Image via Deseret News
The slide happened on April 10 From Fox13 News April 16:
Kennecott: 50 percent reduction in copper production at Bingham Canyon Mine in 2013
BINGHAM CANYON MINE, Utah — Kennecott Utah Copper announced Tuesday the slide at their Bingham Canyon Mine moved more than 165 million tons of material, and they estimate their production of mined and refined copper in 2013 will be 50 percent lower than planned.The mine is one of the three or four largest open-pit mines in the world and supplies about one percent of the world's copper. Here's today's price action via Kitco:
The Mine Safety and Health Administration is not allowing access to the pit as they continue their investigation.
The estimation of the slide’s severity and its impact on production came during the same week the company asked employees to take voluntary unpaid time off.
According to a press release from Kennecott Utah Copper, the company has confirmed that three of their 13 existing shovels were damaged. Fourteen of their existing 100 haul truck fleet vehicles were damaged, as well as some ancillary equipment like drills, bulldozers and graders....MORE
It's not just today, copper actually peaked the day before the slide. This is a seriously over-supplied market.
Here's a 30 day chart:
