"Panama Breakthrough Adds to Good News for Global Copper Supplies"

We didn't relay much of the First Quantum/Panama saga, thinking that one way or another that deposit was going to get mined, Panama needs the revenue.*

NYMEX futures 4.1380 up 0.0485, considerably higher than the price that supply/demand would suggest.

From Bloomberg, March 1:

• First Quantum and Panama ‘very close’ on new mine contract
• Freeport says Grasberg operations resume after landslide

A breakthrough in contract talks at a mine in Panama is the latest piece of good news for global copper supplies following resumption of operations at a giant Indonesian mine and easing tensions in Peru.

Panamanian officials are “very close” to reaching an agreement with First Quantum Minerals Ltd. over a new contract for the Cobre Panama mine, said Ebrahim Asvat, a lawyer advising the government in the negotiations. A deal could be reached within two weeks, he said.

That would end a months-long dispute that culminated in the suspension of exports and ore processing at a mine that accounts for about 1.5% of the world’s copper production. The apparent breakthrough would also avoid dire consequences for First Quantum’s bottom line and Panama’s reputation as an investor-friendly jurisdiction....

....MUCH MORE
*Just one post in Mid December:
Copper: Panama Leaves Room For Reversal Of Giant Mine Shutdown Order; Protests In Peru Continue

And regarding the FCX landslide, mining companies have been dealing with them for hundreds of years. Here's a big one from ten years ago: 

More on the Landslide at Rio Tinto's Bingham Canyon Open-pit Mine (RIO)

In last week's post, "Copper: Massive Landslide, Force Majeure at One of the World's Largest Mines Does Nothing for Price", I focused on the fact that copper is so oversupplied that the shutdown of one of the world's largest open-pit copper mines had no effect on the market.
(after the initial knee-jerk the price actually went down)

This week we look at the slide itself.

....MUCH MORE