Tag: copper

High commodity prices drive investment in NWMP

High commodity prices drive investment in NWMP

A new copper mine and key enabler projects are edging closer to construction as high commodity prices drive investment in Queensland’s North West Minerals Province. Grand Central Industries’ government-supported Inland Port Project is rapidly approaching financial close and is forecast to commence construction in Q4 2021. The critical 333ha project will significantly debottleneck about $13b of pre-existing Queensland government-owned rail and port infrastructure—the Mt Isa Railway and Port of Townsville. Located 7km east of Cloncurry, the project is expected to have a material economic, commercial and environmental impact to the collective benefit of all stakeholders across the supply chain. Grand Central Industries CEO Josip Obajdin said the project provided for an essential, catalytic platform to enable the region’s further economic...

Hail King Copper

Hail King Copper

If Doctor Copper is anything to go by, then the prognosis for global economic health and our nation’s copper mining industry is extremely positive. After the global economy plummeted in March last year due to the impact of COVID-19, including the price of copper, the mineral has completely rebounded from the depths of its plunge, soaring almost 100% in less than 12 months to more than US$9000/t. Experts predict the price rise to continue in 2021 due to increasing global demand brought on by the widespread transition to smart, connected cities as well as copper’s properties of being recyclable and antimicrobial. An average house contains 180kg of copper and an electric car contains about five times more copper than the...

Just What the Doctor Ordered

Just What the Doctor Ordered

Copper prices hit an eight-year high in January, reaching US$8103/t on the London Metal Exchange, with analysts predicting the price rise to continue in 2021, as high as US$9500/t in the fourth quarter. The green energy drive by global governments, the transition to electric vehicles and the push by the mining industry to lead the ESG movement through decarbonisation and emissions reductions, sees the demand for copper rising in the medium term as supply struggles to catch up. After falling to its lows in March 2020 where it plummeted to around US$5000/t from the COVID-19 lockdowns, prices have rebounded sharply since June, reaching US$5700/t that same month, followed by further highs of US$6800/t in September and US$7674.50/t in December. ABN...

Copper regains shine

Copper regains shine

COPPER has bounced back from the effects of COVID-19, rising to US$5700/t, the highest it’s been in three months. The high level has been due to robust demand from China, the world’s top consumer of copper. It’s a welcome spike for the base metal, which dropped to $4300 in March. Copper production is expected to climb by 3.1pc between 2020 and 2029 as global output increases by more than 6mt. BHP is currently awaiting approval from the South Australian Government for a copper production increase from 200,000 to 350,000tpa at its Olympic Dam mine. South Australia is the country’s main copper explorer, with national exploration budgets for the commodity reaching $272m last year.

Copper to bounce back after fall

Copper to bounce back after fall

GLOBAL copper demand is forecast to drop to 22.625mt this year, but bounce back 4.4pc to 23.625mt in 2021. According to the International Wrought Copper Council, the supply side also shows a 2020 drop followed by a strong rebound in 2021. “Using publicly available information and input from the International Copper Study Group (ICSG), the supply side data shows that in 2019 copper mine production was 20.46mt,” the Council said. “In 2020, mine output is expected to decrease by 4pc to 19.65mt. “For 2021, an increase in copper mine production of 6.7pc is forecast. Refined copper production in 2019 was 23.47 million tonnes. “For 2020, refined copper production is forecast to be 22.91mt and might be 24.30mt in 2021.” The...

Copper and gold promise at Hollandaire

Copper and gold promise at Hollandaire

EXTENDED potential mineralisation has been identified at Cyprium Metals’ Hollandaire prospect, with follow-up drilling planned for March 2020. The results were outside the current mineralisation, promising a greater yield for the Cue copper project located north east of Perth, near the Murchison Project. The RC drilling which was completed in February has identified further mineralisation at depth on the western margins of both the east and west structures, with results being returned outside of the currently identified mineralisation. Five intersections from 156m to 283m returned positive findings. The results identified solid concentrates of up to 7.50 g/t from 161m and 1.79pc copper from 116m. Musgrave Minerals is pursuing an option for a joint venture and earn-in with Cyprium that will...

Comet acquires copper project

Comet acquires copper project

Comet acquires copper project GRAPHITE-focussed Australian exploration company Comet Resources plans to add a copper project in NSW to its portfolio. The Barraba copper project, named after the nearest town, is 550km north of Sydney, and its exploration licence covers 2375ha in a region known to host volcanic-style mineralisation containing copper, zinc and precious metals. Comet Resources managing director Matthew O’Kane said the Barraba project hosts several drill ready targets and is in a prospective location. “We will be working hard to be in a position to test the project’s prospectivity as soon as possible after completion,” he said. The company believes the Barraba copper project complements its existing Springdale graphite project near Hopetoun in WA, due to the minerals...

BHP iron ore guidance steady

BHP iron ore guidance steady

BHP iron ore guidance steady BHP is maintaining its production guidance for its WA iron ore operations at between 273mt-286mt on a 100pc basis for the June 2020-ended financial year. In the first half of the 2020 financial year, BHP produced 137mt of iron ore from its WA operations on a 100pc basis, 2pc higher year on year, after the completion of a major rail car dumper maintenance program in October. Iron ore production volumes at its WA mines in the July-December 2018 half year were affected by a train derailment. Copper production for BHP rose 7pc in the first half-year period to 885,000t on strong concentrator throughput at its Escondida mine in Chile, and higher production from its Olympic...

BHP spicing it up in Chile

BHP spicing it up in Chile

BHP (ASX: BHP) has signed four new clean energy contracts for power at its Escondida and Spence copper mines in Chile as it continues its push toward 100pc renewable power in the mid 2020’s. While the company will cop US$780m in cancellation fees for dropping coal contracts, it said that it would be value-accretive in the long term. The transition came as the result of separate tenders for both Escondida and Spence, with BHP signing on for two separate 15-year contracts for 3TW hours per year, and 10-year contracts for 3TW hours per year with ENEL Generacion Chile and Colbun respectively. BHP said that the contracts would reduce energy prices at the mines by about 20pc, provide operations flexibility and...

Freight fast track

Freight fast track

THE Queensland Government has promised half a billion dollars for the development of a new freight terminal at the Port of Townsville and discounted freight charges to boost exports along the Mount Isa rail line. Deputy Premier and Treasurer Jackie Trad said the funding would promote mining and exploration in the state’s North West, which contains about 75pc of Queensland’s base metal and minerals, including copper, lead, zinc, silver, gold and phosphate deposits. “Our state’s economy is stronger when we have a reliable supply of minerals for export,” Ms Trad said. “A number of mines are trucking minerals from the North West to the port, and the trains that are carrying minerals in shipping containers have to be unloaded at Stuart...

OZ Minerals: A Year of Delivery

OZ Minerals: A Year of Delivery

Carrapateena airstrip. All images: OZ Minerals BY JESSICA CUMMINS ON the back of a productive year, OZ Minerals remains focussed on developing one of Australia’s largest copper gold resources, Carrapateena, with first concentrate scheduled in 2019. As the Adelaide-based miner moves its Carrapateena project towards production, a number of key activities remain on the table. After injecting $85 million into the project during the September quarter, the miner saw the completion of its first ventilation raisebore and commenced development on the crusher level. OZ Minerals chief executive Andrew Cole said flights to the site had begun and construction of all 556 rooms at the Tjungu accommodation village were also completed. “The mineral processing plant and non-processing infrastructure construction is continuing...