Brazil states ask court to double what Vale, BHP should pay for dam burst
Two Brazilian states have asked a court to more than double the amount that miners Vale and BHP, plus a jointly owned tie-up, must pay in damages for a 2015 deadly tailings dam failure, according to a legal document seen by Reuters on Tuesday.In January, a Brazilian federal judge ruled that Vale, BHP and their joint venture Samarco must pay 47.6 billion reais in damages for the dam burst, a preliminary decision which prompted Vale and BHP to raise provisions related to the case.
Congo allows Zijin mine to resume operations, ministry letter says
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation majority-owned by China’s Zijin Mining Group Co. Ltd, according to a letter seen by Reuters on Monday.Congo’s mines ministry last month halted the activities of the COMMUS project, in which Zijin owns a 72% stake, to investigate mineral products returned from South Africa due to overly high radiation levels.
CME copper premium to LME attracting metal shipments to US
Copper producers and traders are shipping more metal to the United States to profit from higher prices for CME futures compared with London Metal Exchange (LME), according to four sources involved in such trades.This so-called arbitrage, when traders sell commodities to different locations to take advantage of higher price differences, is the result of surging US copper prices as hedge funds have increased their positions in the futures market amid relatively strong demand there.