Freeport-McMoRan, Antam May Build Copper Smelter in Indonesia

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We may see a new copper smelter in Indonesia soon. “Major mining firms Freeport-McMoRan Copper and Gold and state-owned PT Aneka Tambang (Antam) on Monday agreed to study the possibility of building a copper smelter to comply with a new Indonesian law banning the export of mineral ore,” reports Reuters.

“The companies have warned that their operations will suffer unless they are given leeway in the regulations that came into effect in January to give them time to meet the requirements.”

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“The law sparked widespread concern about its impact on the mining industry and its potential to further undermine confidence in Indonesia’s economy. Metal ore and concentrate exports ground to a complete halt, government officials said in January, two weeks after the ban on ore shipments and an export tax were put in place.”

In metal price news for copper…

On Monday, February 10, the cash price of Japanese copper experienced the biggest change, rising 1.7 percent. The price of US copper producer grade 110 finished the market day up 0.5 percent per pound. After a 0.5 percent increase, the price of US copper producer grade 122 finished the day. The price of US copper producer grade 102 increased 0.5 percent.

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Chinese copper prices closed flat for the day. The price of Chinese copper bar saw essentially no change for the fifth day in a row. The cash price of Chinese copper continues to hover for the fifth day in a row. For the fifth day in a row, the price of Chinese copper wire remained essentially flat. The price of Chinese bright copper scrap was unchanged.

On the LME, the 3-month price of copper gained 1.4 percent to finish at $7,157 per metric ton. Also on the LME, the primary copper cash price inched up 1.3 percent to $7,200 per metric ton.