With Copper Still Low, Teck Resources Looks to Acquire New Mines

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Teck Resources Ltd., Canada’s second-largest mining company, is looking to buy a copper mine as the current slump in prices puts pressure on some rivals to sell.

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Teck, which also produces coking coal and zinc, is interested in locations with low political risk, Chief Executive Officer Don Lindsay told Bloomberg News in an interview. He declined to comment on specific assets.

“There are a couple of things that we think might shake loose,” Lindsay said. “We’re looking more towards the end of the year.”

On Wednesday, March 4, the day’s biggest mover was US copper producer grade 110 price, which saw a 1.2% decline to $3.39 per pound. The price of US copper producer grade 122 closed Wednesday at $3.39 per pound, halting its two-day flat run with a 1.2% decline. The price of US copper producer grade 102 fell 1.1% to $3.58 per pound yesterday after two days of no change. The Japanese copper cash price rose 0.1% to JPY 734,000 ($6,135) per metric ton.

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Chinese copper closed mixed yesterday. Chinese copper wire prices rose 0.2% to CNY 42,610 ($6,791) per metric ton. At CNY 43,380 ($6,914) per metric ton, Chinese copper bar fell 0.2% yesterday. The Chinese copper cash price declined 0.2% to CNY 43,580 ($6,946) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 33,400 ($5,323) per metric ton.

The 3-month price of copper weakened by 0.8% on the LME, settling at $5,835 per metric ton. Also on the LME, the primary copper cash price declined 0.7% to $5,854 per metric ton.

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