News Roundup for Overseas Copper Market

SHANGHAI, November 1 (SMM) – This is a news roundup for the overseas copper market last week.

1. Teck Resources, Canada’s largest diversified mining company, said last week that although the construction of its large Quebrada Blanca Phase 2 (QB2) expansion project in Chile has been completed by two-thirds, it is expected that the cost will be 5% higher than the initial expectation of $5.3 billion. Teck Resources recorded a profit of $81.6 billion in the third quarter. It said that despite the challenges of the past year, the QB2 project is expected to start production in the second half of 2022.

2. AngloGold Ashanti said on October 26 that the Colombian environmental regulator ANLA has shelved its Quebradona copper-gold project license application. AngloGold Ashanti stated that it has not received an official notification of the decision and it can appeal. It pointed out that when the regulator determines that additional information is needed to confirm or reject the application, it will make a decision to file the application.

3. South Africa is in in-depth negotiations to purchase two nickel and copper assets in Brazil, as Sibanye-Stillwater is trying to ensure the supply of metals used in electric vehicle batteries in order to transition to a green economy. The precious metals mining company confirmed on October 25 that it has negotiated with Appian Capital Advisory LLP's fund subsidiary to advise on a potential transaction that will add the Santa Rita nickel-copper mine and the Serrote copper-gold mine to its portfolio.