With no papers ordering the mine to shut down in sight, Papua New Guinea’s Ok Tedi copper mine “was operating normally on Wednesday, amid legal attempts to shut it down over waste disposal practices, a spokeswoman for the mine said,” reports Reuters.
“Papua New Guinea’s National Court on Friday ordered the operating company Ok Tedi Mining to stop discharging rock waste into a river system – effectively forcing the mine to halt operations, according to media reports, which also said the papers would be served on Tuesday.”
“‘We still have not been served any papers ordering the operations to stop, so for us it is business as normal,’ Ok Tedi Mining spokeswoman Estella Cheung said.”
In metal price news for copper…
The 3-month price of copper experienced the biggest price decline of the day, dropping 0.4 percent on the LME to close at $7,171 per metric ton on Wednesday, January 29. The primary copper cash price saw a 0.2 percent decline on the LME to $7,215 per metric ton.
The price of US copper producer grade 122 weakened by 0.3 percent. The price of US copper producer grade 110 saw a 0.3 percent decline. The price of US copper producer grade 102 declined 0.2 percent. After a couple of days of decreasing prices, the Japanese copper cash price held steady.
Chinese copper closed mixed yesterday. After a 0.2 percent increase, Chinese copper bar finished the day. The cash price of Chinese copper gained 0.2 percent to finish. The price of Chinese copper wire remained steady. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.