Cutbacks help to steady investors’ nerves

摘要

In last week’s report we noted how Freeport McMoRan, closely followed byAsarco, had set the ball rolling when it comes to proactive market-driven mineclosures among the copper majors. Cumulatively, these amount to around100,000 tonnes of curtailed output next year. This week, Glencore has put no lessthan 400,000 tonnes of it’s own high-cost production on the block at Katangaand Mopani, which could be the game changer. Adding to this list, whilenon-intentional, it has also been announced that the Ok Tedi mine in PapuaNew Guinea, which was shut in early August, will most probably remain on careand maintenance until early 2016.