Copper

Freeport takeover talk intensifies with low valuation

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Freeport-McMoRan Copper & Gold Inc. is offering the best deal in copper for mining companies willing to bet big on the metal.

Freeport, the world’s largest publicly traded copper miner, yesterday was valued at 3.3 times its earnings before interest, taxes, depreciation and amortization in 2013, according to analysts’ estimates compiled by Bloomberg. That was cheaper than any other base metals producer with more than $10 billion in market value and about a third less than the median. Read more

Freeport Deal Talk Intensifies on Cheap Copper: Real M&A

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By Tara Lachapelle and Liezel Hill

Freeport-McMoRan Copper & Gold Inc. (FCX) is offering the best deal in copper for mining companies willing to bet big on the metal.

Freeport, the world’s largest publicly traded copper miner, is valued at 3.3 times its earnings before interest, taxes, depreciation and amortization in 2013, according to analysts’ estimates compiled by Bloomberg. That’s cheaper than any other base metals producer with more than $10 billion in market value and about a third less than the median, the data show. Read more

Anglo Says Chilean Copper Mine Target to Be a Challenge

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By Matt Craze and James Attwood

Anglo American Plc (AAL) and Xstrata Plc (XTA) will struggle to meet an annual production target at the Collahuasi copper mine, the world’s third-largest, after heavier-than-usual rains in Chile curbed output.

Collahuasi was disrupted for 18 to 20 days in the first quarter, John MacKenzie, head of Anglo’s copper unit, said in an April 10 interview in Santiago. Seasonal rains in northern Chile cause on average 2.5 days of stoppages at the mine, he said. Read more

Top analysts see copper climbing even as China slows

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The third consecutive annual copper shortage and accelerating U.S. growth will drive prices to the highest in a year in the next quarter, according to the most accurate forecasters.

Supply will fall 278,000 metric tons short of demand in 2012, more than North America uses in a month, Barclays Capital estimates. Read more

Dia Bras Exploration Live @ PDAC 2012

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Dia Bras Exploration Inc. is a Canadian-based mining and exploration corporation with gold, silver, lead, copper and zinc properties in northern Mexico and Peru.

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Lawson Gold in deal with Saudi group to explore for gold-copper in the desert kingdom

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By Barry Fitzgerald

LAWSON Gold chairman David Hillier makes no apologies for wanting his sleepy Adelaide-based explorer to become a mark II version of Citadel Resource Group.

Mr Hillier has cut a deal to take Lawson into Saudi Arabian gold-copper exploration through a joint venture with Saudi conglomerate Mawarid which, like many of the kingdom’s businesses, has connections with the royal family. Read more

Zambezi to Invest $494.6 Million in Copper Mine, Mail Reports

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By Brian Latham

Zambezi Resources Ltd. (ZRL)’s Mwembeshi Resources unit will invest $494.6 million developing a copper mine in Zambia’s Chongwe district, the Zambia Daily Mail said, citing a statement from the company.

The Mwembeshi open-cast mine is expected to produce about 15 million metric tons of copper a year, the Lusaka-based newspaper reported. Read more

China’s Zijin Mining planning to acquire overseas gold and copper assets

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By Polly Yam

China’s Zijin Mining Group Co Ltd plans to spend 5.5 billion yuan ($872.19 million) for acquisitions, the bulk of which will be overseas gold and copper assets, the company’s chairman said on Thursday.

Chen Jinghe, the chairman, did not identify the targets, but last year told Reuters the company was focusing on acquisitions in Southeast Asia, Read more

Copper Gains as Recent Drop Seen Excessive Amid Lower Stockpiles

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 By Jae Hur

Copper climbed, trimming a weekly loss, after a fall yesterday to the lowest level in more than two weeks was seen as excessive as global stockpiles declined to the lowest level in more than three years.

Three-month copper rose as much as 1.1 percent to $8,383.75 a metric ton on the London Metal Exchange and traded at $8,380.50 by 4 p.m. in Tokyo. The metal has dropped 1.5 percent this week and touched $8,262.50 yesterday, the lowest level since March 7, after reports showed manufacturing shrank in Europe and China, the world’s largest copper user. Read more

Copper demand to surprise on the upside, supply on the downside

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By Lawrence Williams

Base metals keynote speaker at Mines & Money Hong Kong’s preliminary Key Commodities Summit, Warren Gilman, expressed a degree of confidence on copper market fundamentals going forward which may not be shared by some other analysts, but produced some strong arguments to back them up. Read more

Chinese copper demand to defy doubters – Arubis CEO

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The CEO of Aurubis , Europe’s biggest copper producer, said he is confident of strong copper demand from China this year despite forecasts of lower growth in the country.

The copper market was concerned about the cut in China’s forecast economic growth to 7.5 percent in 2012 as the country accounts for 40 percent of global copper demand, Read more

Copper Climbs From Three-Week low on U.S. Data, LME Inventories

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By Jae Hur

Copper advanced from a three-week low after a report showed U.S. companies increased hiring, more investors signed on to a Greek debt swap and stockpiles of the metal used in pipes and wires declined.

The three-month copper rose as much as 0.4 percent to $8,326 a metric ton on the London Metal Exchange and traded at $8,325.25 by 12:42 p.m. in Tokyo. The metal touched $8,176.75 yesterday, the lowest level since Feb. 17. The Comex May- delivery contract was up 0.4 percent at $3.7835 a pound. Read more

Ecuador begins ‘new mining era’ with Ecuacorriente copper development agreement

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By Kip Keen

Chinese-owned Ecuacorriente signed Ecuador’s first mining exploitation agreement on Monday over its $1.4 billion El Mirador copper project. Where for five years there was uncertainty over how much the federal government could exact from would-be miners in the country’s nascent mining industry there is now clarity. The Ecuacorriente exploitation agreement sets out the terms for how Ecuador will profit from mine revenue; among other stipulations 52 percent of benefits are to flow to its citizens. Read more

Frontier Mining Targets $1 Billion Market Value on Kazakh Copper

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By Firat Kayakiran

Frontier Mining Ltd. (FML) is targeting an eight-fold increase in its market capitalization to $1 billion by 2014 after the U.K. explorer starts copper production in Kazakhstan later this year.

Frontier is seeking to become the second-biggest copper producer in Kazakhstan after Kazakhmys Plc (KAZ), Chief Executive Officer Erlan Sagadiev said yesterday in an interview in London. Production is slated to begin by June and reach as much as 5,000 metric tons of copper this year before ramping up to 20,000 tons in 2014, he said. Read more

Mitsui Seeks Copper Acquisitions With Record $17 Billion Cash: Commodities

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By Yuriy Humber and Ichiro Suzuki

Mitsui & Co. (8031), holding a record $17 billion in cash, wants to buy mining stakes and expand operations to triple copper output and more than double coal production, easing its reliance on iron ore sales.

The biggest Japanese iron ore supplier is looking to buy 9 million metric tons of annual coal production from Russia, Australia, South America and Africa, Fuminobu Kawashima, Read more

Copper extends bull streak

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Copper traders are bullish for a fourth consecutive week, the longest streak since October, as manufacturing strengthens from China to the U.S. and stockpiles decline to the lowest in more than two years.

Thirteen of 29 analysts surveyed by Bloomberg expect the metal to gain next week and six were neutral. Inventories tracked by the London Metal Exchange fell to 289,000 metric tons today, the lowest since August 2009, and orders to withdraw more metal are at an almost eight-year high, bourse data show. Read more

Kazakhmys Full-Year Sales Increase 10% as Copper Prices Advance

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By Nariman Gizitdinov

Kazakhmys Plc (KAZ), Kazakhstan’s largest copper producer, said sales from continuing operations jumped 10 percent last year as copper prices advanced.

Revenue rose to $3.56 billion in 2011 from $3.24 billion a year earlier, the London-based company said today in a statement. The full-year dividend increased 27 percent to 28 cents a share. Read more

Ivanhoe sees Mongolian mine running later this year

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The Oyu Tolgoi copper-gold project in Mongolia is on track to begin initial production in the third quarter, Canada’s Ivanhoe Mines Ltd., (IVN-T  17.41  -0.11  -0.63%) co-developer of the project with global mining giant Rio Tinto PLC, (RIO-N  58.61  0.32  0.55%) said on Monday.

The Vancouver, B.C.-based miner, which is majority owned by Rio Tinto, said it expects the mine to achieve full commercial production in the first half of next year. Read more

Kazakhmys Resumes Work at Konyrat Copper Mine After Halt in 2008

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By Nariman Gizitdinov

Kazakhmys Plc (KAZ), Kazakhstan’s biggest copper producer, resumed mining at Konyrat, where work stopped in 2008, targeting the extraction of 3.5 million metric tons of copper ore this year.

The company plans to excavate about 57 million tons of copper ore Read more

KGHM Jumps to Two-Week High as Copper Rises on U.S. Homes Data

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By Piotr Bujnicki

KGHM Polska Miedz SA (KGH), the copper producer with the biggest European mine output, jumped to a two- week high as the metal advanced before a report that may show US new homes sales rose to a nine-month high.

The stock, the best-performing company in the WIG20 Index (WIG20) this year, climbed as much as 3.3 percent to 143.1 zloty, the highest since Feb. 9. KGHM traded 3.25 percent higher at 143 zloty at 1:21 p.m. in Warsaw. Read more

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