Freeport CFO: Do not want to be "distracted" by the takeover offer
Kathleen Quirk, chief financial officer of Freeport-McMoRan, said on Tuesday that the company does not want to be distracted by any takeover offer and will now focus on expanding its Indonesian Grasberg copper-gold mine project and increasing cash flow. In recent months, several senior executives from its rival Barrick Gold Corp have expressed in public their intention to acquire the Freeport in whole or in part, especially the Grasberg project, the world’s largest copper mine. But there is no official proposal for an acquisition. Freeport CEO Richard Adkerson said he has no interest in selling the company.
U.S. lifts aluminum tariffs on Canada
According to the official announcement of the US Trade Representative, the US expects that in the next few months of this year, aluminum imports from Canada will "fall back to normal levels." Therefore, the United States will cancel the additional aluminum import tariffs on Canada. The U.S. Trade Representative stated in a statement: "Compared with January to July this year, the next monthly average Canadian aluminum imports will be reduced by about 50%. Therefore, the United States has decided to revise the 10% retaliatory tariff on Canadian aluminum. Policy, continue to implement the duty-free policy.” However, the US Trade Representative Office also stated that if Canadian aluminum imports exceed the limit set by the Trade Representative Office, it will impose another 10% retaliatory tariff on imports of the current month.
Nearly 27% of U.S. Gulf Oil Production Interrupted
British Reuters news agency reported on September 16, the US government regulator said that Hurricane "Sali" caused the closure of oil and gas production capacity in the Gulf of Mexico. According to the US Agency for Security and Environmental Enforcement, approximately 497,100 barrels per day or 26.87% of crude oil production capacity in the Gulf of Mexico has been shut down; approximately 760 million cubic feet per day or 28.03% of natural gas production capacity has been shut down.
Goldman Sachs: Raises the fourth quarter iron ore price forecast to US$105/ton
Recently, Goldman Sachs raised its fourth-quarter iron ore price forecast to US$105/ton (previously estimated to be US$80/ton), raised its forecast for 2021 to US$90/ton (previously estimated to be US$80/ton), and raised its forecast for 2022 to 75 US dollars / ton (previously estimated to be 70 US dollars / ton), the problem of oversupply is still expected to continue beyond 2024, because Brazil's Vale's delivery volume increases and Guinea's production increases.
IEA lowers global crude oil demand expectations
In the latest monthly report released by the International Energy Agency, IEA believes that the current market sentiment is weak and the number of people infected with the new crown virus is increasing. Therefore, it lowered the forecast of oil demand growth in 2020 and claimed that the road ahead is "streak". In its monthly report, the IEA lowered its outlook for global oil demand growth to 91.7 million barrels per day. This marked a year-on-year contraction of 8.4 million barrels per day, which was higher than the 8.1 million barrels per day predicted by the agency in its August report.
Chile Codelco and EI Teniente copper mine supervisory union reached agreement
According to the latest news from Santiago, Chile’s National Copper Corporation (Codelco) said this week that it has reached a contract agreement with the EI Teniente copper mine supervisory union, reflecting the new constraints faced by the copper mining industry after the new crown pneumonia epidemic has hit the economy hard Reality. The company said in a statement that 88% of union members support an agreement that does not raise salary in the upcoming contract, and the signed agreement will be valid for 36 months from November 1, 2020.
Wanbao Minerals Lamika’s Bombi Copper-Cobalt Mine Project successfully produced the first batch of copper cathodes
Recently, the Congo (DRC) Lamika Co., Ltd. Pompei copper-cobalt mine project successfully produced the first batch of copper cathodes, which marked the official completion of the project's copper production system and successfully achieved the key milestone node goal of the project. The construction of the Bomby copper-cobalt mine project started at the end of May 2019, and the commissioning trial was launched on August 25, 2020. The first batch of copper cathodes was successfully produced on September 13. The main project construction took only 15 months, and the commissioning trial took only 19 Day, once again vividly demonstrated China's efficiency and Wanbao mineral strength.
Queensland Resources Commission calls for increased survey funding
According to reports, the Queensland Resources Council (QRC) called on the state government to allocate part of the A$3 billion Covid-19 stimulus plan to strengthen mineral exploration in the state. As early as June, QRC proposed 40 resource industry recovery proposals to the state government, one of which is to increase the capital of CEI by 100 million Australian dollars in the next four years.
Ukraine's iron ore exports from January to August increased by 12.8% year-on-year
Ukraine exported 3.7 million tons of iron ore in August, down 5.1% month-on-month and 11% year-on-year. Although exports declined in August, Ukrainian iron ore exports from January to August this year increased by 12.8% year-on-year to 30.7 million tons; during this period, the increase in exports was not as high as the increase in exports. Iron ore from January to August The total export value reached 2.5 billion U.S. dollars, an increase of only 0.9% year-on-year. Among them, China is still the main export market for Ukrainian iron ore, accounting for 64.1%.
U.S. gold coin demand skyrocketed
According to data from the United States Mint, the total demand for American Eagle gold coins in the first eight months of this year reached 589,500 ounces. For the whole year of 2019, the demand for American Eagle gold coins was only 152,000 ounces. In other words, the demand for this gold coin in the first eight months of this year was nearly four times that of last year. In fact, the global demand for similar gold coins has increased significantly. The Australian Perth Mint's demand for gold coins in the first seven months of this year increased by 189% year-on-year.
