This Morning in Metals: Copper Mining Heats Up Amid Rising EV Demand

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This morning in metals news, Russian investors are interested in Nevada copper, iron ore is booming and Vietnam’s steel sector looks to build on a record-setting 2018.

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Nevada Copper

Among other metals, copper will become increasingly important as electric vehicles gain market share.

As such, it’s no surprise that copper mining is heating up in many places, including the state of Nevada, according to a report by the High Country News.

The report notes a copper mine financed by a Russian oligarch is set to open this year, approximately 60 miles away from Tesla’s so-called Gigafactory.

Iron Ore Soars

Amid recent supply-side disruptions in Brazil after Vale SA’s tailings dam breach and in Australia (stemming from port damage as a result of the recent Tropical Cyclone Veronica), the iron ore price is rising fast.

According to the Hellenic Shipping News, the iron ore price rose above $92/ton this week, its highest level in over two years.

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Vietnam Steel Sector Could Grow Further

The Vietnam Steel Association is optimistic the country’s steel sector will continue to grow, even after a productive 2018, S&P Global Platts reported.

Vietnam’s crude steel production in 2018 hit a record 14.1 million tons, which marked a 23% year-over-year increase.

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