• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 2 hours Pros and Cons of Coal
  • 6 hours Why does US never need to have an oil production cut?
  • 2 days Pence says South China Sea Doesn't Belong To Any One Nation
  • 3 days Anyone holding Nvidia stock?
  • 7 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 12 hours Is California becoming a National Security Risk to the U.S.?
  • 2 days Germany Discusses Lifting Ban on Deporting Syrians
  • 14 hours Regular Gas dropped to $2.21 per gallon today
  • 9 hours Warren Buffett
  • 5 hours And Just Like That, Everybody Stopped Talking About $100 Oil
  • 1 day Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 3 days I Believe I Can Fly: Proposed U.S. Space Force Budget Could Be Less Than $5 Billion
  • 3 days China Claims To Have Successfully Developed a Quantum Radar That Can Detect 'Invisible' Fighter Jets
Alt Text

Tech Giants Scramble To Secure Cobalt Supply

Apple is leading the way…

Alt Text

Don’t Expect Palladium Prices To Plunge

Palladium has recently soared to…

Alt Text

As Diesel Dies, One Commodity Is Crashing

Platinum futures plunged to 14…

Dave Forest

Dave Forest

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

More Info

Trending Discussions

World Class Copper Auction Draws Major Interest

Copper prices have been on a tear the last few weeks — rising over 10 percent since late September, to a recent 3-year high above $3.20 per pound. 

And that’s apparently getting big miners interested in big copper projects again. 

That was the word from the government of Peru this week. With officials saying they’ve seen a surge of interest in a major copper development project planned for auction over the next few months. 

The project is Michiquillay — a world-leading defined resource of over 1.16 billion tonnes grading 0.63% copper. Which Peruvian investment agency Proinversion said Monday will be auctioned on December 20. 

But the most interesting detail from the Proinversion announcement was an appraisal on the number of potential bidders for this mega-project. With the agency saying that over 20 firms have “shown interest” in making an offer for Michiquillay. 

That’s a major surge of interest over the last few weeks alone. I wrote about Michiquillay on September 21 — at a time when only two companies had reportedly thrown their hats in for bidding on the project. 

That suggests the rise in copper prices over the last few weeks has brought a wave of interest from potential bidders. Officials didn’t clarify which firms are in the running — but did say they are extending the deadline for firms to pre-qualify for the auction, to November 2. Meaning we could see even more potential buyers enter the race over the next two weeks. 

Related: Is The Aramco IPO On The Brink Of Collapse?

All of which is great news for the global copper sector. Showing that big investment appetite is returning from major miners globally. 

The outcome of the Michiquillay auction will thus be a critical data point in “taking the temperature” of the copper sector — and potentially signaling more activity coming for other projects globally. Watch for news over the coming weeks on the identities of bidders, and for final award of the project on December 20. 

Here’s to bringing it back.

By Dave Forest

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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