Shanghai-bonded copper stocks extend decline by 11,200 mt on week

Colombia has abolished two major mining restrictions imposed by former President Gustavo Petro, potentially reopening millions of hectares for exploration and releasing billions of dollars in investment under President Abelardo de La Espriella.Colombia’s Ministry of Mines repealed 15 special mining zones on October 22, covering 5.3 million hectares, or nearly 5% of the country’s land area. The Ministry of Agriculture separately revoked food production protection areas (APPA) in four regions in October, removing another obstacle to mineral development.Juan Camilo Narino, president of the Colombian Mining Association (ACM), said at the National Mining Congress in September: “Colombian mining is seeking to open a new phase and once again become an engine of growth for the country and its regions.”

Codelco Chairman Bernardo Fontaine said on Thursday that the inflated production identified in the company's financial statements amounted to 42,100 mt.He added at the extraordinary shareholders' meeting that the second case disclosed by the company had an impact of 17,000 mt on inventories, corresponding to a value of $120-140 million.The company has initiated an audit and dismissed nine individuals across three mines and its headquarters office to verify whether production data had been misreported.

Data from Chile customs showed that Chile's copper exports in October were 180,665 mt, with 13,652 mt shipped to China that month. Chile's copper ore and concentrates exports in October were 1,350,404 mt, with 818,899 mt shipped to China that month.