Palm Beach, FL – February 11, 2022 – FinancialNewsMedia.com News Commentary – The demand for copper is growing. Copper is a base metal like nickel, zinc, aluminum, lead, among others. Copper is the most widely used metal in energy generation, transmission infrastructure, and energy storage. It is the next most used metal after aluminum and steel in the construction, telecommunications, transportation, and automobile manufacturing sectors. Copper is the most conductive non-precious metal, which makes it is indispensable for many industries. Over the past decade, the total global copper reserves have increased from 630 million metric tons in 2010 to 870 million metric tons as of 2020. Meanwhile, the total global copper production from mines amounted to an estimated 20 million metric tons in 2020. A repor. From Statista said that Global copper consumption is steadily increasing, and currently stands at some 24.99 million metric tons. Forecasts for global copper demand show the same trend. Copper prices have remained relatively stable over the last decade (on an annual average price basis), reaching a record high in 2011. It said: “The major copper producing countries include Chile, Peru, and China. Chile produces more than one quarter of the world’s copper, and is also by far the country with the largest copper reserves. Escondida, located in the Atacama Desert in Northern Chile and owned by the mining company BHP, is the world’s largest copper mine based on its total copper reserves, its production capacity, as well as its actual copper output.” Active Companies in the markets today include Los Andes Copper Ltd. (OTCQX: LSANF) (TSXV: LA), Southern Copper Corporation (NYSE: SCCO), Freeport-McMoRan Inc. (NYSE: FCX), Glencore plc (OTCPK:GLNCY) (OTCPK: GLCNF), BHP Group Limited (NYSE: BHP).
Another report from Knoema, said that: The report on potential copper price forecasts continued: “The World Bank estimated in its commodity forecast report that the spot price for copper will average $8,500 per metric ton by the end of 2021. The price is expected to decrease to $7,500 in 2022 and then grow to $8,250 by 2035. The IMF projects the growth of the copper price from an average of $6,174 per metric ton in 2020 to $8,313 in 2021, followed by a gradual decline to $7,600 per metric ton by 2026. The Department of Industry, Science, Energy, and Resources of Australia also expects the price of copper to rise sharply to $8,257 in 2021, with a slight decrease to $7,724 in the following two years and consequent growth to $8,876 by 2026.”
Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) BREAKING NEWS – Los Andes Copper Announces 732m at 0.51% Copper Equivalent Mineralization in initial Drilling Results at Vizcachitas Copper Project, Chile – Los Andes Copper Ltd. (“Los Andes“, “LA” or the “Company“) reports excellent initial results from Hole CMV-001B and aggregate of 732 meters (“m”) with estimated average grade of 0.51% Copper Equivalent. The average grades include 0.51% Copper and 160 parts per million (“ppm”) Molybdenum from 64m to 820m down the hole. Assay grades for the interval reported for silver are still pending, as are the values from 820m down the hole to end of hole at 1,265.15m.
Drilling is continuing with four drill rigs at Vizcachitas with the objectives of expanding the resources within the open pit designs and to explore the deposit below the boundaries of the open pit designed in the Preliminary Economic Assessment, (PEA, 2019).
The current Phase 1 drill program will expand from four to five drill rigs with 18,000m of drilling planned. The full Phase 1 drill program consists of 30,000m of drilling with potential for further expansion.
Michael Jones, P.Eng, CEO of Los Andes Copper, commented: “Hole CMV-001B is important for two reasons: firstly, it demonstrates and confirms the scale of the good grades at Vizcachitas starting from the collar in rock; secondly, the hole is near the western limit of the resources and shows clear potential for further resources to the west. We look forward to the assays for this hole below the current pit designs.”
“Though we are still awaiting assay grades for the interval reported for silver, it is important to note that silver typically reports to approximately 1% of the value on the deposit.
“The ongoing drilling program is testing areas in and below the PEA shell. There are several large areas that are taken as waste inside the previous pit designs that are classified as waste due to having no, or very limited drill testing. The historical fragmented land and permit position resulted in areas within the PEA pit not having any proper drill testing. The current drill program has many opportunities to offset known good grade holes with adjacent or deeper drilling into areas with no drill testing.
“Converting waste blocks inside the pit design to resources would add value and as the deposit and grade profile changes, so too does the opportunity for an improved new mine plan.”
“The geological team at Vizcachitas has been expanded to several senior geologists with decades of experience on the largest porphyry copper deposits in Chile. The Vizcachitas project is being explored for the first time in recent history with the ability to drill across the whole property. The controls of copper and molybdenum mineralization are being modelled by the new team collaborating and having the ability to explore the full project mineralizing system.
“We look forward to reporting further drill results, as we unlock the potential of this world-class deposit, in the weeks and months ahead.” CONTINUED… Read this full release for Los Andes Copper at: https://www.losandescopper.com/news/2022/
Other recent developments in the markets include:
Southern Copper Corporation (NYSE: SCCO) recently reported third-quarter 2021 earnings of $1.12 per share, which matched the Zacks Consensus Estimate. The bottom line improved 72% from the prior-year quarter, primarily driven by higher sales on upbeat prices for its main metals and the company’s efforts to improve cost efficiency and productivity.
Net sales were $2,681 million, up 26% year over year. The top line beat the Zacks Consensus Estimate of $2,672 million. Revenues were mainly driven by higher metal prices for copper (43.6%), molybdenum (143.5%) and zinc (28.3%). Gold and silver prices were down 6.4% and 1.3%, respectively.
Operating cash cost per pound of copper, including by-product revenue credits, was 58 cents in the quarter under review, up 10% from the year-ago quarter. Total operating costs dipped 1% year over year to $1,173 million.
Freeport-McMoRan Inc. (NYSE: FCX) recently announced that it has posted its fourth-quarter and year ended 2021 financial and operating results press release on the Investor Relations page of its website.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at fcx.com.
Glencore plc (OTCPK:GLNCY) (OTCPK: GLCNF) recently entered a strategic global marketing relationship with United States Strategic Metals, LLC. The marketing relationship includes a long term off-take agreement for 100% of the Company’s products, which include cobalt and nickel sulfates, lithium products and copper cathode, with a significant embedded pre-payment. Additionally, Glencore and US Strategic Metals are exploring other commercial arrangements, including a recycling and raw materials sourcing agreement to support the ramp-up of US Strategic Metals’ hydrometallurgical processing facility.
Ash Lazenby, US Cobalt Marketing at Glencore commented: “We are excited to partner with US Strategic Metals and support them in becoming a leading domestic supplier of battery metals critical to combating climate change and realising the energy transition. We look forward to working collaboratively with the US Strategic Metals team and leveraging our complimentary skill sets.”
Stacy W. Hastie, CEO of U.S. Strategic Metals commented: “We are delighted to welcome Glencore, one of the world’s leading producers and marketers of physical commodities, as our commercial partner. US Strategic Metals will benefit from Glencore’s strong customer relationships across the electric vehicle supply chain, including global auto OEMs and battery manufacturers. Additionally, proceeds from the pre-payment will allow us to accelerate the construction and commissioning of our hydromet facility.”
BHP Group Limited (NYSE: BHP) recently won shareholder support to unify public holdings in a single Sydney listing, a move that could ease the global miner’s return to big deals and will see the U.K. lose one of its biggest companies. Both London and Australian investors overwhelmingly approved the move, according to a statement from BHP on Thursday.
The vote will see BHP will move to a primary listing in Australia after collapsing a dual arrangement that dates back to the company’s creation 20 years ago when Australia’s BHP Ltd. merged with rival Billiton. It will also see the U.K.’s FTSE 100 lose its third-biggest company.
Collapsing its dual listing is part of a series of sweeping changes at the world’s biggest miner since Chief Executive Officer Mike Henry took over in early 2020. The company is seeking to expand in metals that will be needed for the green-energy transition, and is in the process of exiting oil and gas while pouring billions of dollars into a giant new potash mine in Canada.
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