Good year for copper predicted

This prediction is welcome news for copper extractors in PNG which should see increases in revenue from the red metal following two years of bad performances.

Analysts says the spike is fueled by a pick-up in Chinese imports, which is responsible for almost 50 per cent global copper demand, as well as speculation regarding the impact of US President Elect, Donald Trump’s, $500 billion infrastructure plans on demand for the metal.

PNG poised to become copper giant

This follows the lodgment of two Special Mining Leases for the Frieda and Wafi-Golpu projects

If approved, both projects will join the Ok Tedi Copper-Gold project.

PNGCMP Executive Director, Greg Anderson, revealed this in the Mining & Petroleum Review (Vol. 4, Issue 3)

“Each project is very large in global terms. During their project lives, they will likely go through two or three industry downturns and as many cyclical upturns,” states Anderson.

Chinese company doubles PNG copper mine cost to $3.6 bln

State-owned Guangdong Rising Assets Management Co Ltd (GRAM) [GDRAM.UL} bought into Frieda River in 2015, in line with moves by Chinese companies to pursue offshore copper mines to feed demand in the world's biggest user of the metal.

The project has still to gain formal financing and no date has been set for construction, said Joe Walsh, corporate development officer at GRAM subsidiary PanAust.

US stocks, oil prices sink after China currency move

The price of oil fell to a six-year low Tuesday after OPEC said its production increased and China devalued its currency, suggesting economic growth there was weakening and could lead to lower oil demand.

Copper also fell sharply as traders feared a slowing Chinese economy would need less of it. Mining company Freeport-McMoRan sank 12 percent.

The Dow Jones industrial average fell 212 points, or 1.2 percent, to 17,402.