Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
About a fifth of global copper smelting capacity was suspended in May, mostly for maintenance, data from satellite surveillance of metal processing plants showed.
Earth-i, which specialises in observational data, tracks smelters representing up to 90% of global production for its SAVANT service and sells data to fund managers, traders and miners.
The company said that an average of 20.8% of global copper smelter capacity monitored was inactive in May compared with 17.4% in the same month last year.
“Global inactivity reached 25.4% on 8th May… with seasonal maintenance closures remaining a key feature,” Earth-i said in a statement.
In China, three smelters that were closed for maintenance at the end of April have resumed activities while Xingguang Copper, Shandong Fangyuan and Hunchun are now shut, it added.
The Chinese-owned Lualaba smelter in the Democratic Republic of Congo also appeared to be closed for maintenance, Earth-i said.
(By Eric Onstad; Editing by Jason Neely)
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