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The FTSE 100 jumped more than 2% while mid-caps soared over 3% as the US Federal Reserve flagged its first rate cut and investors anticipated the Bank of England will keep its finger on the pause button later today.

So a rally across all sectors on the back of the Feds comments regarding possible rate cuts with an election on the horizon is it such a shock?

Even with this news we still can't rise with a high tide.

The market reaction to today's rns is telling, although we all know about about the upcoming move the tone is negative, next year prices are not looking as strong, oh and we have to refinance, just when interest rates are at there peak the fruits of all that wasted cash on buybacks coming home to roost, the share price performance is a reflection of managements performance and not of the sector in which they operate imo.

Https://championnews.com.ng/seplat-energy-coo-lauds-divestment-activities-in-nigerias-energy-industry/

Chilean state-run copper miner Codelco saw production fall 5.7% year-on-year in October to 128,000 metric tons, the Chilean Copper Commission (Cochilco) said on Tuesday.

Anglo American AAL.L is preparing to freeze spending on growth and widen job cuts in South Africa, going far beyond its initial savings target and paving the way to mothballing some higher-cost platinum mines, sources familiar with the matter said.

Some blocks sold before the huge sale at the end, be interesting to see if any news surfaces later as a catalyst why.

Currently 90% of production comes from the North Sea, so only a small proportion of production from diversified areas out of UK government influence although that will change if they are successful with their developments.

Why on earth would they be looking at SQZ surely anything away from the high tax regime we have here would be more desirable for them, if I was invested there I would be very disappointed if SQZ was mentioned as a possible target.

Your guess is as good as mine Rio, Glencoe, ATYM, farther afield Capstone Copper and Lundin Mining which is Caml like but bigger, the latter two are both Canada listed.

When I look at the charts Cu is holding up well over a 5 year period, Zn is flat and lead is up albeit marginally.

With Caml I like they have cash plus at the end of a capex cycle to cut and paste mining so happy to wait and see what happens.

The project seems to be progressing at pace as Apollo picks up a contract for the fpso.

https://www.offshore-energy.biz/apollo-snaps-up-critical-feed-work-for-north-sea-oil-project/

Goehring and Rozencwajg relook at copper inventories and suggest it is not signalling a recession, and for those investors who moved out of copper now might be an opportunity to reconsider re-entering.

https://blog.gorozen.com/blog/copper-inventory

Https://nairametrics.com/2023/11/17/seplat-to-build-a-250-million-gas-plant-in-sapele-delta-state/#

Copper prices are expected to mount a modest recovery next year as burgeoning demand from the energy transition offsets global economic weakness and healthy mine supply, a Reuters poll showed. COMMODITYPOLL01

Copper prices have shed about 15% since touching the highest in more seven months in January, pressured by weak economic growth in China, fears of recession elsewhere and high interest rates.

"We see copper grinding higher over the course of 2024 as the two opposing structural trends persist - the struggles of China's property market on the one side and the energy transition on the other," said Carsten Menke at Julius Baer in Zurich.

The cash copper CMCU0 contract on the London Metal Exchange (LME) is expected to average $8,625 per metric ton in 2024, a median forecast of 28 analysts showed.

That is 3% weaker than the forecast in the previous quarterly poll, but 7% firmer than Tuesday's closing price of $8,029.

Analysts forecast a surplus of the metal used in power and construction this year of 112,000 metric tons, with oversupply rising to 302,500 tons next year, up 61% from the previous poll in July.

Two US lead and zinc mines going on care and maintenance at the end of the month, low prices beginning to have effect on mines at he higher end of the cost curve.

https://www.miningweekly.com/article/nyrstar-says-to-suspend-operations-at-two-us-zinc-mines-2023-11-01

Not everything has gone Sepl way but the company is in fine operational and financial health going forwards. Summary of the results below.

https://www.energyvoice.com/oilandgas/africa/ep-africa/540122/seplat-sees-anoh-exxon-deal-delayed/

The global zinc market surplus widened to 22,000 metric tons in August from 2,900 tons a month earlier, data from the International Lead and Zinc Study Group (ILZSG) showed on Tuesday. During the first eight months of the year, the global surplus was 489,000 tons, up from a surplus of 156,000 tons in the same period last year.

The global lead market surplus widened to 47,600 metric tons in August from 26,200 tons in July, data from the International Lead and Zinc Study Group (ILZSG) showed on Tuesday. During the first eight months of 2023, ILZSG data showed a surplus of 71,000 tons versus a deficit of 141,000 tons in the same period of 2022.

The big setback here has been the issues with the FPSO, upuntil that point all had gone well, great acquisitions all adding to production.

Maari failing to complete was another setback although JSE couldn't be faulted there except for not pulling the plug earlier.

Even now if they put the FPSO under the management of a company who specialises in this would they be any better off? I doubt it now they've learnt the hard way all there is to know about safe operations of these vessels, and even so I would lay all the blame at JSE door, COVID restrictions have a lot to answer for rather than just being consigned to history as an error of government.

Had they been allowed to keep up planned maintenance at optimal levels the crisis that followed from not doing might of been averted.

Today's problems are down to the financial burden of Akatara, plus a distressed seller, plus even if they didn't have any production as a safety net for cash generation I would still be interested in investing here purely on Akatara alone, so I see current sp weakness as a buying opportunity the distressed seller, negative sentiment due to the Montara incident, then throw in the discounted raise at 45p backed by the major shareholders have seen to that.

Fair comment Bangrak, the slim margins compared to to size of project costs is my only concern, I was here back in the day, hope it goes well and a company with cash pile and turning a profit is a rarity these days.

Maybe there is isn't going to be as much copper about as people first thought, especially if this production loss is replicated elsewhere.

Although these are huge numbers financially and production wise it highlights how much of a minnow Caml is in the mining world.

SANTIAGO (Reuters) -Chile’s Codelco, the world’s largest copper producer, on Thursday posted a 65% drop in its pre-tax profit for the first nine months of the year, pulled down by lower production and higher operating costs.

Codelco’s pre-tax profit over that period totaled $917 million.

The state-owned miner, whose credit rating was recently downgraded amid lower prices and copper output, added that copper production between January through September fell 9% to 966,000 tonnes.

Core earnings over the nine month period totaled $3.24 billion, a 31% drop from the year-earlier period, while production costs spiked nearly 30% to reach $2.04 per pound.

The state copper producer announced earlier this month a leadership shakeup, just weeks after a new chief executive took office as the company takes a lead on negotiations with private lithium miners to increase state control over the industry.

Probably the safest place to be be at present is on the sidelines, which with good rates being offered from banks for no risk makes for a compelling safe haven, that goes across most markets currently.

Before it was countries running high debt economies pointing towards a slow down and possible recession.

Now imo we have far worse on the political front with increased tensions and the threat of war a major concern.

What happened to deplomacy I don't see it anywhere just a doubling down on confrontation more of the same.

If ever we needed a Western leader who could negotiate it's now rather than sleepy Joe who can't remember what he had for breakfast, after all whatever he decides we in West follow without a descenting voice to be heard, then we have freeze Mitch McConnell how do these people get to hold office of influence?

In time KMR should come good however political events are overtaking economic matters.

I wouldn't forget history here, Cost have small margins if anything untoward occurs in ongoing projects which result in penalty clauses being triggered it can impact the balance sheet dramatically that might be why they are happy to maintain a healthy cash buffer or even worse a client contests a project not being what they expected and heads to the courts.