• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 11 minutes Oil prices going down
  • 19 minutes Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 10 hours 67.50 was the low for now, $70 - $76+ back in play
  • 10 hours EU And Japan Sign Historic Free Trade Deal
  • 8 hours Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 14 hours Germany: We Can No Longer Fully Rely On U.S. White House
  • 8 hours Daimler and BMW Will Beat Tesla in EV Race
  • 1 day Well from $74 we hit 67.xx now what?
  • 17 hours Chartist predicting a $1 fall, after WTI drops $10
  • 9 hours China’s Technology Sector Takes On Silicon Valley
  • 3 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 13 hours Trump-Putin Helsinki Summit And Oil Prices
  • 1 day Rio Tinto Says $4-Million Goodbye to Coal
  • 1 day Trade War of 1930s, Extended the Great Depression
  • 1 day Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 9 hours Trump mulling releasing 5 to 30 Mill Barrels
Alt Text

Supervolcanoes Could Drive The Electric Car Boom

Supervolcanoes could hold the key…

Alt Text

The Mining Sector In This Troubled Nation Just Collapsed

Tanzania’s crackdown on the mining…

Alt Text

Busting The Lithium Bubble Myth

Lithium demand continues to grow…

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

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