SMM Ranking by Metal Price Increase (Weekly)2017.6.16

Following a worker fatality on March 12, Rio Tinto suspended operations at its Kennecott copper mine in Utah, US. In a statement posted on its official website, Rio Tinto said that all surface and underground mining operations at Kennecott (also known as Bingham Canyon Mine) had been suspended. Chief Executive Officer Simon Trott said the company was working closely with the relevant authorities and contractor partners to support a full and thorough investigation.

Canada-based First Quantum Minerals will sell its Çayeli mine in Turkey to Cengiz Holding for $340 million in cash as part of its portfolio optimization strategy.Cengiz Holding will acquire the underground copper-zinc mine through its subsidiary CengizInsaat.First Quantum Chief Executive Officer Tristan Pascall said, "The sale reflects the company's disciplined approach to portfolio management while focusing on its core strategic priorities."The transaction remains subject to regulatory approvals and is expected to be completed in Q2 or Q3 of this year.

The situation on Khark Island has been brought under control, and the defense system was restarted shortly after coming under attack. According to reports, following the attack on Khark Island, preliminary observation and assessment found that the island’s critical oil infrastructure sustained no damage, and related operations are continuing. All employees in the oil sector on Khark Island were unharmed. Citing informed sources, the report said that the attackers failed to achieve their intended strategic objectives.