Freeport-McMoRan Finds Buyer for Candelaria Mine in Chile

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Freeport-McMoRan Copper & Gold Inc. has reportedly found a buyer for its Candelaria copper mine in Chile.

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According to a report in Mining Global, Canadian Lundin Mining has agreed to purchase the copper mine for $2 million. The miner will partner with Franco-Nevada Corp, which will pay for a stream of the mine’s future gold production.

Freeport, one of the largest mining companies in the world, has been trying to sell assets to pay down its hefty $20.9 billion debt load. Candelaria is Freeport’s fifth biggest mine in terms of employees, an open-pit copper mine located in northern Chile.

Dropping 0.7 percent on the LME, the cash price of primary copper was the biggest mover on Wednesday, July 16, closing at $7,102 per metric ton. The 3-month price of copper weakened by 0.5 percent on the LME, settling at $7,104 per metric ton.

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The cash price of primary Japanese copper declined 0.3 percent to JPY 755,000 ($7,426) per metric ton. The price of US copper producer grade 122 showed little movement yesterday at $3.93 per pound. The price of US copper producer grade 102 held steady on Wednesday, remaining around $4.12 per pound. The price of US copper producer grade 110 showed little movement yesterday, hovering around $3.93 per pound.

Chinese copper prices were mixed for the day. At CNY 51,870 ($8,357) per metric ton, Chinese copper bar fell 0.2 percent on Wednesday. The cash price of Chinese copper weakened by 0.2 percent, settling at CNY 52,070 ($8,389) per metric ton. The price of Chinese copper wire remained steady at CNY 50,790 ($8,183) per metric ton. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,137) per metric ton.

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