Palm Beach, FL – June 23, 2021 – Although many investors look at the metals market of being solely populated by silver and gold. Copper should also be in their sights. Its uses are more than what the average person assumes. Copper was one of the first metals ever extracted and used by humans, and it has made vital contributions to sustaining and improving society since the dawn of civilization. Copper is an excellent conductor of electricity. Most copper mined today is used to conduct electricity – mostly as wiring. It is also an excellent conductor of heat and is used in cooking utensils, heat sinks, and heat exchangers. Large amounts are also used to make alloys such as brass (copper and zinc) and bronze (copper, tin, and zinc). Copper is also alloyed with precious metals such as gold and silver. Copper is easily stretched, molded, and shaped; is resistant to corrosion; and conducts heat and electricity efficiently. As a result, copper was important to early humans and continues to be a material of choice for a variety of domestic, industrial, and high-technology applications today. Presently, copper is used in building construction, power generation and transmission, electronic product manufacturing, and the production of industrial machinery and transportation vehicles. Copper wiring and plumbing are integral to the appliances, heating and cooling systems, and telecommunications links used every day in homes and businesses. Copper is an essential component in the motors, wiring, radiators, connectors, brakes, and bearings used in cars and trucks. The average car contains 1.5 kilometers (0.9 mile) of copper wire, and the total amount of copper ranges from 20 kilograms (44 pounds) in small cars to 45 kilograms (99 pounds) in luxury and hybrid vehicles. Active mining stocks mentioned in today’s commentary include: Ridgestone Mining Inc. (OTCQB: RIGMF) (TSX-V: RMI), Freeport-McMoRan Inc. (NYSE: FCX), Rio Tinto Group (NYSE:RIO), Vale SA (NYSE: VALE), Teck Resources Limited (NYSE: TECK) (TSX: TECK.A).
The excellent alloying properties of copper have made it invaluable when combined with other metals. For example, copper-nickel alloy is applied to the hulls of ships because it does not corrode in seawater and reduces the adhesion of marine life, such as barnacles, thereby reducing drag and increasing fuel efficiency. Brass is more malleable and has better acoustic properties than pure copper or zinc; consequently, it is used in a variety of musical instruments, including trumpets, trombones, bells, and cymbals. The world’s production (supply) and consumption (demand) of copper have increased dramatically in the past 25 years. As large developing countries have entered the global market, demand for mineral commodities, including copper, has increased. The risk of disruption to the global copper supply is considered to be low because copper production is globally dispersed and is not limited to a single country or region. Because of its importance in construction and power transmission, however, the impact of any copper supply disruption would be high.
Ridgestone Mining Inc. (TSX-V: RMI) (OTCQB: RIGMF) (FSE: 4U5) BREAKING NEWS – RIDGESTONE TO DRILL EL COBRE TARGET ON ITS REBEICCO COPPER – Ridgestone Mining (“Ridgestone”) is pleased to announce a maiden drill program on the El Cobre copper target on its wholly-owned Rebeico copper-gold project in Sonora, Mexico.
The program will be comprised of 14 reverse circulation (RC) drill holes for a total of approximately 2,700 metres and will be conducted along the main El Cobre structure, where recent rock-chip sampling returned up to 3.5% copper, 53 g/t silver and 0.52 % Mo over widths of up to 5.0 metres. Historical records of past mining by Asarco in the 1960’s show that high- grade copper was extracted from two levels to a depth of 180 metres, and that the structure remains open along strike and to depth.
In preparation for the drill program, permits have been applied for with approval anticipated within the upcoming weeks, after which drill pads will be constructed and road improvements undertaken. Drill quotes have also been solicited.
- El Cobre: sampling from the mineralized structure outcropping on surface returned up to 3.5% copper over 1.0 metres, with sampling from the historic dumps ranging from 2.01 to 2.65% copper.
- Regional: Multiple mineralized structures and artisanal workings were encountered, with sampling returning up to 3.11% copper and up to 3.45 g/t gold from surface.
- Permitting: Permitting underway for a drill program to test the high-priority copper targets, including the El Cobre mine.
- Geological Model: Geological mapping has revealed mineralized breccias within and peripheral to volcanic intrusive rocks, contact skarns and hornfels within the sedimentary carbonate and siltstone rocks where they were in contact with volcanic intrusive rocks which are typical for a copper-gold porphyry system.
“We are highly encouraged by the work completed on our Rebeico claims with significant copper/gold/silver results sampled on surface from the breccia zones and around the El Cobre mine, in addition to geological mapping results, geophysical results and alteration associated with the volcanic intrusions” commented Jonathan George, CEO. “We believe that these aggregated results indicate the possible presence of a sub-surface copper porphyry system. The upcoming drill program will follow-up on the high-grade copper mineralization encountered on surface to determine the source of and potential extensions of the mineralization. The majority of the targets have not seen any follow-up or investigated by modern-day exploration.” CONTINUED…. Read this full release and more news for Ridgestone Mining by visiting: https://www.financialnewsmedia.com/news-rmi/
In other mining news of note:
Vale SA (NYSE:VALE) one of the largest mining companies in the world, has recently chosen Nextracker to supply its NX Horizon™ bifacially optimized smart solar trackers for the Sol de Cerrado solar project in Minas Gerais, Brazil. The 766 megawatt (MWp) solar complex, which will be one of the largest in Brazil, will help power Vale’s mining operations in the Jaíba area of Minas Gerais and will be interconnected to the regional transmission grid. Initial construction will begin later this year, with the project scheduled for completion in 2022.
The project will play a major role in Vale’s efforts to achieve its corporate sustainability goals. Once operational, the Sol de Cerrado solar project will provide 13 percent of the company’s total energy needs in Brazil and offset GHG Protocol Scope 2 emissions by up to 136,407 tons of CO2/ year. The company plans to produce 100 percent of the energy needed for its Brazilian operations by 2025 and reach carbon neutrality across its global footprint by 2050.
Rio Tinto Group (NYSE:RIO) recently announced that it will deploy the world’s first fully autonomous water trucks at its $2.6 billion Gudai-Darri iron ore mine in Western Australia’s Pilbara region. The new vehicles, primarily used for dust suppression on site, will enhance productivity by enabling mine operations to digitally track water consumption and reduce waste.
Developed through a successful collaboration with leading equipment manufacturer, Caterpillar, three water trucks will join Gudai-Darri’s fleet of Caterpillar heavy mobile equipment including autonomous haul trucks and production drills. The vehicle’s intelligent on-board system detects dry and dusty conditions on site, triggering the application of water to roads to keep them in good condition.
The refilling process is also completely automated with the water trucks recognizing when it is time to refill, prompting them to self-drive to the water stand, park and top-up before returning to the field. They boast a 160,000-litre tank capacity, a 33 per cent increase on Rio Tinto’s largest water truck which has a tank capacity of 120,000-litres.
Teck Resources Limited (TSX: TECK.A) (NYSE: TECK) recently announced its unaudited first quarter results for 2021.
“Strong first quarter operational performance, in line with plan, and higher commodity prices contributed to a very solid start to 2021,” said Don Lindsay, President and CEO. “We achieved major milestones for our priority projects, including surpassing the half-way point at our flagship QB2 copper growth project and moving into the commissioning phase of our Neptune steelmaking coal terminal upgrade. We remain absolutely focused on implementing the necessary protocols to mitigate transmission of COVID-19 and protect the health and safety of our people and local communities.”
Freeport-McMoRan Inc. (NYSE: FCX) recently announced that it has posted its first-quarter 2021 financial and operating results.
They were: Net income attributable to common stock in first-quarter 2021 totaled $718 million, $0.48 per share, and adjusted net income attributable to common stock totaled $756 million, or $0.51 per share, after adjusting for net charges totaling $38 million, $0.03 per share; Consolidated sales totaled 825 million pounds of copper, 258 thousand ounces of gold and 21 million pounds of molybdenum in first-quarter 2021. Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper, 1.3 million ounces of gold and 85 million pounds of molybdenum, including 975 million pounds of copper, 330 thousand ounces of gold and 21 million pounds of molybdenum in second-quarter 2021; Average realized prices in first-quarter 2021 were $3.94 per pound for copper, $1,713 per ounce for gold and $11.62 per pound for molybdenum; Average unit net cash costs in first-quarter 2021 were $1.39 per pound of copper and are expected to average $1.33 per pound of copper for the year 2021; Operating cash flows totaled $1.1 billion (net of $0.3 billion of working capital and other uses) in first- quarter 2021. Based on current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $1,750 per ounce for gold and $11.00 per pound for molybdenum for the remainder of 2021, operating cash flows are expected to approximate $6.5 billion (net of $0.1 billion of working capital and other uses) for the year 2021; Capital expenditures totaled $0.4 billion (including approximately $0.3 billion for major projects) in first-quarter 2021. Capital expenditures for the year 2021, excluding Indonesia smelter expenditures, are expected to approximate $2.3 billion, including $1.4 billion for major projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia; At March 31, 2021, consolidated debt totaled $9.8 billion and consolidated cash totaled $4.6 billion. FCX had no borrowings and $3.5 billion available under its revolving credit facility at March 31, 2021; in February 2021, FCX’s Board of Directors (Board) adopted a financial policy aligned with strategic objectives of maintaining a strong balance sheet, increasing cash returns to shareholders and advancing opportunities for future growth; and FCX added two new independent directors in April 2021, David P. Abney, retired Chairman and Chief Executive Officer of United Parcel Service, Inc., and Robert W. “Bob” Dudley, retired Group Chief Executive of BP, p.l.c.
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