RIO - VIDEO - Base Metals Update June 2019
While June saw a few companies in the base metal sector hit some production-related speedbumps, other major miners got to watch their assets continue to flourish.
For more on the news that affected the sector, watch the video above or read the transcript below.
At the start of the month, reports surfaced that Nyrstar (OTC Pink:NYRSY,EBR:NYR) had halted production at its Port Pirie lead smelter in South Australia. The company later confirmed the news, citing issues with restarting operations at the asset’s blast furnace after a planned shutdown.
The major base metal company noted that the shutdown would have a negative impact on Port Pirie’s production, but has not yet said to what extent. Production is expected to pick back up at the end of this month.
As of June 25, lead was trading at just over US$1,900 per tonne on the London Metal Exchange.
In iron ore, Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) announced that it had revised its 2019 guidance for shipments out of Australia’s Pilbara region due to operational challenges. This year’s guidance now rests between 320 and 330 million tonnes, previously docketed at 333 million to 343 million tonnes.
As of 1:55 a.m. on June 26, iron ore prices rested at US$107.59 per tonne.
In the copper sector, First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) achieved a milestone at its Cobre Panama project with its first shipment of copper concentrate. The company has made steady progress in ramping up the project this year, with production expectations for this year still resting between 140 and 175,000 tonnes.
Also speaking on copper this month was Remi Piet of Americas Market Intelligence, who talked to INN about Ecuador’s precarious position regarding organized community opposition. You can check out the full interview on our website.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.