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Teck Resources secures 100% renewable power supply for Quebrada Blanca phase 2 from 2025

Henry Lazenby | November 10, 2022

Canada’s largest diversified miner, Teck Resources, will power its Quebrada Blanca phase 2 (QB2) copper project in Chile with 100% renewable energy sources from 2025 onwards.


AES Corp. (NYSE: AES) has agreed to supply the Canadian miner with 1,069 gigawatt hours per year of energy from renewable sources for 17 years. The clean power purchase agreement with a local AES subsidiary builds on the February 2020 QB2 renewable energy announcement to fully power QB2 with clean energy starting in 2025.

AES Andes uses its growing renewable portfolio that includes wind, solar, hydro and battery plants to supply clean energy to QB2. With its “Greentegra” strategy, AES Andes has already signed more than 6,500 GWh per year of renewable agreements with mining companies in Chile.

Teck estimates the clean energy contract will mitigate about 1.6 million tonnes of annual greenhouse gas emissions, equivalent to removing over 340,000 combustion engine passenger vehicles from the road. That is the equivalent of more than the annual emissions of all the cars in Vancouver, where Teck is headquartered, or two and a half times the number of vehicles in the Tarapacá Region of Chile, where QB2 is located.
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Le monde manquera de 8 millions de tonnes de cuivre par an d’ici 2032 (Codelco)

Agence Ecofin 1er dec 2022

La transition énergétique nécessite d’extraire des quantités importantes de cuivre pour décarboner la production d’énergie et les transports notamment. Au rythme actuel, la production minière pourrait néanmoins ne pas suffire à satisfaire ces besoins.

L’excédent attendu à court terme sur le marché du cuivre avec les nouvelles mines en RDC et au Chili cèdera bientôt la place à un déficit important. C’est du moins l’estimation faite il y a quelques jours par Maximo Pacheco, président du Conseil d’administration de Codelco, au cours de l’Asia Copper Week à Singapour.

Le dirigeant estime que ce déficit atteindra 8 millions de tonnes dans une décennie, car la demande augmentera beaucoup plus vite que l’offre. Les besoins liés à la transition énergétique feront en effet passer la demande à 31 millions de tonnes par an d’ici 2032, contre 25 millions de tonnes en moyenne actuellement.

« Si les nouveaux projets miniers ne sont pas mis en service […], le déséquilibre entre l’offre et la demande commencera à être remarqué au cours de la seconde moitié de cette décennie, en 2026 », explique-t-il.

Pour rappel, Codelco n’est pas le premier à s’exprimer sur le sujet et certaines prévisions vont jusqu’à 10 millions de tonnes de déficits d’ici 2030. Pour autant, plusieurs contraintes bloquent le développement rapide de nouveaux projets, en l’occurrence les restrictions écologiques ou encore la crainte des compagnies d’engager d’importantes dépenses en exploration pour des résultats à long terme pas toujours positifs.

BMW invests in low carbon copper firm Jetti

German carmaker BMW has invested in Jetti Resources, which has technology to extract more copper from low-grade resources and produce metal with a low carbon footprint, BMW said on Thursday.


BMW and other automakers are forging deals to ensure supply of copper and other critical raw materials that may see shortages in coming years as demand soars for a planned surge in electric vehicle production.


BMW, which is aiming for at least half of its vehicles to be all-electric by 2030, did not disclose the size of the investment in privately held Jetti taken by its venture capital fund BMW i Ventures.

Electric vehicles require about 2.5 times more copper than internal combustion cars, according to S&P Global, which also forecasts shortfalls because demand for the metal used in the power sector is due to double to 50 million tonnes by 2035.

Since Jetti’s technology involves leaching instead of smelting, it requires less power and cuts CO2 emissions by about 40%, according to US-based Jetti.

“This new process has the potential to improve the environmental footprint and integrity of our supply chain, even with growing demand for resources like copper,” said Wolfgang Obermaier, head of indirect goods and services for BMW.

The investment does not include an offtake agreement, but there is potential for supplying BMW in future, a BMW spokesperson said.

Jetti’s technology has been rolled out in several pilot projects and at one commercial site for Capstone Mining Corp, which said it doubled copper production at an Arizona mine.

Jetti also has investments from miners Freeport-McMoRan Inc and BHP Group plus asset manager BlackRock Inc.

Since Jetti’s technology can extract metal from low grade material it can extend the lives of mines and be used on material stored in dumps and considered waste.

Barrick Gold secures final approval for Reko Diq project in Pakistan

By NS Energy Staff Writer 16 Dec 2022

The necessary legislation as required by Pakistan’s Supreme Court earlier this month, which is the final approval required by the Canadian mining company to commence construction at Reko Diq, has now passed into law



Barrick Gold has completed all the legal processes required for commencing construction works at the Reko Reko Diq project in Pakistan.

Last week, the Canadian mining company received a positive opinion from Pakistan’s Supreme Court for a settlement with the government to resume mining at the project.

The favourable court decision required securing parliamentary support for the $7bn gold and copper mining project.

Barrick said that the necessary legislation, which is the final approval required to commence construction at Reko Diq, has been passed into law.

Barrick president and chief executive Mark Bristow said: “The completion of the legal processes was a key step in progressing the development of Reko Diq into a world-class, long-life mine which would substantially expand the company’s strategically significant copper portfolio and benefit its Pakistani stakeholders for generations to come.

“We are currently updating the project’s 2010 feasibility and 2011 feasibility expansion studies. This should be completed by 2024, with 2028 targeted for the first production.

“With its unique combination of large scale, low strip and a good grade, Reko Diq is expected to have a life of at least 40 years.”

Located in the Balochistan province of Pakistan, Reko Diq project is said to host one of the world’s largest undeveloped copper-gold porphyry deposits.

It is 50% owned by Barrick, and 25% by three Pakistani state-owned enterprises, while the Province of Balochistan owns 15% on a fully funded basis, and 10% on a free carried basis.

Barrick intends to develop the project as a truck-and-shovel open pit operation with processing facilities producing a high-quality copper-gold concentrate.

The company plans to build the operation in two phases, with a combined process capacity of 80 million tonnes per annum.

It is expected to create 7,500 jobs during peak construction, and around 4,000 long-term jobs once it starts production, said the mining company.

Bristow added: “Reko Diq’s ownership structure is a further manifestation of Barrick’s commitment to partnership with its host countries and communities and to sharing the value our operations create fairly with all our stakeholders.

“We’re making sure that Balochistan and its people will see these benefits quickly. Starting early next year, Barrick will implement a range of social development programs prioritising the improvement of healthcare, education, vocational training, food security and the provision of potable water.

“Our investment in these is expected to amount to around $70m over the feasibility and construction period. In addition, Reko Diq will advance royalties to the government of Balochistan of up to $50m until commercial production starts.”

Taseko and Mitsui partner to develop Florence copper project

Staff Writer | December 20, 2022



Taseko Mines has partnered with Mitsui to develop the Florence copper project located in Arizona. Mitsui has committed an initial investment of $50 million for the construction of the commercial production facility. This initial investment will be in the form of a stream agreement on 2.67% of the copper produced at Florence.


As part of the arrangement, Taseko and Mitsui have entered into an offtake contract for 81% of the copper cathode produced at Florence during the initial years of production.

The parties intend to use this period to develop premium sales channels for ‘green copper’ in the United States, leveraging Mitsui’s existing US cathode trading business and the unique environmental benefits of Florence Copper, which is expected to be the lowest carbon and energy intensity copper producer in North America.

In addition, Mitsui has the option to invest an additional $50 million for a 10% equity interest in Florence Copper. The equity option is exercisable by Mitsui within a three-year period following completion of the commercial production facility. If Mitsui elects to exercise its equity option the copper stream will terminate.

Sayu Ueno, president and CEO of Mitsui (USA), said: “We are excited to partner with Taseko and its unique, low-carbon and low-impact Florence Copper project. When in production, Florence Copper will significantly expand our US cathode trading business, while providing an environmentally sound, domestically produced product that can be marketed on the basis of its low-carbon advantages.

“We believe Florence Copper will be a preferred source of ‘made-in-the-US’ copper for many end users in North America,” he added.

Foran’s $150m loan helps nearly cover McIlvenna Bay copper project cost in Saskatchewan

Staff Writer | December 21, 2022


The camp at Foran Mining’s McIlvenna Bay polymetallic project in Saskatchewan. Credit: Foran Mining

Foran Mining says it will use a $150 million loan from Sprott Resource Lending to help construct its McIlvenna Bay copper project in Saskatchewan.


The funding from Toronto-based Sprott joins C$200 million proposed by the Ontario Teachers’ Pension Plan, which was announced in August and should be approved “in due course,” Foran said in a news release on Wednesday.


The financing will almost cover the estimated C$368 million cost to build the project about 330 km northeast of Prince Albert, Saskatchewan, according to a feasibility study released in February. It also forecast C$481 million in sustaining capital for the 18-year initial phase of the mine.

“We have been meticulously evaluating various financing proposals from numerous lenders to support the development,” Dan Myerson, Foran’s chief executive officer, said in the release. “This agreement maximizes risk-adjusted value per share for existing shareholders.”

The McIlvenna Bay project has probable reserves of 25.7 million tonnes grading 1.23% copper, 2.39% zinc, 0.47 gram gold per tonne and 15.3 grams silver, according to the feasibility study. It is aiming for an underground mine to produce 38.8 million lb. copper, 63.6 million lb. zinc, 20,000 oz. gold and 486,000 oz. silver annually for the first 15 years.

The study estimated the project will have an after-tax net present value of C$1.1 billion at a 7% discount rate, and an internal rate of return of 54%. It used base case prices of $3.50 per lb. copper, $1.20 per lb. lead and $1,600 per oz. gold.

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Uzbekistan starts shipping copper to Europe, bypassing Russia

Reuters | December 19, 2022

Uzbekistan has for the first time sent a train loaded with copper to Europe via a new route bypassing Russia, state-owned Uzbekistan Railways said on Monday, as part of the Central Asian nation’s plan to maintain trade ties with the European Union.


The train will deliver 46 rail cars and 91 units of 20-foot containers of copper concentrate from the Almalyk Mining and Metallurgical Combine over 4,000 km to Bulgaria, it said in a statement.

The route, known as the Middle Corridor, crosses Turkmenistan, Azerbaijan and Georgia as well as the Caspian Sea and the Black Sea with the aid of train ferries.

Brussels has promoted the Middle Corridor as an alternative to the traditional Northern route for the Europe-Asia railway shipments which crosses Russia.

The European Bank for Reconstruction and Development (EBRD) said last month it was ready to invest billions of euros in the development of cargo routes between Europe and Asia that bypass Russia.

Iran plans $15bn investment to boost copper production
The country aims to increase its annual copper cathode production to exceed one million tonnes from the current 280,000 tonnes.

January 3, 2023

Ian is looking to spend $15bn to grow its copper production over the next five years, reported Press TV citing Iranian Minister of Industry, Mining and Trade Reza Fatemi-Amin.

The proposed investment is expected to boost the metal’s exports from the country from the existing $1.7bn to more than $10bn.

Iran aims to increase its annual copper cathode production capacity from the current 280,000t to more than one million tonnes (Mt).

Fatemi-Amin said was quoted by the news agency as saying: “In order to achieve this goal, the programme to increase production by 750,000t started this summer, which requires $15bn of investment, he said, adding the projects will gradually come on stream by the Iranian year of 1406.

“New explorations have started in South Khorasan province in eastern Iran and are being undertaken in other provinces.

“Iran, having 1% of the world’s population, has more than 6% of the world’s copper reserves.

“With the discoveries made so far, we have ranked fifth in the world, and with the continuation of the exploration work, this rank will also improve.”

National Iranian Copper Industry Company (NICICO) operates the country’s three major copper mines, which include Sarcheshmeh, Sungun and Miduk. Collectively, these mines have reserves of 3.4 billion tonnes.

Claimed to be the world’s leading steel producer, Iran is planning to boost production of steel to 55Mtpa by 2025. Of this, 20Mt to 25Mt are allocated for exports.

Battery metal binge outweighs cost hikes at PolyMet copper-nickel project in Minnesota

Staff Writer | December 30, 2022

Surging demand for battery metals is offsetting increased costs to build PolyMet Mining’s (TSX: POM) copper-nickel project in northeastern Minnesota, according to new estimates.


Developing the first phase of the NorthMet open-pit operation about 100 km north of the Lake Superior port of Duluth is forecast at $1.2 billion in an updated feasibility study released Friday. That’s greater than a quarter more expensive than the $945 million estimated in a 2018 technical report. PolyMet wants production to start in 2026.

Phase two is to cost $325 million, the St. Paul, Minnesota-based company said Friday, compared with $259 million in the 2018 report, another one-quarter increase.

Still, the global demand for copper and nickel means the new forecasts reaffirm the project’s technical and financial viability, Jon Cherry, PolyMet chairman, president and chief executive officer, said in a news release on Friday.

“An improved market forecast created by soaring demand for clean energy metals such as copper, nickel and cobalt more than offsets inflationary pressures and improves the project’s valuations and returns,” Cherry said.

The project aims to mine 29,000 tonnes of ore a day for an after-tax net present value of $304 million at a 7% discount rate during a 20-year mine life, the study shows. It forecasts an after-tax internal rate of return of 10.5%

Commodity gains

Copper has increased in price by about 18% over the last five years while nickel has more than doubled as automakers and technology companies scramble to secure supplies of materials used in electric vehicle batteries and other widespread modern gadgets.

PolyMet, which is 70% owned by Glencore (LSE:GLEN), agreed in July to a joint venture with Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) to develop NorthMet and Teck’s nearby Mesaba deposit.

The companies expect the deal, which keeps Glencore in control of the venture called NewRange Copper Nickel, to close by the end of March.

NorthMet has 289 million tons (254 million tonnes) proven and probable mineral reserves grading 0.597% copper equivalent after dilution, according to the updated feasibility study.

Phase one includes rehabilitating the former LTV Steel Mining processing plant and using modern wastewater treatment to clean up former iron ore operations, the company said.

Phase two is building and operating a hydrometallurgical plant to treat nickel sulphide concentrates into upgraded nickel-cobalt hydroxide and recover additional copper and platinum-group metals, PolyMet said.

It forecasts phase two’s net present value at C$487 million with a 7% discount rate, and an after-tax internal rate of return of 11.5%.

Court challenges

Both phases have all necessary permits, but face court challenges from groups opposed to the project. In June, PolyMet won one case threatening to revoke an environmental permit for air quality. More litigation is pending, PolyMet said.

Teck’s Mesaba project is in an early stage of studying potential development options.

The deposit has a measured mineral resource of 340 million tons (308 million tonnes) grading 0.497% copper, 0.115% nickel, 36 parts per billion (ppb) platinum, 101 ppb palladium, 28 ppb gold, 74 parts per million (ppm) cobalt and 1.2 ppm silver, according to a November filing by the company.

The NorthMet and Mesaba projects account for about half of the known resources of copper, nickel, cobalt and platinum group metals in Minnesota’s Duluth Complex, the company said. The complex north of Lake Superior east of Duluth formed 1.1 billion years ago by upwelling magma flows during North America’s mid-continental rift.

Le prix du cuivre atteint son plus haut niveau en six mois, sur fond de réouverture des frontières en Chine

Agence Ecofin 9 janvier 2023

La Chine est le premier consommateur mondial de cuivre. Au cours des trois dernières années, le pays a imposé des restrictions à l’entrée sur son territoire et appliqué une politique sanitaire qui a ralenti l’activité économique.

Lundi 9 janvier, le prix de la tonne de cuivre pour livraison dans trois mois a atteint 8 711 dollars sur le London Metal Exchange, soit son plus haut niveau depuis juin 2022. Cette hausse traduit l’optimisme du marché, peu après la réouverture des frontières de la Chine, premier consommateur du métal rouge.

Depuis trois ans, les routes maritimes et terrestres reliant la Chine continentale à Hong Kong et au reste du monde étaient fermées, en raison de la politique sanitaire mise en œuvre par Pékin depuis le début de la pandémie. Outre la réouverture des frontières, la relance économique favorisée par l’assouplissement de cette politique dite « zéro Covid » peut bénéficier à plusieurs secteurs consommant du cuivre, notamment l’immobilier.

Il est néanmoins encore trop tôt pour prédire l’impact sur les prix des métaux, en raison notamment de l’état des autres marchés consommant du cuivre. Le FMI estime que la récession devrait affecter un tiers des pays cette année et les Etats-Unis ou encore l’Europe pourraient être concernés.

Pour rappel, des prix du cuivre hauts sont une bonne nouvelle pour les pays producteurs qui peuvent s’attendre à davantage de revenus d’exportation. C’est le cas en Afrique de la RDC et de la Zambie, les deux principaux producteurs du continent.

RDC : la production de cuivre à Kamoa-Kakula a augmenté de 215 % en 2022

Agence Ecofin 10 janv 2023

Le complexe de cuivre Kamoa-Kakula est entré en production en mai 2021 et 2022 fut donc sa première année d’exploitation complète. Le projet s’établit désormais comme l’une des plus grandes mines de cuivre de RDC, permettant au pays d’augmenter sa production nationale.

En RDC, Kamoa-Kakula a atteint les objectifs de production fixés par son propriétaire Ivanhoe Mines. C’est l’annonce faite le lundi 9 janvier par la compagnie canadienne qui précise que le complexe a livré 333 497 tonnes de concentré de cuivre, proche de la limite supérieure de la fourchette de production (290-340 000 tonnes) et en hausse de 215 % en glissement annuel.

« Avec l’expansion de la phase 3 en bonne voie, y compris l’intégration de la plus grande fonderie flash de cuivre blister à ligne unique d’Afrique, Kamoa-Kakula est en passe de devenir l’un des principaux producteurs mondiaux de cuivre », a commenté Robert Friedland, président d’Ivanhoe Mines.

La compagnie voit en effet plus grand pour 2023 avec des prévisions de production d’au moins 390 000 tonnes et d’au plus 430 000 tonnes de concentré de cuivre. L’objectif final reste d’atteindre une production annuelle d’environ 800 000 tonnes, ce qui fera du complexe la deuxième plus grande mine de cuivre au monde.

Taseko gets $25 million loan to build processing plant at Florence Copper

Staff Writer | January 13, 2023

Taseko Mines (TSX, LSE: TKO) has received an additional commitment of $25 million from Bank of America Leasing & Capital LLC to fund the costs associated with the solvent extraction and electrowinning (SX/EW) plant for its Florence Copper commercial production facility in Arizona.


The latest funding follows an initial investment of $50 million made recently by Japan’s Mitsui for the construction of the copper project. As part of the financing arrangement with Mitsui, the parties entered into an offtake contract for 81% of the copper cathode produced at Florence during its early years.

“Following the recently announced strategic partnership with Mitsui & Co. (USA) Inc. for our Florence Copper project, this additional source of funds will further strengthen our balance sheet and provide financing flexibility as we prepare for construction of the project in 2023,” Taseko CEO Stuart McDonald said in a news release.

The $25 million funding will be available for drawdown upon Florence Copper receiving the final underground injection control permit from the EPA. In August 2022, the project was granted a draft permit despite concerns over its potential environmental impact.

The Bank of America loan will be secured by specific treatment and processing equipment in the SX/EW plant with an initial term of five years.

“In addition to Florence Copper’s strong economics, the project has many environmental attributes, including low carbon emissions and a low footprint operation, which are attractive to financial partners,” McDonald said.

“The financing commitment from Bank of America is a customized solution developed for Taseko, leveraging the equipment security of our SX/EW plant, since conventional mining equipment like shovels and haul trucks will not be used at Florence Copper,” he explained.

According to Taseko, Florence has one of the least capital-intensive copper production facilities in the world, and when fully ramped up, will produce 40,000 tonnes of high-quality cathode copper annually for the US domestic market.

The company said it expects the project to have the lowest energy and greenhouse gas intensity of any copper producer in North America.

Maroc : le britannique Aterian Plc accélère les travaux pour évaluer le potentiel du projet cuivre/argent Agdz

Agence Ecofin 17 janvier 2023

Si le phosphate est l’un des produits miniers phares du Maroc, le sous-sol du pays d’Afrique du Nord est également riche en cuivre et en argent comme le témoignent les nombreux projets en développement.

Un levé géophysique réalisé au projet de cuivre/argent Agdz au Maroc a permis de mettre en évidence d’importantes anomalies qui vont faire l’objet d’une exploration plus approfondie. C’est ce que rapporte la compagnie détentrice du projet Aterian Plc dans une mise à jour opérationnelle publiée lundi 16 janvier, précisant que le levé a été entrepris en préparation d’une campagne de forage de reconnaissance.

Notons qu’Agdz est le plus avancé des quinze nouveaux projets acquis au Maroc par Aterian en octobre dernier. Il héberge actuellement quatre principaux prospects potentiellement riches en cuivre et en argent et qui couvrent une superficie de 8 km2 à savoir Makarn, Amzwaro, Minière et Daoud.

« La présence de plusieurs chantiers historiques de cuivre à Agdz est un encouragement supplémentaire, le projet étant situé dans un district minier de cuivre et d’argent établi dans l’Anti-Atlas oriental du Maroc […] », commente Charles Bray, PDG d’Aterian.

Il faudra attendre le début des prochains travaux de forage pour avoir plus de précisions sur le potentiel du projet. Rappelons que la société basée au Royaume-Uni effectue également des travaux exploratoires sur un autre projet prometteur de son jeune portefeuille marocain, Azrar, qui se trouve à un stade de développement assez proche d’Agdz.

La Zambie modernisera la fonderie de Nchanga en 2023 pour augmenter la production de cuivre

Agence Ecofin 18 janvier 2023

Établir la Zambie comme un fournisseur majeur de cuivre, métal indispensable à la transition énergétique, est l’un des objectifs phares du régime actuel. Cela passe par la mise à niveau des installations, pour inverser la tendance baissière de la production depuis quelques années.

En Zambie, des travaux de rénovation seront menés pendant 45 jours à la fonderie de cuivre Nchanga, entre juillet et août 2023. C’est l’annonce faite le mardi 17 janvier par la compagnie minière zambienne Konkola Copper Mines (KCM) qui précise que le coût de l’opération s’élève à 27,63 millions $.

« Les travaux d’arrêt seront bénéfiques pour les opérations de la fonderie, car ils amélioreront l’efficacité opérationnelle et la production, ce qui se traduira par une augmentation des revenus pour KCM et sa filiale, KCM SmelterCo Limited », indique le communiqué relayé par Reuters.

Pour rappel, KCM est une filiale à 80 % du géant Vedanta. Sa gestion est assurée depuis 2019 par un liquidateur provisoire depuis la saisie des actifs par l’État zambien, détenteur des 20 % restants. Sa fonderie de Nchanga mise en service en 2008 dispose d’une capacité annuelle de 311 000 tonnes et traite le minerai de la mine de cuivre éponyme, celle de Konkola et d’autres mines zambiennes.