In June, some base metals miners experienced rough patches, while others basked in success at their projects.
While June saw a few companies in the base metals sector hit some production-related speed bumps, other major miners got to watch their assets continue to flourish.
For more on the news that affected the sector, watch the video above or read the transcript below.
At the start of the month, reports surfaced that Nyrstar (OTC Pink:NYRSY,EBR:NYR) had halted production at its Port Pirie lead smelter in South Australia. The company later confirmed the news, citing issues with restarting operations at the asset’s blast furnace after a planned shutdown.
The major miner noted that the shutdown will have a negative impact on Port Pirie’s production, but has not yet said to what extent. Production was expected to pick back up at the end of June.
As of June 25, lead was trading at just over US$1,900 per tonne on the London Metal Exchange.
In iron ore, Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) announced that it has revised its 2019 guidance for shipments out of Australia’s Pilbara region due to operational challenges. This year’s guidance now rests between 320 and 330 million tonnes, previously docketed at 333 to 343 million tonnes.
As of 1:55 a.m. EDT on June 26, iron ore prices sat at US$107.59 per tonne.
In the copper sector, First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) achieved a milestone at its Cobre Panama project with its first shipment of copper concentrate. The company has made steady progress in ramping up the project this year, with production expectations for 2019 still falling between 140,000 and 175,000 tonnes.
Also speaking on copper this month was Remi Piet of Americas Market Intelligence, who talked to the Investing News Network about Ecuador’s precarious position as an upcoming mining hotspot. You can check out the full interview on our website.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.