PALM BEACH, Fla., Nov. 22, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Copper has had some ups and downs lately, but industry analysts project a better 2022. The International Copper Study Group (ICSG) met via a web-meeting, on 5-6 October 2021. Government delegates and industry advisors from most of the world's leading copper producing and using countries participated to discuss key issues affecting the global copper market. They concluded that, after three years of remaining essentially unchanged, world copper mine production, adjusted for historical disruption factors, is expected to increase by about 2.1% in 2021 and 3.9% in 2022. The report said: "Output in 2022 is expected to increase by 3.9% as it continues to recover to pre-pandemic levels in a number of countries, notably Peru. It will also be supported by the ramp-up of recently commissioned mines and expansions as well as the planned start-up of some large projects. Following a four-year period where only two major copper mines were commissioned, the pipeline of copper mine projects is improving. Major projects starting in 2021/2022… and small projects are also expected to come on stream." Active mining stocks mentioned in today's commentary include: Ridgestone Mining Inc. (OTCQB: RIGMF) (TSX-V: RMI), Freeport-McMoRan Inc. (NYSE: FCX), BHP Group (NYSE:BHP), Newmont Corporation (NYSE: NEM) (TSX: NGT), Glencore plc (OTCPK: GLNCY).
ICSG continued: "Most projects are producing concentrate which should result in sustained growth in world concentrate output. World apparent refined copper usage is expected to remain essentially unchanged in 2021 and to grow by about 2.4% in 2022. The global lockdown in 2020 led to a temporary reduction in refined copper usage in particular on an ex-China basis. However sustained growth in copper demand is expected to resume as copper is essential to economic activity and the modern technological society. Additionally, infrastructure developments in major countries and the global trend towards cleaner energy and electric cars will continue to support copper demand in the longer term. For 2022, an expected continued recovery in the world economy will benefit copper end-use sectors and should help sustain global growth of about 2.5%."
Ridgestone Mining Inc. (TSX-V: RMI) (OTCQB: RIGMF) (FSE: 4U5) BREAKING NEWS: RIDGESTONE ANNOUNCES MAIDEN DRILL PROGRAM ON ITS HIGH-GRADE EL COBRE COPPER PROPERTY, SONORA, MEXICO - Ridgestone Mining ("Ridgestone") is pleased to announce that it has finalized plans for a maiden drill program to be conducted on the El Cobre Copper property, part of its 100% owned 3,500-hectare Rebeico Gold-Copper Project located in Sonora, Mexico.
This program will be comprised of approximately 14 reverse circulation (RC) drill holes, totalling 2,700 metres, and will test the El Cobre high-grade copper property down-dip underneath the historical workings which run along a known strike-length of 200 metres, and will also investigate potential extensions.
The El Cobre mine was put into production by Asarco during the sixties and was developed on two levels, with the upper level having over 230 metres of drift development and the lower level having over 100 metres of drift development at a depth of 180 metres below surface. The main structure, with widths varying from 1 to 5 metres, has been emplaced within a quartz monzonite intrusive and remains open along strike and at depth. There has been no documented modern-day exploration at the El Cobre mine or surrounding area since production ceased, making it an ideal exploration target.
Recently, the Company collected fourteen (14) samples around the historic mine, nine (9) of which were along a 200-metre-long structure exposed at surface with the balance taken from outcrops and historic dumps. Highlights from sampling of the main mineralized structure exposed on surface included 3.5% copper plus 0.32 g/t gold over 1.0 metre and 1.5% copper plus 0.44 g/t gold over 1.5 metres. Additionally, trench sampling from waste dumps and from historical artisanal mining areas included 2.65% copper over 3.0 metres, 2.62% copper over 1.0 metre, 2.21% copper over 1.5 metres, and 2.01% copper over 3.0 metres. CONTINUED…. Read this full release and more news for Ridgestone Mining by visiting: https://www.financialnewsmedia.com/news-rmi/
In other mining news of note:
Freeport-McMoRan Inc. (NYSE: FCX) recently announced that its Board of Directors ("Board") has approved a new share repurchase program authorizing repurchases of up to $3.0 billion of FCX common stock.
The Board also approved the addition of a variable cash dividend on common stock for 2022 at an expected annual rate of $0.30 per share. The combined annual rate of the base dividend and the variable dividend is expected to total $0.60 per share. The Board intends to declare quarterly dividends for 2022 of $0.15 per share (including the $0.075 variable component), with the initial quarterly dividend expected to be paid on February 1, 2022. Based on current shares outstanding totaling 1.47 billion, the total common stock dividend (base and variable) expected to be paid approximates $0.9 billion per annum.
Newmont Corporation (NYSE: NEM) (TSX: NGT) recently announced third quarter 2021 results. THIRD QUARTER 2021 HIGHLIGHTS WERE: Produced 1.45 million attributable ounces of gold and 315 thousand attributable gold equivalent ounces from co-products; Reported gold CAS of $830 per ounce and AISC of $1,120 per ounce; Updated full-year guidance of 6.0 million ounces of attributable gold production, $790 per ounce of CAS and $1,050 per ounce of AISC, reaffirming original guidance of 1.3 million gold equivalent ounces from copper, silver, lead and zinc; Generated $1.1 billion of cash from continuing operations and $735 million of Free Cash Flow (97 percent attributable to Newmont); Declared third quarter dividend of $0.55 per share, consistent with the previous quarter; Completed $99 million of share repurchases from $1 billion buyback program; Ended the quarter with $4.6 billion of consolidated cash and $7.6 billion of liquidity with a net debt to adjusted EBITDA ratio of 0.2x; Delivered the gold industry's first Autonomous Haulage System (AHS) fleet, improving safety and long-term productivity at Boddington; Advancing near-term projects, including Tanami Expansion 2, Ahafo North and the mining method change at Subika Underground; and Progressing Yanacocha Sulfides, investing at least $500M through 2022 with a full funds decision expected in the second half of 2022
Glencore plc (OTCPK: GLNCY) Glencore and Evolution Mining Limited (Evolution) have recently entered into a binding agreement for the sale and purchase of Glencore's 100% interest in Ernest Henry Mining Pty Ltd, the owner of the Ernest Henry Mining (EHM) copper-gold mine in Queensland, Australia.
Glencore will receive A$1 billion, comprising A$800 million on the closing of the transaction and a further A$200 million payable 12 months after the transaction closes. Evolution will assume full ownership and operational control of the copper-gold mine and will enter into a copper concentrate offtake agreement and separate ore tolling agreement with Glencore. Evolution, a local Australian company, has worked in partnership with Glencore for the past five years at EHM and has emerged as a globally relevant low-cost gold producer with a strong growth profile.
BHP Group (NYSE: BHP) recently released that BHP Group will sell its 80% stake in the BMC metallurgical coal venture to Stanmore Resources Ltd. in a deal worth up to $1.35 billion, extending the global miner's withdrawal from fossil fuels.
BMC, which is 20% owned by Mitsui & Co. Ltd., has two operating mines in Queensland with a combined output of about 10 million tons of coal a year, as well as the undeveloped Wards Well project. Stanmore, which is majority owned by Singapore's Golden Energy & Resources Ltd., will pay $1.2 billion in cash with a potential follow-up payment of up to $150 million after two years linked to the performance of coal prices.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty five hundred dollars for news coverage of the current press releases issued by Ridgestone Mining Inc. by a non affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact email: [email protected]