• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 59 mins Here's your favourite girl, Tom!
  • 9 hours IMO 2020:
  • 2 hours Brexit agreement
  • 5 hours The Problem Is The Economy, Not The Climate
  • 11 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 6 hours Australian Hydroelectric Plant Cost Overruns
  • 57 mins Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 1 day Idiotic Environmental Predictions
  • 19 hours The Ultimate Heresy: Technology Can't Fix What's Broken
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 hours 5 Tweets That Change The World?
  • 2 hours Bloomberg: shale slowing. Third wave of shale coming.
Alt Text

Are We Really Facing A Battery Metal Shortage?

Electric car builder Tesla foresees…

Alt Text

Chinese Rare Earth Exports Tumble As Trade War Accelerates

China, the world’s largest producer…

Dave Forest

Dave Forest

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

More Info

Premium Content

This Major Political Shift Could Rock Copper Markets

Indonesian officials said this past week they are close to an agreement on the major Grasberg mine. Which would see a price set for the government’s legislated purchase of a 51 percent interest in this world-leading operation. 

And elsewhere, more major developments emerged for the global copper market. With a leading presidential candidate in the world’s top producing nation saying he wants to overhaul the local mining sector. 

That’s Chile, which is gearing up for a presidential election in November. And this week, center-left candidate Alejandro Guillier laid out a 10-point plan for mining reforms — which could mean major changes coming for the Chilean copper sector. 

Most of Guillier’s proposed changes are positive. With the candidate pledging to make royalties and environmental impact procedures more amenable for the mining sector. 

Guillier also said he would move to streamline the permitting process for major mining projects — by creating a new office dedicated to the review of proposed large-scale operations. 

But the biggest change proposed by Guillier would shake Chile’s copper sector to its foundation. By repealing a secret and controversial piece of legislation that has dogged the local mining sector for decades: the Copper Reserve Law. 

Under that rule, Chilean state copper miner Codelco is required to transfer a portion of profits each year to fund Chile’s armed forces. With the law having been criticized for a lack of transparency, being outside of the control of Chile’s parliament. 

Guillier said he would push for a complete repeal of the law. Which could open the door to Codelco keeping a larger portion of its profits — and thus having increased funds for expansions and new project developments. 

That in turn could lead to increased production from Chile as a whole. Guillier also said he wants to do the same with lithium, by creating special state agencies to support development of new projects. Watch for results of the presidential election in November and December. 

Here’s to change coming.

By Dave Forest

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play