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Freeport at loggerheads with Indonesia over divestment – letter

By: Reuters     29th September 2017 Freeport-McMoRan, the world's second-largest publicly traded copper company, strongly disagrees with a proposed divestment plan by the government of Indonesia, according to a company letter reviewed by Reuters on Friday. The September 28 letter to Indonesia's finance ministry reflects persistent... 

World's richest mines slipping from hands of multinationals

By: Bloomberg     5th September 2017 Outnumbered and outflanked, Freeport-McMoRan CEO Richard Adkerson made an about-face. Only months before, Adkerson had dismissed the idea of selling a majority stake in the Phoenix-based company’s flagship Indonesian copper-and-gold mine to local investors. But, seated beside government officials... 

This Canadian copper giant is missing best of metal's surge

By: Bloomberg     12th August 2017 As copper producers from Freeport-McMoRan to BHP Billiton ponder what to do with the windfall from surging prices, First Quantum Minerals has no such dilemma. Unlike most of its peers, First Quantum’s copper sales are fully hedged – at an expected average price of $2.37/lb for the second half of... 

Nevsun delays Timok schedule, provides more capital for flagship Bisha ops

By: Henry Lazenby     11th August 2017 Canadian base metals producer Nevsun Resources this week announced a strategic update on its capital allocation plans, allotting extra capital to its Eritrea-based Bisha zinc/copper/gold operation and delaying the timetable for delivery of the Serbia-based Timok prefeasibility study (PFS) to the... 

Miners rewarded for improved capital discipline

By: Henry Lazenby     11th July 2017 Increased cash flows, merger and acquisition (M&A) activity and new debt issues have helped many of the world’s top miners strengthen their balance sheets in 2016, reflecting miners’ response to investor messages around capital discipline, according to new analysis from PwC Canada. "As the global... 

FCX stock rises on interim Indonesia export deal despite earnings miss

By: Henry Lazenby     26th April 2017 The NYSE-listed stock of US-based diversified miner Freeport-McMoRan (FCX) on Tuesday closed 7.11% higher despite the miner reporting earnings below analyst forecasts, as investors were pleased with the company reporting resumed copper concentrate exports from Indonesia following a three-month... 

Indonesia allows exports from Freeport mine in stop-gap deal

By: Bloomberg     4th April 2017 Indonesia has issued a temporary mining license to Freeport-McMoRan Inc.’s local unit that will allow the company to resume concentrate exports from the world’s second-largest copper mine at Grasberg after a gap of about 12 weeks. The permit is valid for eight months from the time that the... 

Escondida deal hopes fade as sides give contradicting views

By: Bloomberg     28th February 2017 Copper traders were left confused over the state of play at the world’s top copper mine: the owner said wage talks had resumed, while the union said striking workers have had no contact with management for a week. “The good news is that we are back around the table and things are starting to come... 

Analysts acclaim Glencore’s performance as good fundamentals return

By: Martin Creamer     23rd February 2017 Commodity market fundamentals are improving against a backdrop of better than expected demand and limited, if any, inventory build through the trough of the cycle, diversified mining and marketing company Glencore said on Thursday. This comes against the background of the London-, Hong Kong- and... 

Freeport seeks guarantees from Indonesia amid mining shake-up

By: Reuters     20th January 2017 The Indonesian unit of Freeport-McMoran is seeking fiscal and legal guarantees from the government over mining rules issued last week, a spokesman for the copper mining giant said late on Thursday. The Southeast Asian nation has been pushing miners to build smelters to process ore locally, with... 

Lundin to weigh deals and dividends when Tenke sale closes

By: Bloomberg     16th November 2016 Lundin Mining will consider acquisitions and a regular dividend after it completes the sale of its stake in a giant copper and cobalt mine in the Democratic Republic of Congo, its chief executive officer said. “We’ll consider all viable alternatives of what to do with the cash when it comes in,... 

After descent to hell, miners emerge blinking into daylight

By: Bloomberg     31st October 2016 When the biggest names in mining arrive in London this week, the surroundings will be familiar, the mood unrecognizable. A year ago as prices slumped, talk at the annual London Metal Exchange gathering was of bloodletting and journeys through hell. On Tuesday, the 1 900 dinner guests under the... 

Freeport reports weaker Q3 results, lowers sales guidance

By: Henry Lazenby     25th October 2016 The world’s largest publicly traded copper producer Freeport-McMoRan on Tuesday announced third-quarter results weaker that analyst predictions, saying it now also expects to sell less copper, gold and molybdenum in 2016. Phoenix-based Freeport now expects to sell about 4.8-billion pounds of... 

Worker dies at Freeport El Abra copper mine; some operations halted

By: Reuters     30th August 2016 Chile's El Abra copper mine, controlled by Freeport-McMoran, said on Tuesday that a worker died after an accident at its acid unloading terminal, forcing a halt to some operations. "The deceased worker was carrying out his job at the acid unloading terminal, and for reasons under investigation,... 

Freeport-McMoRan reports narrowed loss in Q2, half-year results

By: Anine Kilian     27th July 2016 US-based multicommodity producer Freeport-McMoRan reported a net loss of $479-million, or $0.38 a share, for the second quarter of 2016, and a net loss of $4.7-billion, or $3.70 a share, for the first six months of 2016. This reflects a narrowed loss, year on year, when compared with the net loss... 

Copper’s $149bn mine pipeline stalls as deficit nears

By: Bloomberg     7th July 2016 The $149-billion pipeline to expand the world’s copper supply is running into trouble. Producers are counting on expansions and the development of new operations to meet supply shortages they forecast arriving toward the end of the decade. The plans are fraying as reluctant lenders, political... 

Freeport withdraws oil and gas business IPO

By: Henry Lazenby     20th May 2016 Freeport-McMoRan Oil & Gas, a unit of US-based copper producer Freeport-McMoRan, has withdrawn its initial public offering (IPO) in the wake of a collapse of oil and gas prices that wreaked havoc on company valuations. Since the unit filed for an IPO with the US Securities and Exchange Commission... 

Miners adapting to more austere fundamental backdrop – report

By: Henry Lazenby     17th May 2016 Mining companies, in general, are adapting to a more austere fundamental backdrop, despite a recent announcement in Chinese media that the country would be removing stimulus and reprioritising reforms, which caused significant apprehension during Bank of America Merrill Lynch’s (BofAML’s) recent... 

Freeport cuts oil, gas officials as low prices, high debt weigh

By: Henry Lazenby     5th April 2016 In response to a challenging fossil fuels market, US-based miner Freeport-McMoRan has reintegrated its oil and gas business as an operating division of the parent company, doing away with four senior executives, with one remaining. NYSE-listed Freeport said that subsidiary Freeport-McMoRan Oil &... 

Alpha Natural to re-emerge from bankruptcy by June 30

By: Henry Lazenby     8th March 2016 Bankrupt US coal miner Alpha Natural Resources on Tuesday said it hoped to exit bankruptcy proceedings by June 30, after it filed a Chapter 11 plan of reorganisation with the US Bankruptcy Court for the Eastern District of Virginia. Under the reorganisation plan, the company outlined its... 

Mindanao to lead Philippine rubber production

     12th February 2016 The Philippine Department of Trade and Investment (DTI) aims to position Mindanao as the country’s rubber product manufacturing hub. Mindanao currently supplies 99% of the country’s national rubber production. DTI region 9 director and national coordinator for the rubber industry cluster Dr Sitti... 

Tough copper, oil market marks quarterly loss for Freeport-McMoRan

By: Megan van Wyngaardt     26th January 2016 NYSE-listed diversified miner Freeport-McMoRan on Tuesday reported a net loss attributable to common stock of $4.1-billion, or $3.47 a share, for the fourth quarter of 2015, and $12.2-billion for the year, owing in part to weaker commodity prices. This was compared with a net loss of $2.9-billion... 

Atuabo Free Port, Ghana

By: Sheila Barradas     15th January 2016 The Atuabo Free port is being developed to provide support services for the offshore oil and gas developments in Ghana and the wider West African market. 

Tawana still awaiting MDA from Liberian govt

By: Megan van Wyngaardt     8th January 2016 Liberia’s Inter-Ministerial Concessions Committee (IMCC) is still reviewing the mineral development agreement (MDA) for junior iron-ore developer Tawana Resources’ 100%-owned Mofe Creek project, the company reports. The MDA, which is a legally binding agreement outlining the technical,... 

Freeport liquefaction project expansion – Train 4, US

By: Sheila Barradas     16th October 2015 Freeport LNG is planning to add a fourth natural gas liquefaction unit to the three trains already under construction. 

Chile quake shifts copper market focus back onto supply risks

By: Reuters     17th September 2015 A powerful earthquake in Chile has turned the copper market's focus back onto supply risks rather than Chinese demand, after mine operations have once again been disrupted in a country that accounts for a third of the world's supply of the metal. With the global copper market expected to see a... 

Thawing diplomatic relations rekindle prospects of US investment in Cuba’s mining and petroleum sectors

By: Ilan Solomons     14th August 2015 Re-establishing diplomatic relations between Cuba and the US after 54 years has rekindled fresh hopes that Cuba’s mining and petroleum industries will benefit from potential US investment in these sectors. On January 15, the US Department of Commerce and the Treasury published regulatory... 

Tawana discovers high-grade shipping ore targets at Mofe Creek

By: Megan van Wyngaardt     8th July 2015 Dual-listed iron-ore miner Tawana Resources has identified four additional high-priority target areas at its Mofe Creek project, in Monrovia, Liberia, following the discovery of high-grade direct shipping ore (DSO) hematite mineralisation, averaging 62.8% iron and reaching up to 66% iron. Located... 

Tawana signs MoU for Liberia port access

By: Megan van Wyngaardt     18th May 2015 Dual-listed iron-ore miner Tawana Resources has signed a port infrastructure memorandum of understanding (MoU) with Hong Kong-based miner Wisco Cad, it said on Monday. Under the terms of the MoU, Tawana would gain access and use of Wisco’s facilities in the Port of Freeport, Monrovia, in Liberia. 

Freeport-McMoRan books significant Q1 loss on sliding commodity prices

By: Henry Lazenby     23rd April 2015 US-based diversified miner Freeport-McMoRan swung to an eye-popping first-quarter net loss of $2.5-billion, or $2.38 a share, on the back of writing down the carrying value of its oil and gas properties and a related tax charge to establish a deferred tax valuation allowance. The net loss... 

Ammonia plant, Texas, US

By: Sheila Barradas     27th March 2015 The project involves the construction of a world-scale 750 000 t/y ammonia plant at BASF's complex in Freeport, Texas. 

Copper faces looming supply gap – Teck Resources 

By: Simon Rees     5th March 2015 The level of new copper output will be unable to plug a supply gap that could develop as early as 2017, Canadian diversified miner Teck Resources manager for market research Michael Schwartz told an audience at the Prospectors & Developers Association of Canada 2015 convention. Teck has... 

Newmont earnings fall on lower prices, beats Street

By: Henry Lazenby     31st October 2014 Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on its balance sheet. However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped, in part, by lower costs. 

Freeport-McMoRan’s Q3 profit drops amid depressed prices

By: Henry Lazenby     28th October 2014 Diversified miner Freeport-McMoRan's profit fell nearly a third year-on-year for the three months ended September 30, as depressed copper and gold prices cancelled expected gains from improved sales. NYSE-listed Freeport reported net income attributable to shareholders of $552-million, or $0.53 a... 

Freeport-McMoRan to sell Candelaria/Ojos stake for $1.8bn

By: Henry Lazenby     6th October 2014 Diversified US miner Freeport-McMoRan on Monday said it had agreed to sell its 80% stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure to Lundin Mining for at least $1.8-billion in cash. The remaining 20% ownership stake would continue to be held by... 

Freeport says blockade lifted at Indonesia copper mine

By: Reuters     3rd October 2014 A two-day blockade preventing access to the giant Grasberg openpit copper mine operated by the Indonesian unit of Freeport-McMoRan has ended after a meeting with workers on safety, the company said in a statement late on Thursday. The government expects mining activities at the openpit, which... 

Freeport-McMoRan reports improved Q2 revenues

By: Henry Lazenby     23rd July 2014 US diversified miner Freeport-McMoRan on Wednesday reported improved revenues for the three months ended June 30, as the company’s diversification into oil and gas exploration and production was paying off. The Phoenix, Arizona-based global miner said revenues were driven by improved copper... 

2.5Mt/y Liberia iron project ‘ticks all the boxes’ – Tawana

By: Esmarie Swanepoel     3rd July 2014 Iron-ore hopeful Tawana Resources has revealed that its Mofe Creek project, in Liberia, could deliver about 2.5-million tonnes a year of iron-ore. A scoping study has found that the project would have an initial mine life of 14 years, and would deliver a revenue of around $2.5-billion. Mofe... 

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