• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 6 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 6 hours Renewables provided only about 4% of total global energy needs in 2018
  • 55 mins Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 day EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 3 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 11 hours Shale Oil will it self destruct?
  • 3 days Today in Energy
  • 7 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 25 mins N.Y. Governor Signs Climate Bill
  • 5 mins First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 2 days Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 17 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 days LA Solar Power/Storage Contract
Alt Text

As Diesel Dies, One Commodity Is Crashing

Platinum futures plunged to 14…

Alt Text

Lithium Plunging As Chinese EV Production Slows

China’s electric car subsidy changes,…

Alt Text

Investors Return To Plowing Money Into Commodities

Commodities are trending once again…

Dave Forest

Dave Forest

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

More Info

Premium Content

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:




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