September 27th- Copper mining in Argentina

September 27th 2022

Copper mining in Argentina

National Holidays:Friday, Friday, October 07th and Monday October 10th

Soyabeans in Argentina:

The market reports that enthusiasm for soyabeans is now waning as the “special” exchange rate comes to an end on September 30th.
The remaining beans to be traded will be absorbed by the crushers for processing and export at a later date.
Despite optimistic rumors the Government has confirmed that the program will be terminated on September 30th.

Grains and Markets:

Malaysia and Thailand are reported to be in the market looking for parcels of, or about, 45,000 tons of soyabean meal to be shipped on December dates.
South Korea has purchased 135,000 tons of maize for December dates.

Nationwide tugboat and bunker barge strike:

Monday 26th (yesterday) tugboat and bunker barge operations returned to normal activities after the strike called out late Friday 23rd. The Government had called on “enforced truce” on Saturday morning but the union had not heeded the call until formal notification was received on Monday 26th. In the meantime activities were halted over the weekend. This is a wage related strike.

Copper mining in Argentina:

Minera Agua Rica Alumbrera (MARA) has had a change in the share holding partners. Newmont (Canada) has sold it’s stake in the mine to Glencore. This brings Glencore up to a nearly 44 per cent stake in the mine. The other share holder is Yamana, also Canadian. At this time the forecast yield of the mine is 7 million tons of copper concentrate over an estimated 28 year life span. MARA will be mining in a new area close to where the Minera Alumbrera facilities are located. They will be using the crushing and concentration facilities at the former Alumbrera site as well as the transport systems up to the port of San Lorenzo for export. Earliest date for initiating production is mid 2023.

Weather the rest of the week. Bunker deliveries at Zona Comun:

The forecast is for good operating weather during the rest of this week.
As always, the STS operation is up to the discretion of the Master’s of the vessels involved.

Will keep you posted.
Best regards,
Antares Servicios Maritimos S.A.

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