Freeport-McMoRan, the world’s biggest publicly listed copper producer more than than tripled its profit in Q3. Higher copper prices and an increase in demand for the metal at a time when copper inventories are plunging. $FCX has been repaying debt and distributing dividends from the surge in revenues.
Rio Tinto Delays First Production From Oyu Tolgoi Copper Mine in Mongolia
Australian mining giant Rio Tinto Group(RIO)on Friday announced it is delaying first production for the Oyu Tolgoi copper mine in Mongolia by three months to January 2023. $RIO is developing the mine with Canada’s Turquoise Hill Resources (TRQ.TO) in a joint venture.
Copper has Reversed $1,000 a Ton Since All-Time High Last Month
Copper prices fell Tuesday to their lowest level in two months on concerns China may intervene on rising commodity prices. Freeport-McMoRan $FCX, the world’s biggest publicly listed copper producer has also fallen. The strength in copper had been boosted by a supply constraints, a weaker USD and China’s economy.
BHP Shows Perfect Timing With Iron Ore at Record Highs Production Starts At South Flank Mine
Australian mining giant BHP is in sync to replace diminishing iron ore output from it’s existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined this month.
BHP Writes Down Australian Thermal Coal Mine $1.6 Billion
BHP continues to write down it’s fossil fuel assets cutting up to $1.6 billion from the value of its Mt Arthur thermal coal mine in the Hunter Valley. BHP sold its U.S. shale assets to Britain’s oil major BP for $10.5 billion in 2018 selling off “non-core and we are actively pursuing options to exit these assets for value”.
Gold Miner Newmont To Repurchase up to $1 Billion of Stock or 3.2% of Shares
Gold and copper producer Newport Goldcorp announced a $1 billion stock buyback program Monday, which could represent about 3.2% of $NEM shares outstanding. The company also updated on it’s gold production.
Iran To Tap Turkish Copper Demand With $1 Billion Expansion
Iran is anticipating massive demand for its copper from Turkey in the coming years and is investing $1bn to expand copper production. Iran is opening one of the largest aluminum smelters in the Middle East with over $1bn in investment.
Glencore Takes 20% of Cobalt Off The Market To Arrest Price Collapse
Glencore PLC is closing its Mutanda mine in Congo, one of its largest copper and cobalt mines. Cobalt hit a peak of near $40 a pound in late 2017 and is now trading at around $12.50 a pound as trade war between U.S. and China hit commodity prices.
Newmont Mining Swings to Profit on Steady Gold and Copper Production
Gold and copper producer Newport Mining reported better than expected fourth quarter earnings Thursday with steady gold and copper production and lower operational costs. NEM agreed to acquire Goldcorp (GG) for $10 billion in an all-stock deal last month.
BHP Huge Profit and Record Dividend But Warns on Higher Costs And Global Uncertainty
Australian mining giant BHP Billiton’s June quarter earnings saw huge leaps in revenue but lagged behind forecasts. $BLT announced a record dividend however cautioned on higher cost pressures and macroeconomic uncertainties.