Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (755)	12/6/2001 5:16:37 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 39344

Stephen, unfortunately i'm not familiar with First Quantum. but as a general remark, there are few things more overrated than supposed political risk in Africa....the old Lonrho has done the bulk of its business there for decades, proving that it is possible to make a buck amidst constant episodes of upheaval. Zambia is btw. quite stable right now, and looks financially sound. Congo is still subject to various warring factions attempting to keep their hold on its resources, but i expect it to settle down eventually. i don't think that the market is putting ANY value on Congolese assets at this time, but that could well change in the future. Zambia being a case in point...the formerly expropriated assets of Anglo American have all returned to mother Anglo's fold after a 20 year hiatus...

To: Stephen O who wrote (755)	12/7/2001 8:09:19 AM
From: russwinter	Respond to of 39344

Recent copper production cuts: Source Mining Weekly Online: -------------------------------------------------------------------------------- The world’s major copper producers are continuing to seriously 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 5 – Chile’s Codelco, the world’s largest producer, announced it would cut 2002 copper output by at least 100 000 t. Total production next year would not exceed 1 542-million tons. November 30 – Asarco, subsidiary of Grupo Mexico, says effective January 1, 2002 to cut output at Mission mine by 23%. Since November 2000 production at mine has been cut by 61%. Previous curtailment confirmed September. Initial reports also said output at Amarillo refinery has been cut by 29% or 95 000 t/y. November 30 – Noranda says it 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 tons from capacity of 360 000 tpy. November 29 – Nippon Mining & Metals says it will cut refined copper output at plants in Japan by about 40% to 400 000 tons in calendar 2002 from originally planned 445 000 tons. November 27 – Rio Tinto subsidiary Kennecott Utah Copper says it will permanently close its 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, company sees 2002 copper output at about 320 000 tons. November 23 – Anglo American said it had cut 2001 output forecast at its Konkola Copper Mines (KCM) in Zambia to 200 000 tons from 240 000 tons. Shortfall blamed on poor global market conditions. KCM comprises Nchanga Open Pit, Nchanga Underground and Konkola Underground mines. November 15 – China’s Yunnan Copper says has it has closed a small mine which produced 4 000 tons per year (t/y) of contained copper. Plans to close larger 18 000 t/y mine ate end-year under government orders. November 14 – Major Chinese copper producers say they have agreed to cut copper output in 2002 by 100 000 tons. 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 – Antofagasta says to cut production at Los Pelambres copper-mine in Chile by 40 000 t to 330 000 t of concentrates in 2002 from 370 000 t in 2001. November 13 – 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 a long time, will close once government authorities issue formal approvals. November 9 – Chile’s State-run Codelco, the world’s number-one copper producer said it would probably cut copper output in 2002. A definite decision will not be made until December. November 8 – BHP Billiton announces 170 000 t/y cutback. Some 80 000 t/y to be cut immediately at 57,5%-owned Escondida mine in Chile and 90 000 t/y at Tintaya mine in Peru, effective January 8, 2002. Cuts to be reviewed at end of financial year. Further reductions mooted. November 3 – Chemetco, a privately-held US secondary copper refiner, says it is planning to close a smelter in Illinois and file for Chapter 11, according to market sources. Plant has capacity to produce 135 000 t/y copper anode. Supplies Chemetco refinery and Asarco’s Amarillo plant. October 30, 2001 - Hudson Bay Mining and Smelting, 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 – Grupo Mexico says seriously considering cutting production. October 26 – Boliden says will temporarily halt production at Myra Falls zinc-copper mine, British Columbia for three months. Produced 11 321 tons of contained copper in first nine months. October 26– Barrick Gold Corporation says to close El Indio gold-copper mine by mid-2002. Loss put at 15 000 tpy. October 23 –Phelps Dodge Corporation 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 – Metorex decides to put operations at Chibuluma South Project, Zambia on care and maintenance.Annualised loss put at 15 000 t. September 30 – Imperial Metals 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 – 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, – 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 –Kennecott Utah Copper, US unit of Rio Tinto, says to cut annual ore output by 18%. 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 second quarter –Cuba closes copper-mines. Produce around 2 000 tpy of contained copper. March 26 – 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 day to 60 day alternating cuts at Tyrone, Sierrita and Bagdad mines. – Reuters