JX Nippon Mining's Project Cost at Chilean Mine Increases to $4.2B

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Things are getting pricey for JX Nippon Mining & Metals Corp. in Chile. According to Reuters, their “project cost at Chile’s Caserones copper mine has ballooned to $4.2 billion, up 40 percent from its earlier plan due to spiking labour costs and bad weather.”

“The latest estimate doubles its original plan of $2 billion announced in 2010, which was revised to $3 billion in 2011 because of the strong Chilean peso and higher labour costs.”

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US copper producer grade 110 price saw a 1.5 percent drop on Thursday, October 10, making it the biggest mover of the day. The price of US copper producer grade 122 fell 1.5 percent. The price of US copper producer grade 102 declined 1.4 percent. The cash price of primary Japanese copper rose 0.3 percent.

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Chinese copper closed mixed on Thursday. The price of Chinese copper wire moved on Thursday. After a few changeless days, prices dropped 1.2 percent. The price of Chinese copper bar declined 1.1 percent. The Chinese copper cash price fell 1.1 percent. The price of Chinese bright copper scrap rose by 0.7 percent.

After improving for two days, the cash price of primary copper declined 1.3 percent on the LME to $7,140 per metric ton. Following a couple days of improvement, the copper 3-month price weakened by 1.2 percent on the LME. Prices closed at $7,178 per metric ton.