Copper prices could rise to boomtime highs of more than $US4 a pound because of unexpectedly low supply as global growth continues to grow, says Rio Tinto’s operating partner in the big and controversial Grasberg copper and gold mine in Indonesia, Freeport-McMoRan (The Australian reports).
Ecuador has cemented its position as the world’s exploration hot-spot for copper, with BHP Billiton, the world’s biggest miner, opening an office and recruiting additional staff as it advances its hunt for copper (reports David Stringer from Bloomberg).
Some impressive new primary gold hits at the “Lingering Kiss” prospect, part of Kairos Minerals’ (ASX: KAI) Roe Hills project in WA has prompted stock newsletter Catalyst Hunter to compare the $7.7 million junior to share market success story Breaker Resources (ASX: BRB).
Dr Copper returned to the Australian stock market this week and his diagnosis was that the mining sector is in rude health, fuelled by a solid gold price, ever-increasing interest in the family of battery metals and a surprise return to the scene of almost forgotten rare earths.
Once perilously debt-laden Atlas Iron is within reach of a net cash position after generating $9 million cash from its operations in the June quarter in the face of a steep decline in the price it receives for its lower grade iron ore (The Australian Financial Review reports).
The 2017 financial year was a good one for Aussie gold producers, as might be expected given the industry enjoyed a record annual average gold price in local dollars of more than A$1650 an ounce (reports Barry FitzGerald on MiningNews).
After recently hinting of a second primary gold zone at the Leonora gold project, Kin Mining has confirmed the news, receiving hits of up to 49.4 grams per tonne gold (reports Kristie Batten on MiningNews).