Bingham copper mine castastrophe

[ttocswob]

Bad news for ammo component shortages, but an interesting read:

 

Bingham copper mine castastrophe

 

The lost equipment was worth tens of millions of dollars, but much more significant is the fact that the landslide has shut Bingham Canyon down for an as-yet undetermined length of time. Much more significant because Bingham Canyon is not just another copper mine. Physically, it is the largest in the world, and it is among the most productive. Each year it supplies about 17 percent of U.S. copper consumption and 1 percent of the world’s. When a cog that big loses its teeth, the whole global economic machine goes clunk.

...

After the landslide, Rio quickly invoked the force majeure protections in its insurance policies, which would allow it to cancel its futures contracts on Bingham copper and have its insurers cover the losses instead.

 

 

[Randall53]

Well....that's a 17% increase in pressure on the cost of copper.

[Monkeyman2500]

That is one heck of a landslide. Glad they knew it was coming.

[Randall53]

I have flown in and out of SLC airport a few times and saw it from the air a couple of times.  It's an amazing site. I wonder how much more of the sides of the pit the slide weakened?  It's a really good thing they have a sophisticated early warning system.  I'm sure it saved a lot of lives.

[E4 No More]

That is one heck of a landslide. Glad they knew it was coming.

+1. That is an incredible sight to see.

[Stegall Law Firm]

Copper's dropped nearly 10% since this happened (and most raw materials have gotten drubbed), therefore you can safely say it's a non-event.  That's how the market views it.  Long-term the price may go up, but right now there's plenty of copper out there and not much demand.