one metal as a focus of his domestic minerals policy: copper.
From talk of acquiring Greenland and its vast mineral wealth to prodding Ukraine for minerals in exchange for help fending off Russia’s invasion, Trump has made the raw materials of modern life a pillar of his foreign policy.
“Copper is, I think, the metal that is really the most critical because it is the electricity metal,” said Debra Struhsacker, a mining industry policy consultant. “The electricity demand is, I think, going to stay. And copper is indispensable for that.”
“Made in America, America first, starts with American mining and American miners that supported this president across the country,” National Mining Association president and CEO Rich Nolan said.
Source – The Associated Press
