And further movement on the supply front over the weekend. Supply drying up very quickly.
* Freeport's CEO has resigned, the company has stopped all work at the Grasberg mine in Indonesia and the company has also refused the government's offer of a six month transition period to negotiate a new export licence.
* At Escondida, it appears the unions and BHP will be wasting each other's time if they even try and recommence negotiations as the union says there are three major stiicking points that the company and unions are miles apart on and in regards to bonuses, they have not even had one discussion on this issue. So I can't see this strike being resolved quickly.
* A new issue, small in scale compared to the other two however, still will affect supply.
Anglo American may have to suspend its El Soldado copper mine in Chile if it does not receive approval from authorities for the planned redesign, Reuters reported, citing two sources with knowledge of the matter. The company decided to redesign El Soldado, which produced about 36,000 tonnes of copper in 2015, following engineering issues.
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