Copper Price Soars up 25% - Highest Level in History - $11,000 a Ton

2,478Views 0Comments Posted 20/05/2024

Copper price soars as the world seeks investors interested in First Quantum operations in Zambia.  So far this year, the price of the metal has increased by 25%.  The price of copper rose to its highest level in its history on Monday morning on the London Stock Exchange. The rise was more than 4% in early trading, taking copper to more than $11,000 a ton for the first time.  The multi-month rally is fueled by investors who have flocked to the market as they anticipate growing supply shortages.  So far this year, the price of the metal has increased by 25%, according to reports from news agencies and market analysts.  Bloomberg noted that demand for copper has skyrocketed due to its role as an essential raw material, from artificial intelligence to electric vehicles and data storage.  The world powers are dueling over stakes in mining companies. One of the mines in the crosshairs would be the one in Zambia, operated by First Quantum Minerals, in which $3 billion could be invested.  The company has had to evaluate major financial and operational reforms, after the paralysis of the operations of Minera Panamá, a subsidiary of First Quantum Minerals, after the Supreme Court ruling that invalidated the contract, declaring it unconstitutional. The project in Panama represented 78% of First Quantum's operating profit in the first nine months of 2023.  The Canadian First Quantum confirmed in January that it was analyzing the sale of some of its assets, including some of its smaller operations, to compensate for the closure of the mine located in the mountains of Donoso and Omar Torrijos in the province of Colón.  Since 2024 began, international media and the National Bank of Canada have reported that the mining company has begun talks with some of its Asian capital partners to sell some of its mines located in Zambia, Africa.