TORONTO/SYDNEY - A fall in copper prices is having an outsized impact on small and mid-sized miners, forcing many to cut output, and some are now open to raising funds from new investors to ride out the current downtrend, several company executives told Reuters.Copper is set to play a crucial role in the
TORONTO/SYDNEY - A fall in copper prices is having an outsized impact on small and mid-sized miners, forcing many to cut output, and some are now open to raising funds from new investors to ride out the current downtrend, several company executives told Reuters.
So far this year, some $22 billion worth of copper M&A has been launched, according to Reuters calculations, including Toronto-based Hudbay Minerals' $439 million bid for Copper Mountain, Lundin Mining's purchase of Japan's JX Nippon Mining and Metals stake in Caserone mines in Chile, and Newmont Corp's planned acquisition of gold and copper miner Newcrest for $18 billion.
Taseko is exploring funding proposals to bring in additional liquidity to expand its copper project in Arizona, McDonald said, adding there are significant challenges to permitting new mines across the world. "There are high cost companies that would go out of business if the copper prices fall below $3.50," Hudbay Minerals CEO Peter Kukielski told Reuters earlier this month.
In Canada, mines of junior producer Minto Metals also presents an M&A opportunity. Backed by investors such as Japan's Sumitomo Corp, Minto Metals ceased operations abruptly in May over increased costs in running its mine in the Yukon, according to the company filings. An analyst report by Royal Bank of Canada published in June has identified potential acquisition targets, which include Hudbay, First Quantum Minerals, Ivanhoe Mines, and Capstone Copper. First Quantum, Ivanhoe, Capstone did not offer an immediate comment.
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