Freeport-McMoRan’s Sale of Chilean Copper Mine Held Up

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The sale of Freeport-McMoRan’s Candelaria copper mine in Chile has been sidetracked as major changes to the South American country’s tax regime take effect, Mining.com reported.

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The US-based company, which is currently in negotiations to sell the mine to Canadian miner Lundin Mining for $2 billion, is awaiting clarity on Chile’s new tax reform before the sale can be completed.

According to the Wall Street Journal, Chile’s tax reform, which was approved by the Senate in July, was sent back to the country’s lower house of congress for approval. The legislation is required before the sale can be approved.

The cash price of Japanese copper experienced the biggest price decline of the day, dropping 0.3 percent to close at JPY 759,000 ($7,212) per metric ton on Wednesday, September 3. The price of US copper producer grade 110 showed little movement on Wednesday, hovering around $3.84 per pound. The price of US copper producer grade 102 saw little change in its price on Wednesday at $4.03 per pound. The price of US copper producer grade 122 held steady around $3.84 per pound.

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Chinese copper closed mixed yesterday. Chinese copper bar saw its price rise 0.1 percent to CNY 51,350 ($8,335) per metric ton. The Chinese copper cash price rose 0.1 percent to CNY 51,550 ($8,367) per metric ton. For the fifth day in a row, the price of Chinese copper wire remained essentially flat at CNY 50,395 ($8,180) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,190) per metric ton.

The copper 3-month price flattened at $6,945 following two-days of declines on the LME. After dropping for two days on the LME, the primary copper cash price flattened at $6,965.

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