Canada’s Imperial Metals halts production, lays off 100 due to low copper prices
Low copper prices have forced the Vancouver-based firm to lay-off more than one-third of the workforce at its Huckleberry mine in northwestern British Columbia.
The strike entered its fifth day on Monday, as the union awaited a decision by labor authorities over whether substitute workers the company called in are legal.
Like gold, fewer and fewer large copper deposits are being discovered, and the time between discovery and production has lengthened over the years as costs rise.
Shanghai copper price registered a second consecutive month of gains on Monday as prices firmed on a potential supply threat in Chile and massive US infrastructure spending plans.
China plans to strengthen controls in industries such as steel and aluminum which involve high energy use and produce high emissions, in an effort to promote low-carbon developments.
Bottlenecks at London Metal Exchange registered warehouses in Malaysia owned by metals storage firm ISTIM UK are adding to the difficulties aluminum consumers in the United States and Europe face in getting the metal they need.
The coronavirus pandemic highlighted the importance of securing supplies on a regional level and further strengthen western countries’ desire to end reliance on China.