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Uzbekistan’s Almalyk Mining and Metals Combine plans a $15 billion expansion programme to increase copper cathode output to 400,000 metric tons a year by 2030 from 148,000 tons currently, it said on Thursday.
Prices for copper, used in the power and construction industries, hit a record high of $11,104.5 on May 20 on speculative buying and concerns that rising demand from the energy transition would tighten the market in future. AGMK’s plans includes boosting both mining and ore processing facilities and the construction of a new smelter, the state-controlled company said. The plan is part of an expansion program approved by the government in 2020.
The copper, zinc, silver and gold producer said it would borrow most of the required funds from local and foreign banks and also receive $1 billion from a state development fund.The global copper market faces a surplus of 162,000 tons this year with refined copper production of 27.3 million tons, according to the International Copper Study Group.The LME is exploring whether to license a warehouse in Hong Kong as it seeks to strengthen services to clients in China.
Key risks to Panama's economy include a potential loss of investment-grade status from credit rating agencies, further social unrest and international arbitration proceedings.
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