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Atico Mining Reports Multiple High Grade Intercepts up to 20.70m of 5.76% Cu, 4.46 g/t Au and 11.50m of 8.16% Cu, 8.09 g/t Au and Continues to Extend the Ore Body at El Roble Mine in Colombia

April 04, 2024 GLOBE NEWSWIRE
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Zambie : le chinois CNMC investit 500 millions $ pour soutenir la hausse de la production de cuivre

Agence Ecofin 12 avril 2024

En 2023, la production zambienne de cuivre a chuté pour la troisième année consécutive à 698 000 tonnes. D’ici 2026, les autorités veulent franchir la barre du million de tonnes et tripler ensuite la production annuelle de cuivre dans les années qui suivent.

En Zambie, le président Hakainde Hichilema a lancé jeudi 11 avril le début des travaux de redémarrage de la mine de cuivre Luanshya. Il s’agit d’un projet à 500 millions de dollars de la China Non-Ferrous Metals Corporation (CNMC), destiné à redonner vie à un actif en sommeil depuis près de 20 ans et permettre la production annuelle de 40 000 tonnes de cuivre.

Le redémarrage de la mine s’inscrit dans une stratégie gouvernementale consistant à augmenter la production de cuivre, en baisse ces dernières années. L’objectif est d’atteindre en une décennie une production de 3 millions de tonnes, contre environ 700 000 tonnes en 2023. Selon le président zambien, le redémarrage de la mine Luanshya permettra aussi la création de plus de 3 000 emplois, participant à la croissance économique et à l’amélioration des conditions de vie des habitants.

Pour rappel, la Zambie est le deuxième producteur africain de cuivre, derrière la RDC. Après plusieurs années de tensions entre les investisseurs miniers et l’État sous le régime de l’ancien président Lungu, le pays tente depuis 2021 d’attirer à nouveau les compagnies minières. Outre CNMC, les canadiens Barrick Gold et First Quantum ont prévu investir plusieurs milliards de dollars pour augmenter leur production dans le pays, alors que de nouveaux investisseurs sont entrés dans le secteur minier ces derniers mois, à l’instar de l’américain KoBold Metals.

Cuivre : le deuxième plus grand producteur africain veut augmenter sa production à 1 million de tonnes d’ici 2026

Agence Ecofin 05 avril 2024

En 2023, la production de cuivre en Zambie a enregistré une troisième baisse consécutive à 698 000 tonnes. Cette tendance devrait bientôt s’inverser avec les nouveaux investissements annoncés depuis quelques mois dans le pays et la relance de mines en difficulté ces dernières années.

La Zambie veut atteindre une production de 1 million de tonnes de cuivre d’ici 2026. C’est l’ambition affichée le 5 avril par le ministre des Finances Situmbeko Musokotwane, ce qui constituerait une hausse de 43 % par rapport aux 698 000 tonnes livrées par les mines en 2023.

Intervenant sur une station de radio locale ce vendredi, le membre du gouvernement a estimé que le pays peut désormais s’appuyer sur deux grandes exploitations, Mopani Copper Mines (MCM) et Konkola Copper Mines (KCM), en difficulté ces dernières années. « Les deux géants miniers étaient hors de l’équation, maintenant ils sont de retour […]. Donc, d’ici fin 2025 à 2026, nous produirons plus d’un million de tonnes de cuivre », a-t-il déclaré, cité par Reuters.

La production annuelle de cuivre a enregistré en 2023 sa troisième baisse consécutive en Zambie. À l’origine de cette situation, les problèmes financiers des mines de MCM et de KCM, deux sociétés entrées dans le giron de l’État, depuis 2019 et 2021 respectivement. En 2023, le gouvernement a trouvé un accord pour relancer Mopani avec un investisseur émirati, International Resources Holding, et a rendu KCM à son ancien propriétaire, Vedanta.

Le géant minier d’origine indienne et la société émiratie devraient investir plusieurs milliards de dollars dans les années à venir, en vue de réhabiliter les infrastructures minières et relancer la production. La Zambie peut aussi compter sur Kansanshi, une mine de cuivre où le canadien First Quantum met en œuvre depuis 2022 un projet à plus de 1 milliard de dollars pour augmenter la production. Ces différents investissements devraient aider le pays à atteindre une production annuelle de cuivre de 3 millions de tonnes d’ici la fin de la décennie.

Pour rappel, la RDC est le premier producteur africain de cuivre. Les mines du pays ont livré 2,8 millions de tonnes en 2023, lui permettant de se hisser au rang de deuxième producteur mondial.

Indonesian miner Amman asks for copper export ban delay

Reuters | March 27, 2024 |

Indonesian copper miner PT Amman Mineral Internasional is in negotiations with the government to allow it to continue exporting copper concentrate beyond May 31, its chief executive said on Wednesday, while predicting a surge in output this year.


Indonesia will impose an export ban on copper concentrate from June, a policy meant to force miners to invest in smelting facilities at home. The government wants miners to sell products with higher values to boost export earnings.

Amman’s appeal for relaxation of the export ban follows similar request by copper miner Freeport Indonesia.

“We are optimistic government will provide us with export restriction relaxation because it serves no one to restrict our exports, because the government also relies on both Freeport and us for tax revenues,” Amman chief executive Alexander Ramlie told a conference attended by media and investors.

Freeport Indonesia, controlled by mining giant Freeport McMoran, has argued its smelter won’t be ready to process all of its output by May, warning the company may have to cut production if the government refuses to provide leniency.

Amman’s smelter construction will be 90% completed by May, finished later in the second quarter and it will reach full production capacity in the first quarter of 2025, said director Naveen Chandralal.

However, the firm is expanding its storage facility so it can continue to mine even if the export embargo remains, Ramlie said.

The company is targeting production of 833,000 dry metric tons (dmt) of copper concentrate in 2024, a 54% increase from last year, supported by high-grade ore from Phase 7 at its Batu Hijau mine.

Amman executives said they could not give a sales target due to uncertainty regarding Indonesia’s export policy.

Its production and sales results in 2023 were hit by high rainfall at the beginning of the year, resulting in a 32% drop in both figures. The company produced 541,893 dmt of copper concentrate last year and sold 548,313 dmt.

Indonesia’s copper export ban was originally set to enter into force in June 2023, but the government allowed Freeport and Amman more time to comply to help them fund smelter construction.

Copperwood Project, Michigan

Project type : Copper ore mine

Mine Type : Underground

Location : Gogebic county, Michigan, US

Expected Production : 30,000 tonnes of copper annually

Status : Development-stage

Expected start of construction : Late 2022

Life of mine : nearly 11 years

Owner : Highland Copper Company Inc (100%)

The Copperwood Project is a copper ore mine located in the US state of Michigan within the Porcupine Mountains copper district. The project is currently in the development stage.

Highland Copper Company, a Canadian copper development company, owns 100% stake in the property.

The project has received all permits to begin construction, which is expected to begin in late 2022. As of September 2022, a federal operating permit to construct and operate a pumping station on Lake Superior is awaited.

Initially, the development of the mine is expected to entail an investment of $275m.

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Reserves
The Copperwood feasibility study reported mineral reserves (proven and probable) of 25.4 million tonnes (Mt) at an average grade of 1.43% Copper (Cu) and 3.83 g/t Silver (Ag). The final proven and probable mineral reserve estimate is based on the assumption of a 3% ore loss.

Inferred resources at the project are 34.4 Mt in LCBS unit, and 15.5 Mt in UCBS unit.
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Michigan approves $50m funding for Copperwood Project
The funding was awarded from the Strategic Site Readiness Programme (SSRP).

March 27, 2024

Adani commissions first unit of Mundra copper refinery in Gujarat, India

By NS Energy Staff Writer 29 Mar 2024

The Indian conglomerate is investing approximately $1.2bn in the greenfield copper smelter in Gujarat, which will eventually have a capacity of 1MTPA to potentially make it the largest single-location custom smelter in the world

Adani Enterprises’ subsidiary Kutch Copper has begun operations at the first unit of its greenfield copper refinery project at Mundra in the Indian state of Gujarat.

By shipping the first batch of cathodes to customers, the Adani group has made its debut in the metal industry.

Adani Enterprises is investing approximately $1.2bn to establish the copper smelter, which will have a capacity of 0.5 million tonnes per annum (MTPA) in the first phase.

The second phase of the greenfield copper refinery project at Mundra is expected to bring an additional capacity of 0.5MTPA.

According to Adani Enterprises, the completion of the second phase will make the facility the largest single-location custom smelter in the world.

The Indian greenfield copper refinery project is anticipated to generate 2,000 direct and 5,000 indirect employment opportunities.

Adani Enterprises said that one-third of the plant area has been allocated as green belt space. Besides, 15% of the capital has been allocated towards environmental protection.

Furthermore, the Mundra copper unit plant deployed a zero-liquid discharge model to mitigate the ecological impact. The plant also leverages desalinated water for operations, and to reduce waste, it recycles treated wastewater within processes.

Adani Group chairman Gautam Adani said: “With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India’s leap towards a sustainable and aatmanirbhar (self-reliant) future.”

“Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector.

“We believe the domestic copper industry will play a crucial role in achieving our nation’s goal of carbon neutrality by 2070 by strengthening our green infrastructure hand in hand with mature environmental stewardship.”

Last month, Adani signed contracts to purchase 1.6MTPA of copper concentrate for the Mundra copper smelter.

Freeport Resources seeks partners for Yandera copper project feasibility study

Staff Writer | March 19, 2024


Exploration drill program at Yandera. Credit: Era Resources Inc. (now part of Freeport Resources Inc.)

Freeport Resources (TSXV: FRI) has begun the hunt for strategic partners to take its Yandera copper project in Papua New Guinea through feasibility. With the copper price reaching $4 per lb., this may be an opportunity to create a new copper producer.

The company calls this project one of the world’s largest undeveloped copper projects.

An NI 43-101 report prepared by SRK Consulting late in 2016 for Era Resources (a private company) put the total measured and indicated resources at 728.6 million tonnes grading 0.33% copper, 0.01% molybdenum and 0.10 ppm gold. In terms of contained metal, that represents 6.2 million lb. of copper equivalent.

There is also an inferred resource of 230.6 million tonnes grading 0.29% copper, 0.01% molybdenum and 0.04 ppm gold.

The deposit is divided into oxide and non-oxide resources with roughly 90% falling in the non-oxide category.

The Yandera project was subjected to intensive drilling in the late 1960s and 1970s by a number of companies. Later, Era Resources spent over $100 million drilling 144,000 metres so that a resource estimate could be made. Freeport acquired the Yandera project in 2021, when it bought out Carpo, which controlled Era Resources.

The Yandera resource has a known 5-km strike length within a 17-km trend. The depth has been little investigated. Freeport has a plan for expanding the resources and developing an open pit mine. A mine life of at least 20 years is planned during which time a total of 540 million tonnes of ore will be mined.

Boliden to invest $463m to boost Swedish copper smelter capacity
The investment aims to increase the copper cathodes and precious metals production capacity at the Rönnskär smelter.

March 19, 2024


Boliden’s investment in a new Rönnskär tank house is set to enhance production by 2026. Credit: Boliden Group.


The move is expected to ramp up the production of copper cathodes and precious metals at the smelter, reaching full capacity by the second half of 2026.

The investment is anticipated to be partially offset by a potential insurance payout of up to Skr3.4bn.

Boliden plans to begin investing in the new facility in 2024. The plant will have production capacity of 230 kilotonnes (kt), matching the previous output of the smelter, which faced a fire incident a year ago.

This capacity expansion is approved under the existing environmental permit.

Furthermore, Boliden unveiled a Skr2.5bn investment plan for the Boliden Area to enhance dewatering and paste facilities, facilitating the utilisation of tailings as backfill material in the Kankberg, Renström and Maurliden mines.

This move extends production in the Boliden Area for nearly ten years, reaching until the late thirties.

Boliden president and CEO Mikael Staffas said: “All of our major investment projects are on schedule and are now approaching commissioning, which is very pleasing. Through these, both Aitik and Odda are future-proofed for the foreseeable future.

“It also gives us the opportunity to look ahead and now we present several decisions that create a corresponding situation for Rönnskär and the Boliden Area. In addition, we are announcing a technical breakthrough that has the potential to become a new and significant revenue stream for our smelters.”

Boliden has also updated its investment guidance for 2024, now projecting expenditures to reach Skr15.5bn. This represents an increase of Skr1.5bn from prior forecasts.

Around Skr1bn of the revised amount has been earmarked for the new Rönnskär tank house and Skr500m for enhancements at the Odda zinc smelter in Norway.

In June 2023, Boliden partially restarted its Rönnskär copper smelter after suspending production because of the fire.

Celsius gets mining permit for Philippines copper-gold project
The mineral production sharing agreement (MPSA) for the Maalinao-Caigutan-Biyog Mining Project (MCB) project is valid for 25 years with an option to renew for another 25 years.

March 18, 2024

Celsius Resources’ subsidiary Makilala Mining Company has secured an MPSA from the Philippine Government for its MCB mining project.

This is said to be the first copper project approved in the Philippines in the past 15 years.

The MPSA, authorised by the Philippine Department of Environment and Natural Resources, provides exclusive rights for exploration, development and production of copper and associated minerals in an area spanning around 2,500 hectares.

It is valid for 25 years with an option to renew for another 25 years.

The approval aligns with the objectives of the Philippine Mining Act of 1995, aiming to enhance the national economy through the responsible development and utilisation of mineral resources.
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Mineral Resource
The Mineral Resource Estimate at MCB was based on the information gathered from the diamond drilling that was completed in addition to technical assessment and subsequent internal reports and interpretations.

A maiden JORC compliant Mineral Resource Estimate (“MRE”) was declared for the MCB Project in 2021, comprising of 313.8 million tonnes @0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold of which:

290.3 million tonnes @ 0.48% copper and 0.15g/t gold is classified as indicated; and
23.5 million tonnes @ 0.48% copper and 0.10 g/t gold is classified as inferred.

Antofagasta secures $2.5bn project financing for Centinela expansion project

By NS Energy Staff Writer 20 Mar 2024

The Centinela Second Concentrator Project aims to enhance production by 170,000 tonnes of copper-equivalent output, comprising 144,000 tonnes of copper annually along with associated gold and molybdenum by-products, with the start of first copper production from the brownfield expansion project anticipated to commence in 2027


Copper mining major Antofagasta has secured project financing of $2.5bn for setting up a second concentrator plant as part of the Centinela expansion project in the Antofagasta Region in Chile.

In this connection, Minera Centinela, a joint venture between Antofagasta (70%) and Marubeni (30%), has inked definitive agreements with a consortium of international lenders.

The $2.5bn project financing is being offered in the form of a term loan facility with a drawdown period spanning four years and a term of around 12 years.

It has been sourced from an array of international lenders, including the Japan Bank for International Cooperation, Export Development Canada, and the Export-Import Bank of Korea.

Various commercial banks such as Crédit Agricole Corporate and Investment Bank, Natixis Corporate & Investment Banking, KfW IPEX-Bank, Societe Generale, and Sumitomo Mitsui Banking are also part of the consortium.

Antofagasta CEO Iván Arriagada said: “We have agreed competitive financing terms with strong international lenders, which is testament to the high-quality nature of this project.

“The Centinela Second Concentrator Project is a prime example of how Antofagasta can unlock value from its portfolio and our dedication to sustainable and responsible copper production. The Company remains focused on delivering growth and returns, while maintaining a strong balance sheet.”

Furthermore, an agreement has been announced by Antofagasta which grants Centinela the opportunity to procure water for its present and future endeavours from an international consortium.

The consortium would acquire Minera Centinela’s current water supply infrastructure and implement an extension to cater to the mine’s second concentrator plant. The completion of the agreement necessitates the international consortium to finalise its funding, which is anticipated to conclude within the year.

As per the terms of the agreement, Minera Centinela will transfer its existing water conveyance assets and entitlements for an estimated sum of $600m to be received in 2024.

Additionally, the consortium will undertake the construction and associated capital expenditures for the proposed expansion of the water conveyance system, estimated at around $380m.

In late 2023, Antofagasta and Marubeni decided to proceed with the expansion of the Centinela copper mine with an investment of $4.4bn. This involves the addition of a new 95 kilotonnes per day (ktpd) concentrator facility approximately 7km south of the existing facility with the aim to double the production capacities for copper concentrate.

The Centinela Second Concentrator Project is set to boost production by 170,000 tonnes of copper-equivalent output, consisting of 144,000 tonnes of copper annually alongside associated gold and molybdenum by-products.

Initial copper production from the expansion project is anticipated to commence in 2027.

Et si la hausse du cuivre ne faisait que commencer ?

vidéo ECORAMA•21/03/2024

Le prix du cuivre, coté à la bourse des métaux de Londres, a retrouvé le seuil des 9 000 dollars la tonne. Pourra-t-on retrouver les niveaux historiques de 11 000 dollars atteint en 2021 ? Le cuivre va-t-il devenir la star des matières premières ?
L'analyse de Laurens Lafont, rédacteur en chef de la lettre d'investissement Propos Utiles. Ecorama du 21 mars 2024, présenté par David Jacquot sur Boursorama.com

Vortex Metal’s Secures Community Approval for VMS Copper-Gold Zaachila Project

By NS Energy Staff Writer 13 Mar 2024

Vortex Metals is the parent company of Mexican subsidiary Empresa Minera Acagold, which is the owner of a 100% interest in two drill-ready high-potential copper volcanogenic massive sulfide (VMS) properties
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Le cuivre repasse la barre des 9 000 dollars la tonne, son niveau le plus élevé depuis 11 mois

Agence Ecofin 15 mars 2024

Depuis plusieurs mois, le cuivre se négociait à moins de 9 000 dollars la tonne. Le prix du métal rouge est en hausse, notamment car la Zambie fait face à une crise de l’électricité due au phénomène El Niño, avec des perturbations potentielles sur le fonctionnement des mines de cuivre.

Le prix du cuivre a franchi la barre des 9 000 dollars la tonne vendredi 15 mars sur le London Metal Exchange, atteignant ainsi son plus haut niveau depuis 11 mois. Le métal rouge est en hausse, sur fond d’inquiétudes quant à l’offre en Amérique du Sud et en Afrique.

Selon les analystes de Macquarie, le marché du cuivre, aussi bien les concentrés que le métal raffiné, devrait enregistrer un déficit en 2024. Entre la fermeture fin 2023 de la mine de cuivre Cobre Panama qui représentait 1,5 % de l’offre mondiale et la potentielle baisse de la production en Zambie, en raison de perturbations dans l’approvisionnement électrique, la production mondiale pourrait ne pas satisfaire une demande en hausse. Macquarie s’attend donc à voir les prix progresser, avec un pic à 9 500 dollars la tonne d’ici le troisième trimestre 2024.

Notons qu’au-delà des fluctuations actuelles, la hausse des prix du cuivre à moyen et long terme fait consensus auprès des analystes. Citibank évoque notamment un prix de 15 000 dollars la tonne pour le métal rouge d’ici 2025, en raison de la demande croissante du cuivre dans les secteurs liés à la transition énergétique. La situation actuelle et les perspectives favorables devraient être bien accueillies dans plusieurs pays africains, dont la RDC et la Zambie, les deux premiers producteurs du continent.