• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 hour New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 hours Permafrost Melting Will Cost Us $70 Trillion
  • 48 mins Nothing Better than Li-Ion on the Horizon
  • 5 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 4 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 1 hour UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 5 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 21 hours Countries with the most oil and where they're selling it
  • 46 mins How many drilling sites are left in the Permian?
  • 9 hours ..
  • 22 hours Section 232 Uranium
  • 24 hours Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 14 hours Iran Sabre Rattles Over the Straights of Hormuz
Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Despite Low Prices, Chinese Ramp Up Copper Production Here

New copper production has been hitting the market fast and regular of late.

And this week we got news that yet another massive mining project is now providing additional supply — even as prices dip to their lowest in six years.

That’s the Las Bambas copper mine in Peru. A mega-project being developed by China’s MMG — which said yesterday the mine has just sent out its first shipment of copper concentrate. Related: Oil Sold for -$0.50 per Barrel. A Negative Price!

MMG announced that 10,000 tonnes of concentrate from Las Bambas sailed out of Peru’s Port of Matarani last Friday. Marking the first production ever from this new mine.
And there’s a lot more where that came from.

Las Bambas is in fact one of the largest copper mines to be developed globally the last several years. With the operation expected to produce 200,000 tonnes of copper metal this year — ramping up to 400,000 tonnes in 2017. Related: U.S. Crude Production Could Fall Harder Than Thought In 2016

This is one of the major operations expected to lift Peru’s copper output by 65 percent this year. This following a 35 percent rise posted this past October.

Of course, given the ownership by MMG, much of the Las Bambas output will likely be destined for China. Meaning other copper producers around the world may still be left looking for supply.
But given that China has been one of the major drivers for global copper demand, the emergence of a big supply source like this is a critical happening for the industry. Related: The World Just Lost One Of Its Biggest Oil Plays To Low Prices

Added to other major China-backed developments like the Toromocho mine in Peru and the upcoming Mirador development in Ecuador, mines like Las Bambas are going to mean Chinese buyers have a steady stream of mine feed. Which may dampen China’s buying from other parts of the world.
Watch to see if the continued ramp-up of Las Bambas goes on schedule. And if China’s buying elsewhere globally is less aggressive in the wake of this commissioning.

Here’s to a big shoe dropping

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News