Vancouver, British Columbia-based Mercator Mineral Park Holdings Ltd., on Aug. 25 filed in Delaware for protection under Chapter 11 of the US Bankruptcy Code.
This week, Mineral Park, an open pit copper mine located 15 miles northwest of Kingman Ariz. that is owned by Mercator, sent layoff notices to more than 350 workers there.
Mercator has been attempting to sell the mine. However, a possible sale fell through, according to a letter sent to workers.
“While the company would have preferred to provide more notice of the mine and mill closing, unforeseeable business circumstances have prevented it from doing so,” Human Resources Manager Steve Lawson said in the letter. “Unfortunately, management has just learned that the sale process will not result in any offer to acquire the company.”
The mine is to be placed in “maintenance and care” mode so it can be put back into production if the company’s financial situation improves.
The day’s biggest mover broke away from a static phase with a 1.9% drop on Tuesday, December 30. After three changeless days, US copper producer grade 110 price closed at $3.54 per pound. After holding steady for the past few days, the price of US copper producer grade 122 fell 1.9%, closing at $3.54 per pound. After three essentially changeless days, the price of US copper producer grade 102 dropped 1.8% yesterday to $3.73 per pound. The cash price of primary Japanese copper saw little change in its price on Tuesday at JPY 794,000 ($6,582) per metric ton.
Chinese copper prices were mixed for the day. Following a 0.6% rise yesterday, the price of Chinese copper wire closed at CNY 46,320 ($7,441) per metric ton. Chinese copper bar prices inched up 0.2% to CNY 47,000 ($7,551) per metric ton. At CNY 47,200 ($7,583), the cash price of Chinese copper finished the market day up 0.2% per metric ton. Chinese bright copper scrap held its value on Tuesday at CNY 40,400 ($6,490) per metric ton.
The copper 3-month price fell 1.0% on Tuesday on the LME to $6,253 per metric ton. After three straight days of no change, the cash price of primary copper decreased by 0.5% on the LME to $6,330 per metric ton.