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Meet BHP's exciting new Filo Corp copper project with Lundin Mining. Project Overview The Josemaria project is to be developed as a large-scale open pit mining operation. As currently envisaged, over 1 billion tonnes of ore will be mined at average diluted head grades of approximately 0.30% copper, 0.22 g/t gold and a strip ratio of 0.98 over a 19-year mine life. The project is to employ conventional truck and shovel open-pit mining with conventional primary crushing, grinding and flotation at an estimated average processing rate of 152,000 t/d. Facilities on site include crushing, grinding, flotation, concentrate and tailings thickening, concentrate filtration, storage and loadout. To maximize productivity, efficiency and safety in a high-altitude environment, functions will be autonomously operated as much as possible. Run-of-mine material will be delivered from the open pit to two gyratory crushers with crushed ore transported via an overland conveyor to a coarse ore stockpile. Material will be reclaimed from the coarse ore stockpile and conveyed to three SAG mill/ball mill circuits. Conventional copper rougher flotation, followed by concentrate re-grinding and copper cleaner flotation, will result in the production of a copper concentrate with a copper grade of 26% to 32% copper and payable precious metals. The gold-rich copper concentrate is to be transported by truck to San Juan, where it will be loaded onto rail and taken to the port at Rosario for export to international customers.

The chief executive of Barrick Gold said miners needed to invest more in exploring for and developing new deposits of the world’s most important industrial metal — needed for power lines, data centres and electric cars — as he dismissed making a rival bid for Anglo American or First Quantum, another copper producer. Bristow told the Financial Times that the BHP approach for Anglo “reinforces that the industry needs investment in its future”. He added that “you can consolidate but it doesn’t build the production profile. On consolidation, you can always reduce production.” The South African executive’s comments come as the world faces a future shortage of copper because of a lack of new mines under development — even as demand is set to almost double to 50mn tonnes per year by 2035 because of the boom in renewables, EVs and AI — according to S&P Global Commodity Insights. Anglo American chief executive Duncan Wanblad said earlier this year that copper M&A is like “rearranging the deckchairs on the Titanic”, referring to its impact on solving the looming shortages of the metal. Culpeo Minerals $CPO #drilling #discoveries #copper #coppermining #energytransition #futureofenergy Sergio Uribe Valdés Valeria Rivillo Arcaya Yerko Lopez Bugueño Ruben Angel Cahuana Ari Max Tuesley Lee Bowers Andrew Prior Rob Hallam

Revolver Resources (ASX:RRR) has confirmed its execution of an MOU with a Chinese industry alliance group with a view towards copper offtake. That MOU underlies a situation wherein the China Copper Industry Investment Alliance (CCIIA) would offtake 100% of “copper cathode product” from Revolver’s Dianne Copper Mine. This, in turn, would allow Revolver to introduce a funding pathway to restart production on-site that wouldn’t irk shareholders via dilution. At the same time, teaming up with the CCIIA also reduces Revolver’s exposure to regulatory enthusiasm for domestic critical minerals supply capacities. https://lnkd.in/dzSg_BTs

BARRICK GOLD EXPRESSES INTEREST IN COBRE PANAMA AS FUTURE PARTNER AMID ONGOING DISPUTES Barrick Gold Corporation (NYSE: GOLD) is prepared to step in as a partner in the Cobre Panama copper mine once the Panamanian government resolves the ongoing dispute over the asset, CEO Mark Bristow stated on Monday. The mine, currently owned by First Quantum Minerals, has been embroiled in controversy since November, leading to its closure following widespread protests. The new administration under President Jose Raul Mulino, in power since July, has announced that a decision regarding the mine’s future—which contributes 1% of global copper output and 5% of Panama’s GDP—will be…READ MORE HERE https://lnkd.in/d6fbCirD

After one of the world’s top copper producers recently hit a financial crunch, the Biden administration started huddling with potential investors about taking a stake in the company’s Zambian mines worth as much as $3 billion. The search isn’t restricted to American companies, with entities from the United Arab Emirates, Japan and Saudi Arabia—all viewed as friendly to U.S. interests—expressing interest in the stake in First Quantum Minerals’ assets, according to people familiar with the matter. The goal is simple: to keep it out of Chinese control and prevent the Asian superpower from tightening its grip over the global supply of crucial metals and minerals. The bidding, expected to be concluded later this year, is part of a global rush to acquire more copper, a key component in everything from electric cars to transmission lines and the data centers powering the AI revolution. BHP Group’s record nearly $43 billion takeover bid for Anglo American, which was rejected Monday, puts a fresh spotlight on the intense demand for copper. While London-listed Anglo produces a range of commodities, from diamonds to nickel, Australia’s BHP has made clear that it most prizes the company’s copper assets. Anglo rebuffed BHP’s first offer last month, and other companies are believed to be weighing rival bids. On Tuesday, Anglo announced its own turnaround plan, saying it would get out of its platinum, diamond and steelmaking coal businesses—effectively pitching investors on a strategy that makes copper even more central to the company’s future. Chief Executive Duncan Wanblad said on a media call that the company would look at growing its copper business both organically and from potential mergers and acquisitions, such as taking greater stakes in assets it already owns. “Copper of course is the story of the day,” he said. While the U.S. government doesn’t have any oversight over a proposed deal, officials have communicated to Anglo executives that they are concerned consolidation could limit the overall supply of copper, said people familiar with the matter. The U.S. is also concerned that China could put pressure on BHP to sell some assets or agree to sell more of its copper to the country to address potential anticompetitive concerns. 

I doubt we will see the restart of any of the three operations anytime soon, if ever. This is certainly not beneficial for New Cal, as it will devastate the economy and lead to increased political and social instability. At current prices, the industry in New Cal is not viable. We need nickel prices to reach at least $25k/mt to halt the sustained losses. Prices are expected to firm later this year as we approach a market balance. According to Jim Lennon of Macquarie, the surplus is likely under 100kt today, somewhere between 50-100kt. If prices are determined by the marginal cost at the higher end of the industry cost curve, as we move towards a balanced market, they should exceed $20k/mt. Additionally, the uncertainty in Indonesia regarding mining permits, coupled with the evident negative social and environmental impact from its rapid growth, may lead to further tightening of new and brownfield expansions.

Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a production slump and surging debt. Chairman Maximo Pacheco expects “some conclusions” this year from teams negotiating an operational tie-up between its Andina mine and Anglo American Plc’s adjoining Los Bronces, he said Monday in an interview. Codelco already has an indirect stake in Los Bronces, shares ownership of the El Abra mine with Freeport-McMoRan Inc. and is negotiating with would-be lithium partners. “New projects and new partnerships are part of the essence of what we do in Codelco,” Pacheco told Bloomberg from Santiago, which is hosting one of the world’s largest copper industry events — Cesco Week and CRU’s World Copper Conference. While there’s no talk of private sector ownership of Codelco or its main mines, which would require congressional approval, the company has been pursuing joint ventures to develop new projects and improve operational efficiency. Mining companies around the world are forging partnerships to bring down costs and boost output as mines and projects get trickier and pricier at a time of lingering supply-chain disruptions, inflation and heavy permitting. For Codelco, arrangements to squeeze more out of existing operations or share risk and investments would be of particular appeal given it’s producing at the lowest levels in a quarter century, jeopardizing its status as the world’s No. 1 supplier. A possible operational collaboration at Andina-Los Bronces would be focused on tapping rich ore sitting between the two mines as well as sharing processing plants. “We have tremendous opportunities that we can develop jointly,” Pacheco said. James Attwood #copper #mining #cescoweek https://lnkd.in/eXeRBSJJ

Thrilled to see Washington & Ottawa teaming up on North America's critical minerals supply chain. For more on this strategic partnership, read the full article here: https://tgam.ca/4bmwcpF #CriticalMinerals #SupplyChain #EnergyTransition

It's been a busy year for the Heavy Minerals Limited team, highlights from the 2024 Annual Report as follows: 1. HVY’s main focus on advancing the Port Gregory Garnet Project by improving resource definition (increasing the JORC Mineral Resource by 23% to now include 5.9 million tonnes of contained garnet) and the Prefeasibility Study (PFS) awarded to Mining Consultants - IHC Mining. 2. Port Gregory Scoping Study has demonstrated favourable economics associated with a nominal heavy mineral production rate of 150,000 tonnes per annum for 16 years. 3. Commenced metallurgical testing of the Port Gregory project garnet to industry standards (ISO, AMPP and US Navy Milspec). 4. Advanced discussion with the Mid West Port Authority - Port of Geraldton. 5. Entered into a non-binding offtake MOU with Melbourne company ABSS Pty Ltd (Abrasive Blasting Service & Supplies Pty Ltd) for 15,000 tonnes per annum (10% of total production) for Australia and New Zealand. 6. Completed its Tranche 1 pre-paid royalty funding raising a total of $2.1M (before costs), with the execution of a pre-paid royalty agreement with Campbell Transport raising $1.25m. 7. HVY continues work to improve the geological knowledge at its Red Hill Garnet Project, the Exploration Target also contains between 3.8 and 4.5 million tonnes of garnet. The full report is shown below.

#LME #Copper recent surge to $10,000 per ton underscores a crucial dilemma facing the industry: a reluctance to invest in new mines despite escalating demand. Despite aspirations from major players like BHP Group to expand copper production for burgeoning sectors like electric vehicles and infrastructure, obstacles such as funding shortages and environmental apprehensions continue to impede progress. While present copper demand may seem modest, investors are eyeing future shortages, fueling expectations of further price hikes. This contrast between anticipated demand growth and limited supply expansion is poised to persist, potentially fuelling additional price rallies as the market grapples with inadequate investment in new ventures.