Copper price resumes rally as Fed rate signals boost industrial metals

The July-delivery Comex copper traded at a 7.4 cent-per-pound premium to the September contract.

The deal to buy an 80% stake in Zambia's Lubambe copper mine is nearing completion.

Exports of unwrought copper and products in May doubled from the previous year to nearly 150,000 tons, just topping the previous high reached in 2012.

The company said the loan is "an important financial de-risking milestone" for delivering the Stage 3 and 4 expansions of the Kainantu gold mine.

The Lobito corridor is seen as a key export route from mines in Congo and Zambia for copper and cobalt.

C.D. Howe Institute warns that long timelines for major project approvals of up to 10 years scare away investors and delay projects.

The Cominco/Teck-operated Sullivan mine was once a major producer of base metals.

The company also plans to discuss copper and lithium with the Saudi Arabia mining minister in Chile next month.

Highlights include one hole that returned 4.7 metres grading 24.16 grams gold per tonne from 83.5 metres depth.