Copper unfazed by Bingham Canyon outage—for now

Apr 26, 2013 | 01:57 PM | Andrea Hotter

Tags  Copper, force majeure, Bingham Canyon, Kennecott Utah Copper, Rio Tinto, American Copper Council, andrea hotter

WASHINGTON — They might be bluffing, but copper market participants appear to be unfazed by the wall slide at Kennecott Utah Copper’s Bingham Canyon Mine.

The anticipated loss of 100,000 tonnes of refined copper certainly doesn’t seem to be making much of a difference to the ability of consumers, traders and merchants to secure metal.

Delivered copper premiums have not blown out following the April 10 wall slide and April 15 declaration of force majeure at the mine (amm.com, April 16).

Traders and merchants at the American Copper Council meeting in Washington said getting copper from Utah would probably cost 8 cents per pound instead of 6 cents prior to the wall slide, but acknowledged that nobody has paid this as they can get metal elsewhere.....





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