• 1 hour Russia Approves Profit-Based Oil Tax For 2019
  • 5 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 7 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 9 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 11 hours Aramco In Talks With Chinese Petrochemical Producers
  • 12 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 14 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 20 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 1 day Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
Alt Text

This Major Political Shift Could Rock Copper Markets

Chile’s upcoming Presidential elections could…

Alt Text

World Class Copper Auction Draws Major Interest

Peru’s mega Michiquillay copper is…

Here’s The Official New No.1 Copper Supplier To China

Copper

I wrote in late January about how Peru has been squeezing Chile in terms of copper supply to China.
And this week, it’s official. Peru is now the top copper exporter to the world’s biggest consuming nation.

Platts reported Monday that the latest customs data from China showed another surge in Peru copper shipments. With January imports from the South American nation rising 27 percent as compared to January 2016, to 398,568 tonnes of copper concentrate.

That was more than enough for Peru to seize top spot for Chinese copper supply. With imports from former number-one China supplier Chile amounting to just 318,618 tonnes during January — a full 20 percent less than shipments from Peru.

That’s a resounding statement on just how quickly copper output from Peru is growing. With much of the incremental production here being captive to China, from the Chinese-controlled Las Bambas and Toromocho mines.

The fact that China-destined production has risen to eclipse Chile shows just how prospective deposits in Peru are. And that may represent a major opportunity for copper producers — with Peruvian officials saying this week they’re looking for investment on a number of new projects.

Local press in Peru quoted the national Agency for the Promotion of Private Investment as saying that three big projects will be the focus for 2017 and 2018. With the government arm seeking incoming investors to advance areas of high copper potential in the country.

The most advanced of those opportunities is the Michiquillay project. Which reportedly hosts a copper-molybdenum ore resource of more than 1 billion tonnes. Related: New Technology Could Replace Lithium-Ion Batteries

The agency also said it will offer the Jalaoca and Colca projects, which have been flagged as having significant potential for copper, gold, and molybdenum. Meaning that incoming investors will have three shots at the kind of big upside that recent mining projects across Peru have demonstrated.

The recent export figures are likely to bring a lot of eyes to these projects. Watch to see if Chinese firms try to continue the trend by picking up these deposits — or if competition will emerge from other investors globally.

Here’s to staying on top.

By Dave Forest 

More Top Reads For Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




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