SHANGHAI, Jul. 28 (SMM) – A 7.0-magnitude quake has reportedly hit the copper-rich Papua province of Indonesia early today, but SMM believes its impact on copper price should be insignificant.
Papua – in the easternmost of Indonesia – has an estimated 2 billion tonnes of copper reserves. Grasberg mine owned by Freeport-McMoRan Copper & Gold is located in the province. But SMM learned operations at this mine were little affected.
China imported only 76,191 tonnes of copper concentrate from Indonesia in the first six months of this year, making up less than 1.5% of the total. Thus, SMM believes the quake will little affect copper price.
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