http://www.minews.ir/Exchange Thu, 01 Oct 2015 20:15:33 GMT News Studio(News Distribution System http://www.minews.ir/skins/default/en/{CURRENT_THEME}/ch01_newsfeed_logo.gif http://www.minews.ir/ 100 70 en Produced by Minews Thu, 01 Oct 2015 20:15:33 GMT Copper 60 http://www.minews.ir/en/doc/news/27426/2nd-phase-of-development-copper-concentrate-inaugurated-in-sarcheshmeh-complex (Minews) - According to minews reporter, Some minutes ago , by presence of Es'hagh Jahangiri - vice of president- , Mohammad Reza Nema'tzadeh - Minister of Indusrty, Mine and Trade - , Mehdi Karbasian - Head of IMIDRO - and Ahmad Moradalizadeh - Managing Director of NICICO - second phase of development of copper concentrate inaugurated in Sarcheshmeh Complex in Kerman.By inaugurating of this project , 160,000 Tons will be increased to copper concentrate of Sarcheshmeh Complex.The Finnish company of Outotec is the holder of its technology and its contractors are IRITEC, Irasco and Tanavob Co. . The manager of this project is Tadbirgaran Sanat Tehran and its consultant is Middle East Water & Environment Co. .The estimated final price of this project is about 78 million Euro and 2800 billion Rials. ]]> Copper Sat, 05 Sep 2015 14:34:05 GMT http://www.minews.ir/en/doc/news/27426/2nd-phase-of-development-copper-concentrate-inaugurated-in-sarcheshmeh-complex http://www.minews.ir/en/doc/news/26745/iran-to-export-1000-tons-of-copper-china (Minews) - A Chinese delegation has negotiated buying of 1000 tons of copper from Iran.Following a visit by a Chinese delegation from Tehran and Kerman earlier this week, Ahmad Morad Alizadeh, Managing Director of the National Iranian Copper Industry Company (NICICO), agreed to export 1000 tons of Copper Cathodes to China.The website of the company reported that Morad Alizadeh has conditioned the investment offered by the Chinese to the success of the first step of cooperation.Morad Alizadeh has added that according to the statistics of 2013, out of 21 million tons of copper production in the world, 17.5 million tons were acquired by mining and the rest were recycled.The top recycler of copper in the world is Chile with annual production of 6.5 million tons of copper and the biggest consumer in the world is China with 8 million tons of the mineral consumption.According to the official, Iran had an annual output of 194,000 tons; a number which is expected to increase to 200,000 tons in the current year.During the last week’s visit, the two sides have agreed to expand the ties so that Iran provide the Chinese with the mineral and the visitors invest in developing projects.Iran is among the world’s 10 leading mineral-rich countries and exports its industrial and mineral products to 159 nations, including Iraq, China, the United Arab Emirates, India and Afghanistan.The Islamic Republic holds 68 types of minerals, including chrome, lead, zinc, copper, coal, gold, tin and iron. It has 37 billion tons of proven reserves and more than 57 billion tons of potential reserves of minerals. ]]> Copper Sun, 09 Aug 2015 12:20:45 GMT http://www.minews.ir/en/doc/news/26745/iran-to-export-1000-tons-of-copper-china http://www.minews.ir/en/doc/news/26722/tighter-supplies-fortify-copper-lay-foundation-for-price-rally (Minews) - Power outages, strikes, floods and drought as well as lower grade source material are tightening copper supplies, potentially pushing the market into deficit earlier than expected and laying the ground for price gains later this year.Estimates of how much copper output will be lost vary. Morgan Stanley puts the amount at about 500,000 tonnes so far this year, while ICBC Standard Bank reckons an annualised 1.33 million tonnes.Some of the news on supply problems has come over the last couple of weeks, after a Reuters survey in July showed analysts expected a 194,000-tonne surplus this year.In a 22-million-tonne market the numbers are not large, but they are expected to rise as problems persist.Analysts typically allow for output disruptions at about 4.5 percent, but given the outages already seen, the total in December could be much higher, possibly more than 7 percent."Prices have fallen to the point where major miners are looking at cutting production and future spending, that's in addition to an abnormally large number of "typical" supply disruptions," said ICBC Standard Bank analyst Leon Westgate."The copper market is already sowing the seeds for looming deficits and the next big rally in prices, starting towards the end of this year."Benchmark copper on the London Metal Exchange hit a six-year low at $5,142 this week on worries over demand from top consumer China and a firm dollar, which makes dollar-denominated commodities more expensive for non-U.S. currency holders.Dollar strength has been fuelled by expectations of higher U.S. interest rates, possibly as soon as September."China slowdown concerns seem to be primarily among U.S.- and UK-based funds. Asian corporates appear to be amazingly unconcerned," said David Wilson, analyst at Citi."Once there is clarity over U.S. rate rises, then the market can start looking at specific copper related issues, which are being ignored.One of these is large output losses at Canada's First Quantum Kansanshi mine, smelter and its greenfield Sentinel project in Zambia, running at reduced capacity due to a drought and power cuts.Chilean miner Antofagasta produced 303,400 tonnes of copper in the first half, down 12.9 percent from a year earlier and below the consensus due to declining ore grades, unfavourable weather and environmental protests.Morgan Stanley estimates copper production at Glencore's Alumbrera mine at 60,000 tonnes this year from 103,000 tonnes last year.The bank expects BHP Billiton's Escondida to produce 200,000 tonnes less in the second half of this year from the first half and remaining low next year.Other companies experiencing copper production losses include Chile's Codelco, due to floods and unrest and Canada's Barrick-Gold, due to power shortages and rain.Also on the horizon are contract revisions in August at Southern Copper's Cuajone and Toquepala mines in Peru, according Tristan Hobbs, consultant at CRU, which could provoke an escalation of unrest. ]]> Copper Sat, 08 Aug 2015 14:06:20 GMT http://www.minews.ir/en/doc/news/26722/tighter-supplies-fortify-copper-lay-foundation-for-price-rally http://www.minews.ir/en/doc/news/26599/zambia-copper-miners-to-cut-power-use-15-ease-shortage (Minews) - Zambian mining companies agreed to reduce their electricity consumption by as much as 15 percent to help ease a power shortage in Africa’s second-biggest copper producer.The local units of Glencore Plc, Vedanta Resources Plc and other operators reached the agreement with Mines Minister Christopher Yaluma and electricity supplier Copperbelt Energy Corp. at a meeting on Tuesday, according to the Chamber of Mines. Power cuts already enforced at projects run by First Quantum Minerals Ltd. and Barrick Gold Corp. will be reversed on Wednesday, said Jackson Sikamo, the president of the chamber.“The discussion was very open and the minister acknowledged the effort the mining companies have made,” he said by phone on Tuesday from Kitwe, about 280 kilometers (174 miles) north of Lusaka, the capital. The reductions of 10 percent to 15 percent will “definitely affect production,” though it’s too early to tell by how much, Sikamo said.First Quantum announced this week it would cut 1,480 jobs at a Zambian copper mine because the power limits had curbed its output. The company may reverse that plan now that an agreement has been reached, Sikamo said.Low water levels have crimped hydroelectric supplies in the southern African nation and the power shortages will probably last until April, China Nonferrous Mining Corp., which has operations in the country, said in a statement last month.Job CutsCopperbelt Energy, which provides electricity to most mining companies, had planned on reducing supplies by about 30 percent from July 31. It abandoned that proposal after the government stepped in, citing the potential for job cuts.Zesco Ltd., the state-owned utility, and Copperbelt Energy will present a plan on Thursday to import power and generate about 100 megawatts of electricity from temporary plants supplied by companies such as Aggreko Plc, Sikamo said. Companies will have to agree on a tariff to use this more expensive power, he said.Copperbelt Energy will finalize a plan to import 150 megawatts to 200 megawatts, a memorandum on what was agreed to at the meeting showed.Yaluma didn’t answer a call to his mobile phone seeking comment.Zambia has an electricity shortage of about 560 megawatts because of low water levels at the hydropower plants it depends on for more than 90 percent of supplies, coupled with delays at new projects. The country’s normal generating capacity is about 2,300 megawatts, of which mining companies use more than half. ]]> Copper Wed, 05 Aug 2015 13:13:40 GMT http://www.minews.ir/en/doc/news/26599/zambia-copper-miners-to-cut-power-use-15-ease-shortage http://www.minews.ir/en/doc/news/26479/bureaucratic-hitch-delays-freeport-s-indonesian-export-permit (Minews) - The implementation of an export deal reached earlier this week by Indonesia and Freeport-McMoRan has been delayed indefinitely due to the sickness of a senior trade ministry official.Arizona-based Freeport, which runs one of the biggest copper mines in Papua, reached an agreement with the Indonesian government to export 775,000 tonnes of copper over the next six months on Monday, after proving sufficient progress on the construction of a second domestic smelter.Freeport and Indonesia were involved in an export spat for much of last year which hurt shipments and was only resolved after the miner agreed to build a domestic smelter, pay higher royalties and divest more of its Indonesian unit."The recommendation (from the mine ministry) came yesterday," Didi Sumedi, director of export industry and mining product at the trade ministry told reporters on Wednesday. "With the current situation, perhaps we'll need some more time.""The dirgen (director general) is currently recovering from a health condition, but I think it won't be long," said Sumedi, who was unable to give a timeframe but added that the permit would need the director general's signature.Partogi Pangaribuan is the Indonesian trade ministry's director general for foreign trade, and Sumedi said Pangaribuan is due to retire on Aug. 1 and be replaced soon after.Freeport Indonesia, which agreed to deposit the last $20 million instalment for the building of a second copper smelter as part of Monday's deal, was unable to give an immediate comment on Wednesday.Earlier this week, a company official said it expected copper shipments to take place this weekend. ]]> Copper Wed, 29 Jul 2015 13:58:23 GMT http://www.minews.ir/en/doc/news/26479/bureaucratic-hitch-delays-freeport-s-indonesian-export-permit http://www.minews.ir/en/doc/news/26259/copper-miners-to-keep-churning-out-metal-despite-price-slide (Minews) - Copper's production costs have fallen in the wake of lower oil prices and weaker local currencies, which means most miners will continue to pump out metal despite a recent slide in prices.Benchmark copper on the London Metal Exchange tumbled nearly a fifth between early May and earlier this month when it touched the lowest in six years at $5,240 a tonne.It has since recovered about $300, but confidence is fragile as investors worry about the global economy and an expected market surplus this year in the metal.Despite weak prices, however, there is little incentive to cut output as prices are still well above costs at most mines."We do not expect significant price-related cutbacks in the current environment as tail winds from factors including low oil prices continue to filter through," said senior analyst Karen Norton at GFMS, the metals research and forecast unit at Thomson Reuters.Average net cash costs for copper miners in the first quarter were $3,661 per tonne, down about 5 percent over the past year, according to GFMS data."Once Q2 results have come through and are processed, we would expect those levels to have fallen further," Norton told the Reuters Global Base Metals Forum.In addition to energy prices, mining costs have declined due to weaker local currencies against the dollar in top copper producing countries such as Chile.Efficiency gains are also pushing costs lower. Top miner BHP Billiton said in May it expected unit costs at the world's biggest copper mine Escondida to decline by 16 percent in the next financial year.Even the so-called "marginal cost" - marking the 10 percent highest-cost copper mines - is at $5,051 a tonne, according to GFMS. This is the level which is regarded as key to prompting mine closures when prices break below it.Societe Generale pegged the marginal cost in copper even lower at about $4,500 a tonne due to currency depreciation and falling oil prices.While some analysts expect further weakness in copper, they say prices would have to remain at lower levels for an extended period to stimulate production cuts and mine closures.Prices can be volatile, dipping lower and then rebounding, so mine managers are often willing to wait for a recovery."Current price levels are already eating into marginal cost curves of many base metals, but I don't think it will result in a very quick response by the producers. I think they will take a stance of 'wait and see' a bit longer," said Xiao Fu, Head of Commodity Market Strategy at Bank of China International in London. ]]> Copper Tue, 21 Jul 2015 17:29:54 GMT http://www.minews.ir/en/doc/news/26259/copper-miners-to-keep-churning-out-metal-despite-price-slide http://www.minews.ir/en/doc/news/26178/prepare-for-flood-of-copper-concentrate (Minews) - Global copper production capacity at mine level through 2018 is expected to grow at an average annual rate of 6% to reach 27.4 million tonnes (mt) a year in 2018, according to a new report by the International Copper Study Group.In its bi-annual directory of copper mines and plants, the Lisbon-based research group said concentrate output will represent more than 80% of the expansion with production jumping by 4.8mt to 21.7mt in 2018.More than 900,000t of solvent-extraction/electrowinning capacity will be added over the same period to reach 5.7mt capacity.Compared with ICSG's previous estimate published in January, anticipated annual mine production capacity for 2017 and 2018 was revised down slightly by 330,000t and 140,000t, respectively, owing mainly to continued delays for many projects."Peru is projected to account for 26% of the additional capacity from new mine projects and expansions through 2018, followed by Zambia, Mexico, Mongolia, China and the Democratic Republic of the Congo," the ICSG said. "Together these six countries will represent 66% of the world growth."Projects are also being planned in countries that currently do not mine copper, including Afghanistan, Ecuador, Ethiopia, Fiji, Greece, Israel, Panama, Sudan and Thailand."By 2018, total expected copper production capacity from projects starting in these new copper mining countries could reach 150,000t/year, and capacity could continue to increase well above 1mt/year if projects planned beyond 2018 in these countries are developed," ICSG analysts said.Concurrently, production from countries that started mining copper in the last decade is expected to increase to 550,000t/year by 2018 from only 4,000t/year in 2003.Annual copper smelter capacity growth is forecast to lag behind mine output expansion, growing an average 3.1%/year to reach 22.5mt/year in 2018, an increase of 2.6mt or 13.1% from 2014."China is continuing to expand its smelting capacity and will account for 60% of the expected world growth through 2018," ICSG said. "China's copper smelting capacity increased by around 4.4mt/year in the 2000-2014 period and is expected to increase by a further 1.6mt/year by 2018.ICSG tabulations indicate that world copper refinery capacity will reach 30.2mt/year in 2018, an increase of 2.9mt/year or 10.6% from 2014. ]]> Copper Sat, 18 Jul 2015 18:01:25 GMT http://www.minews.ir/en/doc/news/26178/prepare-for-flood-of-copper-concentrate http://www.minews.ir/en/doc/news/26035/congo-state-miner-sells-copper-concession-to-chinese-investors (Minews) - Democratic Republic of Congo's state miner Gecamines said it has sold an exploitation permit for a copper and cobalt concession in southeast Katanga province to Chinese investors for $52 million.In an statement on its website, Gecamines said that it sold the roughly 13 square kilometre concession to Congo Dongfang International Mining, a subsidiary of Chinese company Zhejiang Huayou Cobalt Co, Ltd.The concession contains reserves of 354,619 tonnes of copper and 62,903 tonnes of cobalt, Gecamines said, and was controlled by its former subsidiary, Compagnie Miniere du Sud Katanga (CMSK SAS), which Gecamines has since absorbed.Gecamines and another state-owned company, Simco, acquired full ownership of CMSK SAS in 2012 by purchasing a 60 percent stake from Belgian investor George Forrest's Entreprise Generale Malta Forrest (EGMF) for $58 million.The statement said that the main reason for the sale was the significant distance between the concession and the concentrator it uses to process the extracted minerals, which Gecamines said imposed substantial transport costs.Gecamines added that it had gained capital with the sale as it retains control of a concentrator and several other exploitation and research permits previously held by CMSK SAS.Last month, the International Monetary Fund (IMF) said that Gecamines' failure to publish the terms of a sale of state shares in a joint copper and cobalt mining venture to a Glencore unit breached government regulations and an agreement with the World Bank. ]]> Copper Mon, 13 Jul 2015 18:09:49 GMT http://www.minews.ir/en/doc/news/26035/congo-state-miner-sells-copper-concession-to-chinese-investors http://www.minews.ir/en/doc/news/26001/algeria-keen-to-buy-copper-from-iran-envoy (Minews) - Iran's Commercial Attaché in Algeria announced that the North African country is willing to purchase the copper it needs from Iran."Algeria needs copper to provide raw materials for its industries, and Iran can supply part of their need," the Iranian attaché said on Friday.The remarks came as new Algerian Ambassador to Iran Ahriz Abdelmoun'aam had earlier voiced his country's readiness to boost Tehran-Algiers cooperation in diverse economic areas, including construction and development projects.Speaking in a Monday meeting with Iran's Minister of Road and Urban Development Abbas Akhondi, Abdelmoun'aam said Algeria is determined to boost mutual cooperation with Iran in various areas, ranging from tourism to implementation of construction projects, road and railroad construction as well as dam building and electricity generation.There is a good potential for Iran and Algeria to develop mutual cooperation in mining sector, given their prosperous mine and mineral industries. ]]> Copper Sun, 12 Jul 2015 19:33:00 GMT http://www.minews.ir/en/doc/news/26001/algeria-keen-to-buy-copper-from-iran-envoy http://www.minews.ir/en/doc/news/25870/supply-of-quality-copper-concentrate-shrinks-sows-seeds-price-support (Minews) - Supply of high quality copper concentrate shrank more than expected in the first half of this year due to output delays in top miner Chile, squeezing the pipeline for metal producers and likely supporting prices later in 2015, traders said.Production from two of four mines in Chile that churn out clean, standard concentrate was stalled in the first half as the country was hit by floods, while the world's top mine, Escondida, has not tendered surplus concentrate for months, the traders and mining sources said.Smelters blend clean concentrates with supply from mines that suffer from impurities such as arsenic, which have become more common as miners dig deeper into the earth's crust."The concentrate element is tightening up which will eventually flow through to a tighter refined market," said analyst Colin Hamilton at Macquarie in LondonBenchmark LME copper has shed 8 percent this year as China demand slows, plumbing six-year lows in January. It traded at $5,800 a tonne on Friday.President Yukio Uchida of JX Holdings told Reuters that production at Chile's Caserones mine, in which it holds a majority stake through its smelter, had been slow."Copper output at Caserones came at a low level for the January-June half due to the problem of slag disposal on site and floods in Chile," he said, without giving a specific figure.But Uchida added that the firm was on track to expand output to full capacity in August or September, and that it was maintaining its forecast production of 90,000 tonnes of copper concentrate this year.Elsewhere in Chile, the Sierra Gorda mine, owned jointly by Japan's second-largest copper producer, Sumitomo Metal Mining (SMM), and Polish producer KGHM Polska Miedz, began commercial-scale production six months behind schedule at the end of June.Sumitomo said this week that it still planned to produce 123,000 tonnes of copper from the mine's concentrate this year, up from 11,000 tonnes in 2014.Shipments from the world's biggest copper mine, Escondida, jumped in the first quarter, but fell 9 percent in April from a year earlier, Chilean customs data shows."They don't have any extra tonnes to tender ... I think they'll probably try to make their end of June number, to try and maintain their guidance, but I expect their production numbers for the second half to be poor," a trader said.A spokesman for the mine's operator, BHP Billiton, declined to comment. BHP has said it expects Escondida to produce 1.22 million tonnes for the year to June.Chile, which produces a third of the world's copper, was hit by heavy rains this year that flooded towns, wiped out roads and cut electricity. ]]> Copper Mon, 06 Jul 2015 17:06:51 GMT http://www.minews.ir/en/doc/news/25870/supply-of-quality-copper-concentrate-shrinks-sows-seeds-price-support