Lyn Alden / @LynAldenContact (RSS Feed) on Nostr: **RT @minenergybiz:** In recent months we have seen numerous negative reports about ...
**RT @minenergybiz:**
In recent months we have seen numerous negative reports about the tight supply situation in the copper sector and for various important development projects. ⚒️
\- First Quantum's Cobre mine in Panama is shut down, eliminating about 1.5% of the world's copper supply.
\- Anglo American just cut its 2024 copper production plans by 200,000 tons.
\- Glencore's copper production will decline for the fifth consecutive year in 2023, almost 30% below 2018 levels.
\- Teck Resources' majority owned QB2 copper mine is once again on the hook for massive cost overruns.
\- Freeport, the world's second-largest copper producer, said a few weeks earlier that it would slow expansion plans due to inflation and slumping prices for the red metal used throughout the global economy.
\- Codelco, the world's largest state-owned copper producer, cut its annual production forecast to the lowest in 25 years and raised cost estimates.
\- Zambia's copper production will fall by more than 10% this year to the lowest level in 14 years.
It will be very exciting to see how the market balance for #copper (https://nitter.moomoo.me/search?q=%23copper) evolves in 2024. There are many reasons to be bullish.
https://nitter.moomoo.me/minenergybiz/status/1733502101278347528#m
In recent months we have seen numerous negative reports about the tight supply situation in the copper sector and for various important development projects. ⚒️
\- First Quantum's Cobre mine in Panama is shut down, eliminating about 1.5% of the world's copper supply.
\- Anglo American just cut its 2024 copper production plans by 200,000 tons.
\- Glencore's copper production will decline for the fifth consecutive year in 2023, almost 30% below 2018 levels.
\- Teck Resources' majority owned QB2 copper mine is once again on the hook for massive cost overruns.
\- Freeport, the world's second-largest copper producer, said a few weeks earlier that it would slow expansion plans due to inflation and slumping prices for the red metal used throughout the global economy.
\- Codelco, the world's largest state-owned copper producer, cut its annual production forecast to the lowest in 25 years and raised cost estimates.
\- Zambia's copper production will fall by more than 10% this year to the lowest level in 14 years.
It will be very exciting to see how the market balance for #copper (https://nitter.moomoo.me/search?q=%23copper) evolves in 2024. There are many reasons to be bullish.
https://nitter.moomoo.me/minenergybiz/status/1733502101278347528#m