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While many have already seen their share prices hammered , the copper market itself is now looking for production cuts.

canada goose deals With London benchmark copper trading below the $6,000 per tonne level for the first time since 2009, the potential exit of higher cost mines is viewed as providing a fundamental support to counter the technical pressures still bearing down on the price. canada goose deals

canada goose coats on sale And the very first casualties are starting to appear. Don worry if you haven noticed them yet. These are the market minnows, as often as not already struggling with operational problems. canada goose coats on sale

Canada Goose Jackets The first really significant production cutback in the base metals world has actually just been announced not in the copper market but in the lead market. Canada Goose Jackets

Canada Goose Outlet That says much about how long it can take before low prices generate a meaningful supply response. Canada Goose Outlet

FIRST COPPER CASUALTIES Aura Minerals Aranzazu mine in Mexico was struggling even before last week brutal copper sell off.

canada goose store Cash costs in the third quarter of last year were $3.06 per pound, equivalent to just under $6,750 per tonne. canada goose store

Aranzazu needed to be expanded to bring those costs down but Aura, which recorded operating income of just $776 in the quarter, was struggling to raise the finance.

The announcement that the mine was being put onto care and maintenance came on Jan. 15, one day after copper collapsed. It was probably just a matter of time but a price now starting with a may well have been the final straw.

canadian goose jacket The production loss will be negligible. Aranzazu produced just over 6,600 tonnes of copper in concentrate last year. canadian goose jacket

cheap Canada Goose Revett Mining Troy mine in Montana is even smaller. Production in 2012 was around 3,400 tonnes. All operations were suspended in December that year due to instability in the mine and milling operations were only resumed in November last year. cheap Canada Goose

canada goose black friday sale The loss of production and associated rehabilitation costs meant Revett has been operating in the red with a net loss of $2.1 million in the third quarter and of $4.5 million in the first nine months of 2014. canada goose black friday sale

As with Aura Aranzazu, it easy to see why Revett has been so quick to announce a move to care and maintenance at Troy.

Canada Goose online And expect more of the same in the coming weeks. The first casualties of lower prices are always the and the lame small scale operators with high costs, limited cash reserves and existing operational negatives. Canada Goose online

canada goose If you looking for a really significant casualty of lower prices, take a look at the lead market. canada goose

buy canada goose jacket IVERNIA CLOSES (AGAIN) Ivernia Inc last week announced it was placing its Paroo Station lead mine in Australia on care and maintenance. buy canada goose jacket

Now, what was once Canada Goose online called the Magellan mine has cheap canada goose uk not been without its own operational problems since first coming into production in 2005.

A public outcry over lead contamination along the shipping route to and at the port of Esperance led to operations being suspended for much of the 2007 2010 period.

A first attempt to canada goose uk outlet restart was stymied by low Canada Goose Coats On Sale prices and the mine spent 2011 2012 on care and maintenance before being reactivated in 2013 under its new name.

It produced 44,000 tonnes of buy canada goose jacket contained lead in concentrate canada goose factory sale that canada goose black friday sale year and, production wise at least, was operating well all through last year and on course to hit comfortably its guidance of 80,000 85,000 tonnes of contained lead.

canada goose clearance sale The only problem was the lead price. The market has been canada goose coats on sale out of favour for many, many months and the benchmark three month price on Canada Goose Outlet the London Metal Exchange canada goose started heading south buy canada goose jacket cheap again towards the end of the third quarter last year. canada goose clearance sale

canada goose coats A break down canada goose uk shop through the $2,000 per tonne canada goose store level in mid canada goose clearance December took it back to 2012 levels and that was even before last week copper inspired drop to $1,743 Canada Goose Parka per uk canada goose tonne. canada goose coats

Canada Goose Parka Ivernia has cut cheap Canada Goose costs, switching its power supply from Canada Goose Jackets diesel canada goose uk black friday to natural Canada Goose Online gas, and postponed its debt repayment schedule. All to no avail. Canada Goose Parka

The mine remained cash flow negative in the uk canada goose outlet third quarter and Ivernia reported a net loss of $3.9 million for the period. Things can only have become more difficult since then, given the canadian goose jacket further decline in price.

Canada Goose sale Paroo Station is an important component of global lead mine supply, accounting for around 2 percent of canada goose clearance sale world production, according to Gayle Berry, analyst at Jefferies. Canada Goose sale

Its suspension is therefore meaningful in terms of a market that was widely expected to be in small supply demand canada goose coats surplus this year Canada Goose sale.