SMM Imported Copper Concentrate Index fell as Indonesian Floods and Mudslides Struck Two Copper Mines

SHANGHAI, Feb 20 (SMM) - As of Friday February 17, the SMM Imported Copper Concentrate Index (weekly) stood at $78.23/mt, $1.15/mt lower than February 10.

The production at mines was buffeted again due to mudslides in Indonesia. The roads and equipment in the Batu Hijau mining area were damaged due to the mudslides caused by torrential rains, reducing copper concentrate production and delaying shipments. On top of that, Grasberg Copper Mine under Freeport was also affected by mudslides caused by heavy rains, leading to the destruction of production equipment and roads in the mining area. Fortunately, there were no casualties.

According to foreign media reports, it is not clear when Grasberg copper production will resume and when the roads to the mine will be repaired. Congo (DRC) implemented power rationing after CNY holidays, but the production of the Kamoa-Kakula mine has not been affected yet.