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Rio Tinto's Kennecott Copper Mine in the United States has halted production due to an accident.
Business Society March 13 News
March 13 News: Global mining giant Rio Tinto( announced on Thursday that its Kennecott Copper Mine) in Utah, USA, has suspended operations following an accident.
An employee of a contractor died after an incident at the mine site. The company is currently investigating the cause of the accident and conducting a safety assessment on-site.
According to the company’s statement, the accident occurred on March 12, and the victim was from an outsourced contracting company. After the incident, the mine site immediately halted production to carry out safety reviews and investigations.
Kennecott Copper Mine is one of the world’s most famous large open-pit copper mines and one of North America’s most important copper production bases. According to company data, the mine has long been among the world’s major copper-producing regions, and its copper concentrate and cathode copper play a significant role in the global supply system. The mine also produces by-products such as gold, silver, and molybdenum.
This suspension has raised market concerns about the short-term impact on copper supply. Although Rio Tinto has not specified the duration of the suspension, the halt in mine operations could cause some disruption to regional copper supply.
In recent years, with the global energy transition and rising demand for electrification, the copper market has already been under supply tension. Any production interruption at large mines could influence market sentiment.
It is noteworthy that this incident is also the latest among recent safety events at Rio Tinto’s mines. In February this year, the company experienced a contractor employee death at the Simandou iron ore project( in Guinea, prompting a reassessment of safety management.
【Commodity Pricing Formula Principles】 Business Society’s benchmark price is a trading reference price generated based on big data of prices and the Business Society pricing model, also known as the Business Society price. It can be used to determine the transaction settlement price for the following two needs:
1. Settlement price on a specified date
2. Average settlement price over a specified period
Pricing formula: Settlement price = Business Society benchmark price × K + C
K: Adjustment factor, including factors such as billing period costs.
C: Premium or discount, including logistics costs, brand price differences, regional price differences, etc.