Copper – Mineweb reported that the death toll has risen to 14 after a tunnel collapsed at Big Gossan underground training facility at the PT Freeport Indonesia Grasberg complex, and 14 more are still missing and feared dead.
Copper – Bloomberg reported that copper futures are headed for their longest rally since January on the back of the work stoppage at Freeport-McMoRan Copper & Gold Inc.'s (NYSE:FCX) Grasberg mine in Indonesia. A tunnel collapsed at the mine on May 14 and the death toll is now at 17.
Copper – Reuters reported that operations have been halted at Freeport-McMoRan Copper & Gold's Indonesian unit after a tunnel collapse killed four and trapped 25 others. As quoted in the Reuters report:
Copper – Despite having recouped some of its losses from the previous session, Dr. Copper appears to be suffering from an ailing economy.
Copper – Reuters reported that striking contract workers at Freeport-McMoRan Copper & Gold's Indonesian Grasberg copper and gold mine will return to work after a pay dispute has been settled.
Copper – Mining Weekly reported that Freeport-McMoRan Copper & Gold is close to striking a supply deal for copper concentrate to an Indonesian smelter, which could figure in to contract renegotiations with the South-East Asian nation.
Copper – The absence of stellar economic growth data out of China and gold’s largest single-day drop in decades together pushed copper to an 18-month low this week. The red metal traded dangerously close to bear market conditions.
Here's a look at current and upcoming block-caving mines as well as an analysis of how to tell whether a block-caving operation is a good investment.
Copper – Bloomberg reported that Freeport-McMoran Copper & Gold may double its sales of copper concentrate to China this year to capitalize on a surge in demand.
Copper – This week, copper yielded all the gains it has made this year, weighed down by concerns about a proposed Chinese property tax and signals that the Fed's asset purchases may come to an end.
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