Anglo American Boss to Announce Mine's Recovery Plan; Chinese Bright Copper Scrap Gains 2.3%

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Anglo American’s Chief Executive Mark Cutifani ” is to tell investors on Thursday how he plans to improve the miner’s operations and hit ambitious 2016 performance targets,” reports Reuters.

“Anglo, the smallest of the leading diversified miners, has long lagged behind its peers. In the past two years alone it has been hit by labour troubles in South Africa, operational hiccups at key copper mines and multibillion-dollar cost overruns in Brazil.”

“Expectations have been high for Australian mine engineer Cutifani, who was credited with significant changes, operational nous and political acumen during his time in charge of South African bullion miner AngloGold.”

“At the end of July, less than four months after taking the helm, he said Anglo American would target a return on capital employed (ROCE) – a measure of the value a company gets out of its assets – of more than 15 percent by 2016.”

In metal price news…

On the weekly Copper MMI®, Chinese bright copper scrap rose 2.3 percent to finish as the week’s biggest mover. The price of Chinese copper wire rose 0.5 percent after falling 0.6 percent during the previous week. Chinese copper bar traded sideways last week. The cash price of Chinese copper stayed essentially flat.

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The price of US copper producer grade 122 ticked up 1.5 percent over the past week. Last week, the price of US copper producer grade 110 increased by a slight 1.5 percent. The price of US copper producer grade 102 rose 1.5 percent over the past week. The Japanese copper cash price settled this week after shifting up 1.3 percent. Following a steady week, prices for Korean copper strip closed flat.

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The primary copper cash price rose 1.3 percent on the LME over the past week to $7,081 per metric ton. The copper 3-month price shifted up 1.3 percent on the LME to close at $7,085 per metric ton this week.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.