SHANGHAI, Feb 27 (SMM) – This is a roundup of what happened in the overseas copper market.
1. First Quantum announced on February 23 that it would suspend the ore processing business of Cobre Panamá mine. After all, the negotiations between First Quantum and Panama have been stuck in a stalemate for a long time. Although the market was prepared, it had to pay more attention to the length of its suspension. If First Quantum cannot operate normally in 2023, the current global ample supply of copper concentrate may change in 2023. There are many voices in the market hoping that the suspension of production of First Quantum is only temporary.
2．JCHX Mining Management Co. announced on the evening of February 23 that the company intends to subscribe for 50% of the equity of CMH, a wholly-owned subsidiary of Cordoba Mining in Colombia, through a wholly-owned subsidiary with a transaction amount of no more than $100 million. If the transaction is successfully completed, the company and Cordoba Mining will respectively own 50% of the SanMatias project through CMH, including the Alacran copper-gold-silver mine.
3 India’s copper demand increased 27.5% in 2022. Copper is an important metal to promote the green transformation. After India became a net importer of copper in 2018, the country's green transformation is facing the problem of copper shortage. According to BQ Prim, India may fail to achieve its 30% EV vision by 2030 due to copper shortages.
