FACTBOX-Copper production cutbacks
LONDON, Dec 12 (Reuters) - The world's major copper producers have begun seriously to curtail their output in a bid to counter weak demand and prop up prices, which recently fell to their lowest levels since 1987.
Following is an overview of production cuts in the sector since the beginning of 2001:
December 12, 2001 - Japan's Mitsubishi Materials Corp said it would cut refined copper output by about 10 percent to 325,000 tonnes in year starting April 2002, down from originally planned 360,000.
December 5, 2001 - Chile's Codelco, the world's largest producer, announced it would cut 2002 copper output by at least 100,000 tonnes. Said total production next year would not exceed 1.542 million tonnes.
November 30, 2001 - Asarco Inc, subsidiary of Grupo Mexico , says effective January 1, 2002 to cut output at Mission mine by 23 pct. Since November 2000 production at mine has been cut by 61 pct. Previous curtailment confirmed September. Initial reports also said output at Amarillo refinery has been cut by 29 pct or 95,000 tonnes per year (tpy).
November 30, 2001 - Noranda (Toronto:NRD.TO - news) says will close Gaspe copper smelter in Canada for six months from end-April 2002. Also expects annual copper cathode output at CCR refinery in Montreal East, Quebec to be reduced by 45,000 tonnes from capacity of 360,000 tpy.
November 29, 2001 - Nippon Mining & Metals Co Ltd says will cut refined copper output at plants in Japan by about 40 pct to 400,000 tonnes in calendar 2002 from originally planned 445,000.
November 27, 2001 - Rio Tinto Plc (quote from Yahoo! UK & Ireland: RIO.L) subsidiary Kennecott Utah Copper says will permanently close North Concentrator plant near Magna, Utah. Operations at 60,000 short tons per year (stpy) plant already temporarily closed in June. Concentrate sales averaging about 100,000 stpy will cease. Based on lower ore grade at Bingham, company sees 2002 copper anode output at about 320,000 tons of anode, 310,000 tons of cathode. Anode output seen falling to 257,000 tons in 2001 from 296,000 in 2000 due to major smelter overhaul earlier in year.
November 23, 2001 - Anglo American (quote from Yahoo! UK & Ireland: AAL.L) said it had cut 2001 output forecast at its Konkola Copper Mines Plc (KCM) in Zambia to 200,000 tonnes from 240,000. Shortfall blamed on poor global market conditions. KCM comprises Nchanga Open Pit, Nchanga Underground and Konkola Underground mines.
November 15, 2001 - China's Yunnan Copper says has closed small mine which produced 4,000 tonnes tpy of contained copper. Plans to close larger 18,000 tpy mine at end-year under government orders.
November 14, 2001 - Major Chinese copper producers say have agreed to cut copper output in 2002 by 100,000 tonnes. Companies involved include Jiangxi Copper (-30,000 t), Daye Non-Ferrous (-20,000 t), Yunnan Copper (-20,000 t). Tongling Non-Ferrous and some smaller producers to cut remainder. Jiangxi also plans to close one of its six mines.
November 13, 2001 - Antofagasta (quote from Yahoo! UK & Ireland: ANTO.L) says to cut production at Los Pelambres copper mine in Chile by 40,000 tonnes to 330,000 tonnes of concentrates in 2002 from 370,000 in 2001.
November 13, 2001 - Tongling Non-Ferrous Metals says planned closure of several small copper mines this year will not affect company's copper production. Officials said mines, which have not been used for long time, will close once government authorities issue formal approvals.
November 9, 2001 - Chile's state-run Codelco - the world's No. 1 copper producer said it would probably cut copper output in 2002. A definite decision will not be made until December.
November 8, 2001 - BHP Billiton (Australia:BHP.AX - news)(quote from Yahoo! UK & Ireland: BLT.L) announces 170,000 tpy cutback. Some 80,000 tpy to be cut immediately at 57.5 pct-owned Escondida mine in Chile and 90,000 at Tintaya mine in Peru, effective January 8, 2002. Cuts to be reviewed at end of financial year. Further reductions mooted.
November 3, 2001 - Chemetco Inco, a privately held U.S. secondary copper refiner, says planning to close smelter in Illinois and file for Chapter 11, according to market sources. Plant has capacity to produce 135,000 tpy copper anode. Supplies Chemetco refinery and Asarco's Amarillo plant.
October 30, 2001 - Hudson Bay Mining and Smelting Co Ltd, Canadian unit of Anglo American Plc says will close Ruttan zinc-copper mine in northern Manitoba. To close permanently by May 31, 2002, earlier than previously planned. Loss estimated at 17,500 tpy.
October 27, 2001 - Grupo Mexico says seriously considering cutting production.
October 26, 2001 - Boliden Ltd says will temporarily halt production at Myra Falls zinc-copper mine, British Columbia for three months. Produced 11,321 tonnes of contained copper in first nine months.
October 26, 2001 - Barrick Gold Corp says to close El Indio gold-copper mine by mid-2002. Loss put at 15,000 tpy.
October 23, 2001 - Phelps Dodge Corp (NYSE:PD - news) says will decrease copper output by 220,000 tpy. Will temporarily close Chino, New Mexico mine, which producing 66,000 t and Miami, Arizona mine (45,000 tpy). Plans to operate Sierrita and Bagdad mines at half capacity, cutting a combined 109,000 tpy. Also plans to temporarily close Chino smelter and Miami refinery.
October 1, 2001 - Metorex Ltd decides to put operations at Chibuluma South Project, Zambia on care and maintenance. Annualised loss put at 15,000 t.
September 30, 2001 - Imperial Metals (Toronto:IPM.TO - news) suspends mining and milling operations at Mount Polley copper-gold mine. To be kept on standby. Produced around 8,000 tonnes of copper in first half of 2001.
September 20, 2001 - Grupo Mexico confirms been reducing concentrate production at Mission mine, Arizona since August 19. Closure of South Mill to lead to loss of around 20,000 tpy of contained copper output.
September 6, 2001 - Boliden Apirsa, Spanish unit of Boliden, says to close Aznalcollar zinc-lead-copper-silver mine on September 20. Produced 1,517 t contained copper in first nine months.
May 25, 2001 - Kennecott Utah Copper, U.S. unit of Rio Tinto Plc/Ltd, says to cut annual ore output by 18 pct. Planned to begin suspending operations at North Concentrator Plant around June 1. But overall cathode output to be unchanged due to surplus of concentrates and higher ore grade at Bingham Canyon mine.
During Q2 2001 - Cuba closes copper mines. Produce around 2,000 tpy of contained copper.
March 26, 2001 - Phelps Dodge says to curtail production by 80,000 tpy. Mine and concentrator and Chino mine said to close at least until year-end. Also to make 30- to 60-day alternating cuts at Tyrone, Sierrita and Bagdad mines.
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