• 4 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 9 minutes Time For Reaction: Trump Presses OPEC to Reduce Prices as Crude Trades Near $80
  • 15 minutes Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
  • 1 hour So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 14 mins Global Hunger Continues to Grow Driven By Climate Change
  • 6 hours Why Are the Maldives Still above Sea Level?
  • 1 hour Praise for Alberta
  • 6 hours China Tariff Threatens U.S. LNG Boom
  • 27 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 5 hours Freedom Of Internet: Google Plans Censored Version Of Search Engine In China!
  • 18 hours Toyota Agreed To Add Android Auto To Its Vehicles
  • 1 day Robots Roam the Seafloor Looking for Mineral Resources
  • 4 hours Lack of Global Warming Messes with Russian Arctic LNG Plans
  • 1 day Transition Time: Volkswagen Announces "Electric for All" Campaign
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 10 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 12 hours Jan's Electric bike replaces electric cars
Alt Text

This Major Political Shift Could Rock Copper Markets

Chile’s upcoming Presidential elections could…

Alt Text

This Year, Everyone Will Love Uranium

Utilities have been buying uranium…

Alt Text

World’s Biggest Miner Prepares For The EV Boom

The world’s top mining company…

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