copper - Shore News Network

People Are Stealing EV Charging Cables to Sell The Copper, Latest Threat To Green Agenda

Breaking Local News ReportJune 25, 20240

TRENTON, NJ – The push to mandate electric vehicles for all in New Jersey is facing a new threat, according to a recent article by the AP. Thieves are now cutting the cables at EV charging station and stealing the copper. Under New Jersey law, there’s really no criminal penalty and these thieves, when caught will probably never serve a day in jail. It’s a catch-22 for Governor Phil Murphy, who is soft on crime and hard on electric vehicles. Criminals in New Jersey already know they don’t face consequences for serious crimes. With EV stations on every corner, there’s

Two Arrested for Copper Wire Theft at New Castle Construction Site

Breaking Local News ReportMay 19, 20240

NEW CASTLE, DE—Delaware State Police have arrested David Mitchell, 55, of Newark, and Colleen Floyd, 32, of Delaware City, for their alleged involvement in a copper wire theft at a local construction site. The incident occurred early Tuesday morning. Troopers were initially called to the Greggo and Ferrara, Inc., construction site at 765 Hamburg Road on May 14, 2024, at around 4:30 AM after a theft was reported. Investigation revealed that two men and a woman trespassed and removed copper wiring from equipment on May 13. One male suspect returned the following day to take the previously cut wires. Authorities

Copper Thief Sought in Prince Frederick

Leo CanegaJanuary 26, 20240

PRINCE FREDERICK, MD – On January 17, Senior Deputy Mohler responded to a theft report in Prince Frederick. An unidentified suspect stole a stack of copper wire valued at $325 from a residence on Dares Wharf Road. The suspect, a slender white male with a mustache and goatee, was wearing a hooded jacket. He was seen on surveillance footage carrying the copper wire in a cloth bag away from the property. The investigation is ongoing.

Barrick Gold reports higher fourth-quarter copper, gold output

ReutersJanuary 16, 20240

(Reuters) -Canadian miner Barrick Gold Corp said on Tuesday its gold and copper production rose sequentially for the fourth quarter. The company’s total preliminary output was 1.05 million ounces of gold and 113 million pounds of copper in the three months ended Dec. 31, up from 1.04 million ounces of gold and 112 million pounds of copper in the previous quarter. Barrick said it expects all-in sustaining costs (AISC) per ounce of gold, an industry metric that reflects total expenses, to rise about 8% to 10% from the previous quarter. Copper’s AISC is, however, expected to be 2% to 4%

Australian copper miner Sandfire says damaged Aboriginal cultural heritage

ReutersNovember 30, 20230

By Melanie Burton MELBOURNE (Reuters) -Global miner Sandfire said on Thursday it had damaged Aboriginal cultural heritage at a copper mine in Western Australia, and that it had informed the traditional owners and the state’s heritage regulator. Damage to an artefact scatter at the operations occurred in 2017 and 2018 due to a series of process failures during the mine’s construction, Sandfire said in a statement to the Australian stock exchange on Thursday. “Sandfire prides itself on being a values based organisation and we are extremely sorry to have disturbed artefact scatter within the Monty mining lease during construction and

Dwindling copper supply from Panama and Peru could wipe out global surplus in 2024

ReutersNovember 28, 20230

By Polina Devitt LONDON (Reuters) – Reduced supply from major copper producers Panama and Peru may flip the global copper market into a deficit from surplus in 2024 or at least tighten oversupply if the disruptions are not resolved in coming months, analysts said on Tuesday. Panama’s top court on Tuesday ruled that Canadian miner First Quantum’s contract to operate the Cobre Panama mine there is unconstitutional, while a union representing half of the workers at Peru’s Las Bambas mine went on strike. If the Cobre Panama mine were to be permanently shut, then the market could easily move into

Analysis-Panama court likely to revoke First Quantum copper mine contract

ReutersNovember 13, 20230

By Valentine Hilaire and Divya Rajagopal (Reuters) – Panama’s top court is likely to rule against Canadian miner First Quantum when it decides on the fate of a key copper mine contract in the coming weeks, a majority of lawyers in a Reuters survey said, citing precedent for a similar verdict. The court’s nine judges are weighing whether to revoke First Quantum’s contract for the Cobre Panama mine, a significant resource that contributes 5% to Panama’s GDP and 1% to global copper production. The contested contract, which was approved on Oct. 20, provides First Quantum a 20-year mining right with

Peru miners say copper output could climb without impact from protests

ReutersNovember 7, 20230

LIMA (Reuters) – The head of Peru’s mining guild on Tuesday said that while copper mining investment might be slow to recover next year, the Andean country could still see growth in production of the metal if large-scale mines are not affected by social protests. Victor Gobitz, president of SNMP – the top mining guild for the world’s No. 2 copper-producing country – said 2024 output could hit 2.7-2.8 million metric tons, up from 2.6-2.7 million tons forecast for this year and 2.45 million tons hit in 2022. “If we operate without social conflicts next year, copper should see a

Panama lawmakers scrap plan to annul copper mine concession

ReutersNovember 2, 20230

By Valentine Hilaire and Elida Moreno (Reuters) – Lawmakers in Panama scratched provisions from a proposed bill that would cancel a recently approved mining concession extending the life of a controversial but lucrative copper mine by at least two decades, legislators told Reuters on Thursday. The fate of the Cobre Panama mine, which accounts for 1% of global copper output and is operated by a local unit of Canadian miner First Quantum, has been roiled by street protesters opposed to the project over the past couple weeks. Two independent lawmakers, Edison Broce and Juan Diego Vasquez, told Reuters that the

Chile’s Cochilco says large-scale copper mining costs keep growing

ReutersOctober 24, 20230

SANTIAGO (Reuters) – The costs of large-scale copper mining in Chile kept rising due to lower production and rising service costs, a report from the state-run Chilean Copper Commission (Cochilco) said on Tuesday. The report, which covers the first half of the year, said that the direct cost reached 198.8 cents per pound, a year-on-year increase of 39.6 cents. “Lower production and the increase in the costs of third-party services, remunerations and prices of materials, electricity and TC-RC (treatment and refining) charges, explain the increase in costs in the first semester,” the report said, adding that smaller operations were the

Instant view: China’s soybean and copper imports fall on year, crude oil up

ReutersOctober 13, 20230

(Reuters) – China’s exports and imports shrank at a slower pace for a second month in September, customs data showed on Friday, adding to the recent signs of a gradual stabilisation in the world’s second-biggest economy thanks to a raft of policy support measures. Outbound shipments in September declined 6.2% from a year ago, following a drop of 8.8% in August, and beating economists’ forecast for a 7.6% fall in a Reuters poll. Thanks to gradual recovery in domestic demand, imports also fell at a slower pace, down 6.2%. They missed the 6.0% decline forecast in the poll, but came

Police Investigating $43,000 Copper Theft at Philadelphia Job Site

Ryan DickinsonSeptember 20, 20230

PHILADELPHIA, PA – On September 10, at around 3:45 am, two unidentified males stole copper wire and copper pipes from a construction site on the 400 block of Spring Garden Street. The stolen items are valued at approximately $43,000. The suspects were seen driving an older, dark-colored, 4-door Ford F150 with a ladder rack. Plastic or lexan was taped in place of three of the four windows. Both suspects are described as black males with beards, wearing dark clothing. The Central Detective Division is handling the investigation. Anyone with information is asked to contact the division.

Analysis-Peru clings to copper No. 2 spot but investment pipeline stalls

ReutersSeptember 13, 20230

By Marco Aquino LIMA (Reuters) – Peru is clinging to its spot as the world’s No. 2 copper producer and supplier, with a bounce in mining activity helping the Andean country stay just ahead this year of rival producer Democratic Republic of Congo (DRC), which is hot on its heels. The South American nation has seen output of the red metal rise some 20% in the first half of 2023, government data show, though that’s been tempered by red tape and flagging mining investment after a period of political turmoil and protest. Peru produced 2.45 million metric tons of copper

Copper giant Codelco raises $2 billion in bond offering

ReutersSeptember 5, 20230

By Fabian Cambero SANTIAGO (Reuters) -Chile’s Codelco raised $2 billion in a bond offering in New York on Tuesday, as the world’s top copper producer seeks to fund an investment drive to revive flagging output. The company offered 10-year and 30-year notes. The 10-year was for $1.3 billion with a yield of 5.966%, or 210 basis points over the comparable U.S. Treasury rate. The 30-year, meanwhile, was for $700 million with a yield of 6.331%, or a spread of 195 basis points. The state-run miner is not only battling to reignite copper production, which is at its lowest level in

Peru slashes growth outlook amid falling copper investment

ReutersAugust 29, 20230

By Marco Aquino LIMA (Reuters) – Peru lowered its economic growth forecasts for 2023 and 2024 on Tuesday amid poor weather, lower private investment in mining, and anti-government protests earlier this year. The South American country’s economy is expected to grow 1.1% this year, the economy ministry said in Peru’s official gazette. That is down from a previous estimate of 2.5%, after data showed the economy shrank in the first half of 2023. That would mark the slowest annual growth since 2009, excluding coronavirus-dampened 2020. The Peruvian Fiscal Council warned the forecast could still be too optimistic and could see

Codelco’s new CEO Alvarado tasked with finding fixes for copper slide

ReutersAugust 25, 20230

By Fabian Cambero SANTIAGO (Reuters) – Chilean state mining giant Codelco’s incoming chief executive Ruben Alvarado has a mammoth task ahead of him: boosting copper output from its lowest level in 25 years, reining in ballooning costs, and spearheading a state push into battery metal lithium. Alvarado, 64, will start as CEO on Sept. 1 after a search to replace the outgoing Andre Sougarret, who abruptly announced in June he would step down, citing personal reasons and “complexities” running the world’s largest copper producer. Alvarado, a chemical engineer, joined Codelco as a graduate in 1984, but for the last two

Exclusive-China’s Nanfang to open major copper smelter ahead of expectations

ReutersAugust 10, 20230

By Julian Luk LONDON (Reuters) – China’s largest private copper producer Nanfang Nonferrous is due to bring a major new smelter to production by October, more than doubling its capacity, a few months ahead of expectations, four sources with direct knowledge of the matter told Reuters. Used for wiring in electric vehicles, copper is a key plank of the energy transition. Chinese firms have ambitious plans to dominate production of the refined metal also used in the power and construction industries. Nanfang’s new copper plant which will take its total copper production capacity to 700,000 metric tons a year from

Police Seeking Suspects Who Stripped Home of Copper and Building Supplies

Leo CanegaAugust 8, 20230

NEW YORK CITY, NY – On Thursday, at approximately 11:40 am, four unknown individuals burglarized a residential home under construction near Avenue S and East 24 Street. The New York City Police Department is requesting the public’s help in identifying the culprits. The burglars entered through a hole in the construction boards and removed roughly $2,000 worth of brass and copper building materials. They fled the scene in two pickup trucks, one white with a Georgia license plate PZB6721 and the other black with a Pennsylvania license plate KXZ5828, heading northbound on East 24 Street. No injuries were reported, and

Copper Thief Causes Train Delays After Taking Safety System Wires

Leo CanegaJuly 30, 20230

LAUREL, DE – Delaware State Police have arrested 49-year-old William Smallwood of Laurel, on charges of theft and other related crimes. The arrest followed investigations into a copper wire theft earlier in July from the Carload Express railroad tracks in Laurel. On Monday, Troop 4 Property Crimes Unit detectives began their investigations, revealing that an unknown suspect had stolen copper wiring from a railroad safety system. This act caused damages worth over $10,000 and led to a four-day shutdown of the railway. Further investigations linked Smallwood to the crime, who was identified as the seller of the stolen copper at

Newark Man Arrested for Stealing Copper Pipes from School Boiler Room

Charlie DwyerJuly 29, 20230

NEWARK, NJ – Newark’s Public Safety Director Fritz Fragé announced the arrest of Curtis Spears, 59, from Newark, for stealing copper pipes from South 17 Street Elementary School. The incident occurred early Tuesday morning. Spears was caught on surveillance footage at approximately 2:40 a.m., leaving the school with copper pipes cut from a boiler room water tank. Spears has previously been implicated in two other burglaries at West Side High School on June 17 and June 22. Those incidents soon resulted in an arrest warrant being issued for him.

Chile’s Codelco sees lower copper output, more stoppages in 2023

ReutersJuly 28, 20230

SANTIAGO (Reuters) -Chile’s state miner, Codelco, on Friday cut its copper output forecast for 2023 and said it expects more halts in production during the second half of the year, following months of declines. The miner expects to have a yearly production of between 1.31 million-1.35 million metric tons from 1.35 million-1.45 million tons previously forecast, it said on Friday, as it reported that pretax profit fell 86% in the first six months of this year. The new forecast follows a recent rock explosion accident in its biggest mine, El Teniente, which has affected parts of the area’s project developments

Analysts mark down copper forecasts as output ramps up: Reuters poll

ReutersJuly 27, 20230

By Eric Onstad and Ananya Bajpai LONDON/BENGALURU (Reuters) – Analysts have pared price forecasts for copper and other industrial metals as supply expands while demand in top metals consumer China remains muted, a Reuters poll showed. Copper prices have been range-bound in recent months after a January slide from their highest in more than seven months and a May rebound from a slump below $8,000 a metric ton. Upbeat sentiment on the post-pandemic reopening of China propelled gains early in the year, but investors later dumped industrial metals after tepid economic progress by the world’s second-biggest economy. “Copper is heading

Copper miners squeezed by lower prices, higher labor costs

ReutersJuly 19, 20230

By Arshreet Singh (Reuters) – Major North American copper miners are likely to report a fall in second-quarter profits, as global growth concerns dented realized prices for the red metal and labor costs remained high. Freeport-McMoRan, Southern Copper and Teck Resources are estimated to post a combined adjusted profit of $1.53 billion for the April-June quarter, according to data from Refinitiv, compared with $2.63 billion a year earlier. The average copper price fell about 11% to $3.85 per pound during the period, as per CFRA Research. “Copper prices fell considerably in the first part of second-quarter before finding a bottom

Wilmington Man Arrested for Copper Wire Theft

Jeff JonesJuly 13, 20230

WILMINGTON, DE – Delaware State Police have arrested Brian Paraskiewicz, a 35-year-old resident of Wilmington, in connection with a string of copper wire thefts that began in January. The stolen wires, belonging to Verizon Wireless, led to significant phone and internet outages for customers throughout New Castle County. Paraskiewicz was identified as a key suspect after a months-long investigation by the detectives from Delaware State Police Troop 2 Property Crimes Unit. The breakthrough came on March 10, when officers responded to a theft incident at the intersection of Kirkwood Highway and Newport Gap Pike. On Tuesday, Paraskiewicz turned himself into

Copper Thieves Sought by Norfolk Police

Leo CanegaJuly 8, 20230

NORFOLK, VA – Detectives are seeking public assistance in identifying two men who burglarized a commercial property and stole copper piping. The incident, which took place on Wednesday at 880 N. Military Highway, involved the men causing damage while removing the pipes. Investigators have obtained security footage showing the men at the location. The Norfolk Police Department asked anyone with information about the incident or who can identify either of these men to call the Norfolk Crime Line at 1-888-LOCK-U-UP or submit a tip using the P3Tips mobile app.