This Morning in Metals: LME copper surges to start the week

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This morning in metals news, the copper price jumped Monday, Germany’s Thyssenkrupp is reportedly in talks to consolidate its loss-making steel business and the Oyu Tolgoi copper-gold mine needs $1.5 billion in capital costs.

Copper prices make gains to start the week

LME copper Monday jumped as much as 2.7%, Reuters reported, buoyed by the easing of some coronavirus-related restrictions.

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The LME copper price was on its way to its largest daily gain in a month, according to the report.

Thyssenkrupp in talks over steelmaking business

Germany’s Thyssenkrupp is in talks with rivals about consolidating its steelmaking business, Reuters reported.

Thyssenkrupp Steel Europe posted a loss of 372 million euro in the first half of the fiscal year.

Oyu Tolgoi mine will need additional $1.5B in capital costs

Turquoise Hill, which is majority-owned by miner Rio Tinto, said its Oyu Tolgoi mine will require an additional $1.5 billion in capital costs.

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“The block cave design anticipates a delay to OTFS16 key project milestones of sustainable production of 25 months (with a range of 21 to 29 months) inclusive of an allowance for schedule contingency, and an increase in development capital cost of $1.5 billon (with a range of $1.3 to $1.8 billion), subject to any additional scheduling delays or increases in capital costs arising from the impacts of the COVID-19 pandemic, which may also reduce the available contingency in these estimates,” the firm said late last week. “These schedule and cost delays are within the estimates previously disclosed to the market and will undergo a period of further detailed design, engineering and optimisation to support the Definitive Estimate.”

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