CAPITAL MARKETS

Copper down on planned Mutanda restart

Freeport-McMoRan tumbles 6.6%

Staff reporter
 Freeport-McMoRan’s Bagdad copper-molybdenum operation in Arizona

Freeport-McMoRan’s Bagdad copper-molybdenum operation in Arizona

The red metal was under pressure as this year's 30% price increase has prompted Glencore to restart its idled Mutanda copper and cobalt mine in the Democratic Republic of Congo next year, Marex Spectron's Anna Stablum said.

Other base metals also closed lower, with zinc and nickel falling by similar amounts.

The recent volatility in cryptocurrencies was contrasted by strength in the gold price, which rose to $1,890 an ounce on the spot market.

However it had softened back to about $1,868/oz at the time of writing, after the US Federal Reserve released the minutes of its April meeting.

"A number of participants suggested that if the economy continued to make rapid progress toward the committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases," it said.

Mining majors closed lower, with copper producer Freeport-McMoRan tumbling 6.6% in New York.

In London, Anglo American led the losses with a drop of 4.71%.

Antofagasta, Rio Tinto and Glencore all closed down more than 3.3%.

Barrick Gold lost 1.55% in Toronto.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.