First Quantum Starts Shipping Stockpiled Copper From Panama Mine
A bulk carrier called Lipsi departed on June 18 from Punto Rincon, a private port owned by First Quantum that's used exclusively to ship out mined ores known as concentrate from the Cobre Panama mine, data compiled by Bloomberg showed.
The vessel — which has a cargo capacity of about 35,000 deadweight tons — is carrying concentrate destined for European copper smelter Aurubis AG, according to people familiar with the matter, who asked not to be identified due to its commercially sensitive nature.
The shipment comes after Panama's government last month authorized First Quantum to export about 120,000 tons of copper concentrate inventory that was left stranded in late 2023 when the mine's license was ruled to be unconstitutional, and the vast operation was ordered to shut down.
Revenues from the sales will be used to fund the maintenance of the mothballed operation, while First Quantum continues to lobby for the resumption of operations. Panamanian President Jose Raul Mulino said earlier this month that the slate is now clean to start talks about a potential restart, but warned there's still a long way to go before a deal can be done.
The rest of the stockpile will be shipped to offtake partners in Japan and South Korea over the coming months, the people said.
First Quantum declined to comment. A spokesperson for Aurubis didn't immediately respond to a phone call and email seeking comment.
The release of the Cobre Panama inventory could provide some relief to copper smelters, which have faced a growing shortage of concentrate since the mine was shut down. Processing fees — a gauge of copper ore availability — have plunged to record lows, prompting smelters in the Philippines and Namibia to shut down and others to dial back output.
The unexpected closure of Cobre Panama, which accounted for 1.5% of global copper output at its peak, sent shock waves through the industry. The incident was a watershed moment during a period of worsening copper supply imbalance due to an expansion of global smelting capacity.
More stories like this are available on bloomberg.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
an hour ago
- NDTV
What Is Germany's Freelance Visa And Why It Matters To Indian Travellers
For many Indian travellers, the idea of living in Europe has always felt like a distant, if beautiful, hypothesis. A place for brief holidays, Schengen stamps, and postcard winters-never a space to pause, work, and actually live. But in recent years, Germany has been quietly opening a different kind of door: a visa that does not ask for an office desk or a corporate job offer. Instead, it asks what you do, how well you do it, and whether you are ready to build a life on your own terms. It is not instant, and it is not for everyone. But if you have the paperwork and the patience, it could mean something much more lasting than a two-week Euro trip. What Is Germany's Freelance Visa? Germany's Freelance Visa is a residence permit that allows non-EU citizens to work independently in certain professional categories while living legally in the country. Unlike a tourist visa, which restricts work, or a work visa that depends on a full-time employer, this option gives qualified individuals the freedom to run their own professional practice. It is structured around liberal professions-meaning it is ideal for creatives, educators, scientists, and consultants whose work is not bound to a traditional office. The visa is typically granted for one year, with the possibility of extension. If you meet the conditions-ongoing freelance work, proof of income, tax registration-it can be extended for up to three years. After five years of continued stay and fulfilment of requirements, applicants may become eligible for permanent residency. Why It Matters To Indian Travellers For Indian citizens, navigating European visas often comes with a long list of constraints-employer sponsorship, tight visa durations, and little flexibility. Germany's freelance visa breaks that mould. It allows Indian travellers to: Base themselves in Europe for at least one year Work independently, legally invoicing clients in Germany and other EU countries Travel within the Schengen area (up to 90 days in any 180-day period) Renew the visa or eventually apply for permanent residency This visa is not meant for backpackers or short-term tourists-it is for those looking to spend an intentional year or more abroad, combining career with travel, language learning, and cultural immersion. Who Is Eligible? Eligibility is based on whether your profession falls under what Germany defines as a "liberal profession." These are jobs that require expertise, creativity or intellectual work, but not a business license. Some of the eligible professions include: Journalists and photojournalists Writers, editors, interpreters, and translators Architects, engineers, and surveyors Visual artists, musicians, and designers Teachers, educators, and researchers Lawyers, patent agents, tax consultants, and accountants Medical and therapeutic professionals like physiotherapists, dentists, and veterinarians Pilots and aviation specialists If you are in IT or business services, you may need to apply for a different visa, such as the self-employment visa (Gewerbetreibende). What Documents Do You Need? Be prepared-Germany is detail-oriented. The documentation required for the freelance visa application is extensive, and applicants need to show that they are financially self-sufficient and professionally qualified. Here is a checklist of the key documents required: A valid passport (issued within the past 10 years and with at least two empty pages) Proof of income: approximately 1,280 euros per month (Rs 1.27 lakh) as a minimum Proof of professional qualification (such as a university degree) Proof of freelance work or client contracts-letters of intent or ongoing projects Detailed freelance business plan or project outline A comprehensive CV Health insurance valid in Germany Proof of address/accommodation in Germany Two passport-size photographs (taken within the last six months) Pension plan documentation for applicants over 45 Visa fee payment receipt (75 euros or about Rs 7,500) Tip: Double-check which documents need to be submitted in German or translated versions. Many consulates require official translations. How To Apply From India Applying for this visa involves a combination of paperwork in India and follow-ups in Germany. Here is a step-by-step guide tailored for Indian travellers: Fill out the National D visa application form and print a copy for submission. Book an appointment with the German Embassy or Consulate in India. Prepare your documents, including income proof, business plan, and health insurance. Attend the in-person appointment, where your biometric data will be collected. Wait for the visa to be processed-this can take between 6 and 10 weeks. Once in Germany, register your address (Anmeldung) within two weeks. Visit the local Auslanderbehorde (Foreigners' Office) to apply for your freelance residence permit. Remember, the National D Visa is your entry pass. The residence permit is what allows you to live and work long-term. Can You Afford To Live In Germany On A Freelance Visa? While the visa fee itself is nominal, living costs are not. Germany is not the cheapest destination in Europe, but it offers value in terms of quality of life, infrastructure, and access. Here is a monthly estimate to help plan your finances: Shared housing (WG or flatshare): 300 to 600 euros Groceries: 150 to 200 euros Transport pass: 49 to 90 euros Internet/phone/utilities: 100 euros Miscellaneous personal expenses: 100 to 200 euros Total estimated monthly budget: 800 to 1,200 euros In addition to this, you must show proof of funds for one year-around 11,208 euros, which is close to Rs 10 lakh. What Life In Germany Could Look Like For A Year This visa is not just about work. It opens up a different kind of European life-one that involves living like a local. No two months will feel the same: Winter: Christmas markets, hot chocolate, snow-covered old towns Spring: Bike rides through parks, blooming cherry trees, weekend trips to neighbouring cities Summer: Beer gardens, lakeside picnics, outdoor cinema screenings Autumn: Foliage trails, wine festivals, and local Oktoberfest celebrations You could also take up: Volunteering at local cafes or co-working spaces Enrolling in a neighbourhood language school Shopping at weekly farmers' markets Living without a car-most cities are built for walking and cycling Adjusting to Sunday quiet-most shops are shut, so it is your day to slow down What Happens After One Year? If you have maintained your freelance work and financial self-sufficiency, your visa can be extended. Some freelancers also use the opportunity to: However, if your income is not consistent or the freelance work dries up, you may need to return to your home country.
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Tesla sales slump again in Europe despite revamped Model Y rollout
Registrations of new Tesla cars in several key European markets fell in July, despite a revamp to its signature Model Y, as the EV maker struggles with a backlash against CEO Elon Musk's political views, regulatory challenges and rising competition. Tesla's aging lineup is facing a wave of low-cost EV rivals, especially from China. It is rolling out a revamped Model Y and starting to produce a new, cheaper model, but production of that will only ramp up next quarter, later than initially expected. The brand's registrations - a proxy for sales - fell 86% year-on-year in July to 163 cars in Sweden, 52% to 336 cars in Denmark, 27% to 1,307 in France, 62% to 443 in the Netherlands and 58% to 460 in Belgium, official industry data showed, marking a seventh straight monthly drop in all of those countries. They also fell by 5% to 457 cars in Italy and 49% to 284 in Portugal. Tesla sales dropped by over a third in Europe in the first six months of the year. Norway and Spain bucked the trend, with Tesla's July registrations up 83% and 27% to 838 cars and 702 cars, respectively. Spain recorded a 155% jump in total sales of electrified cars - either battery electric or plug-in hybrid. Tesla's Chinese competitor BYD sold 2,158 cars in Spain in July, almost eight times more than in July 2024. With no more affordable-end vehicles on the horizon until the last three months of the year and the upcoming end of a $7,500 US tax break for EV buyers, Musk acknowledged in July that Tesla could have "a few rough quarters". He said tough automated driving regulations in Europe made it harder to sell the Model Y in some countries, as the vehicle's optional supervised self-driving is "a huge selling point". "Our sales in Europe, we think will improve significantly once we are able to give customers the same experience that they have in the US," he told analysts. Tesla began selling a long-range four-wheel version of the revamped Model Y in Europe in March 2025, while sales of the two rear-wheel drive variants began in May. Model Y registrations in Sweden and Denmark fell by 88% and 49% respectively in July, while they jumped more than fourfold to 715 cars in Norway. Norway, where almost all new cars sold are fully-electric and where Tesla has been the best-selling brand since 2021, has seen a surge in orders for the model since May after the automaker launched 0% interest loans in some Nordic countries to drum up demand. Tesla launched in June a trial robotaxi service in Austin, Texas, using about a dozen Model Y SUVs controlled by its autonomous-driving software. But the roll-out of its self-driving features elsewhere in the US is bogged down because it hasn't received the required permits. Overall car sales were up 20% in Denmark, 6% in Sweden, 48% in Norway, 17% in Spain, 9% in the Netherlands and 21% in Portugal, while they slid 8% in France, 5% in Italy and 2% in Belgium in July, industry data showed. Germany and the UK are expected to release July car sales next week. European automakers Volkswagen, Mercedes-Benz , Stellantis, Renault and BMW have published downbeat second-quarter results, warning of pressure from US import tariffs and falling demand.
Mint
2 hours ago
- Mint
Global stock index sinks with dollar, bond yields after weak US jobs data
By Sinéad Carew and Samuel Indyk NEW YORK/LONDON -MSCI's global equities index fell on Friday and the dollar took a dive after weaker than expected U.S. jobs data ramped up expectations for Federal Reserve rate cuts in September as investors also considered U.S. President Donald Trump's latest tariff announcements. U.S. Treasury yield moved sharply lower after the Labor Department reported that the U.S. economy added 73,000 nonfarm payrolls last month, below the 110,000 expected by economists surveyed by Reuters. July unemployment rose up to 4.2%. June's job growth was revised sharply lower to 14,000 from 147,000. After the data, traders were betting on a 69% probability for a September rate cut compared with 37.7% on Thursday, according to CME Group's FedWatch tool. "The market is reacting to the possibility of the economy flipping into recession. The weak jobs data is piling on to weak earnings reports and weak guidance from some corporations," said Luke Tilley, Chief Economist, Wilmington Trust. But Tilley said perspective is also important when looking at Friday's moves since the market has risen sharply since around mid-April when Trump announced tariff pauses. Investors may be "repositioning around what had been a really strong run and just taking some chips off the table in light of this morning's data," he said. On Wall Street at 11:32 a.m. the Dow Jones Industrial Average fell 640.77 points, or 1.46%, to 43,488.20, the S&P 500 fell 105.82 points, or 1.66%, to 6,233.84 and the Nasdaq Composite fell 459.00 points, or 2.17%, to 20,663.45. The pan-European STOXX 600 index fell 1.81%, suggesting its biggest daily drop since April 9. MSCI's gauge of stocks across the globe fell 12.34 points, or 1.33%, to 917.28, putting it on track for its biggest daily drop since mid-April. The softer data added to losses for the global index , which was already losing ground after a host of tariff announcements from Trump the day before. Trump ordered tariffs ranging from 10% to 41% on U.S. imports from several major trading partners. He increased duties on Canadian goods to 35% from 25% for all products not covered by the U.S.-Mexico-Canada trade agreement. He said a 25% rate for India's U.S.-bound exports, 20% for Taiwan's, 19% for Thailand's and 15% for South Korea's. However, Mexico got a 90-day reprieve from higher tariffs to allow for deal talks. In currencies, the greenback reversed course to fall sharply after the data due to increased expectations for rate cuts. Earlier it had found support in fading hopes for U.S. rate cuts. The dollar index <=USD>, which measures the greenback against a basket of currencies including the yen and the euro, fell 1% to 99.03. The euro was up 1.11% at $1.1542 while against the Japanese yen , the dollar weakened 1.76% to 148.08. The Bank of Japan held interest rates steady on Thursday and revised up its near-term inflation expectations, but Governor Kazuo Ueda sounded a little dovish in the press conference. Sterling strengthened 0.32% to $1.3247 and the Canadian dollar strengthened 0.44% versus the greenback to C$1.38 per dollar. U.S. Treasury yields plunged after the jobs data and the increase in bets that the Fed will resume interest rate cuts in September. The yield on benchmark U.S. 10-year notes fell 11.9 basis points to 4.241%, from 4.36% late on Thursday while the 30-year bond yield fell 6.6 basis points to 4.8191%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 21.6 basis points to 3.733%, from 3.951% late on Thursday. In energy markets, oil prices fell more than 2% after the jobs data and on the prospects of a possible increase in production by OPEC and its allies. Oil had settled 1% lower on Thursday. U.S. crude fell 2.66% to $67.42 a barrel and Brent fell to $69.72 per barrel, down 2.76% on the day. Elsewhere, gold prices rallied to a one-week high, after the weak jobs report boosted policy easing expectations and fresh tariff announcements also spurred safe-haven demand. Spot gold rose 1.83% to $3,350.10 an ounce.
