China demand pushes copper to new peak: “Copper prices have raced to eight-year highs as global economic recovery fuels demand for the metal.
[…] global copper inventories equate to about six weeks supply – down from a ratio of eight weeks this time last year – and moving towards four weeks worth of supply based on the current rates of consumption. ”
In essence, the “Big Chunk” they own is a large area in Alaska containing an ancient volcanic structure known as a caldera. They think this area will be found to be rich in gold and copper deposits. No information here on cost of extraction or climate effects.
Noranda reports fourth quarter earnings of $64 million: “‘Our outlook for 2004 is for nickel markets to remain strong and the fundamentals for copper and zinc to continue to improve as higher demand is expected to outstrip supply and further reduce inventories. “
Mediator Adjourns Discussions between Falconbridge and CAW: “[…] and requested that the parties reflect on their respective positions. He will be contacting the parties with possible meeting dates for next week.
Falconbridge Sudbury operations are part of the Company’s Integrated Nickel Operations (INO). The operations employ over 1,500 people and consist of four underground mines, a mill and a smelter. Approximately 1,050 production and maintenance workers are represented by Sudbury Mine, Mill and Smelter Workers Union Local 598 (CAW). The strike began on February 1, 2004.
Falconbridge Limited is a leading producer of nickel, copper, cobalt and platinum group metals. “
Forbes.com: Strike enters 5th day at Billiton copper mine in Chile: “[C]opper set a string of successive 6-1/2-year highs to $2,538 per tonne Tuesday on supply worries about low inventories and the strike at Cerro Colorado, which produces 130,000 tonnes of copper a year.”
Inmet Mining announces net income of $3.21 per share in the fourth quarter: “Earnings were positively impacted by higher copper, gold and zinc prices, […] partially offset by the impact of the weakening of the United States dollar in relation to the Canadian dollar”
Amazing what you find out when you put the word “Copper” into a news search engine … Pig Industry News – Copper cut in pig rations will effect growth rates – Brought to you by ThePigSite: “Brussels has reviewed downwards the amount of copper allowed in pig diets. Diets that don’t comply with the new levels should be used up by April 26. After that, it will be illegal to feed them.
So, let me get this straight … will the worldwide price of copper be effected by this reduction in consumption by pigs?
Were they feeding copper to the pigs on purpose?
Or was the copper a byproduct of the process somehow? It jumped out of the electrical wiring and into the feed?
Just like other major news stories of this century, like WMD & Janet’s glands, I’m sure there’s more here than meets the eye … “
Strike Shuts Falconbridge Ontario Nickel Site: “The Sudbury smelter, which produced 57,900 tonnes of unrefined nickel in 2002, would be run at a reduced rate by a small number of non-union workers, Falconbridge spokesman Dale Coffin said. During the last strike at the unit, a six-month halt in 2000, the smelter was run at 50 percent to 60 percent capacity.
Metals markets have been on tenterhooks about a strike at the Canadian operation as it comes at a time when the world is forecast to need 30,000 tonnes more nickel than can be supplied. Nickel is a key ingredient in stainless steel.
The work stoppage comes just four months after a supply-crippling, 13-week strike ended at Toronto-based Inco Ltd, the world No. 2 producer.
A shutdown of the Sudbury mine, milling and smelting site will deplete world supplies by more than 4,000 tonnes a month. Smaller quantities of copper, cobalt and precious metals, which are mined as by-products of nickel, will also be lost.
Nickel prices more than doubled last year on supply worries and were expected to continue to rise with a Sudbury shutdown.”