IVANHOE Mines CEO Robert Friedland has warned that copper production across Africa faces serious disruption if the conflict in Iran continues beyond three weeks, owing to the continent’s heavy reliance on Middle Eastern sulphur supplies.
Friedland, whose company operates copper mines across Africa, was quoted in a report by the Financial Times that the central African mining belt imports around two million tons of sulphur a year, approximately 90% of which originates from the Middle East. Sulphuric acid, derived from sulphur, is essential for leaching copper from oxide ores, said the newspaper.
“I have heard that traders are already struggling to source any,” Friedland said. “Sulphuric acid prices will therefore significantly increase across Africa.”
The US-Israeli campaign against Iran entered its sixth day on Thursday with no sign of abating, said Bloomberg News.
Iran’s Islamic Revolutionary Guards Corps vowed to intensify retaliatory strikes in the coming days, even as President Donald Trump said the US was “doing very well on the war front”. The White House also said it was close to achieving full control of Iranian airspace.
Arab states and Israel continued to intercept Iranian missiles and drones overnight, with Qatar urging residents to remain indoors. Tehran said it struck an oil tanker in the Persian Gulf, highlighting the threat to regional shipping. Israel has been conducting waves of airstrikes on Tehran targeting military and intelligence infrastructure. At least 1,200 people have died in Iran since the campaign began on 28 February, with dozens more killed elsewhere in the region, said Bloomberg News.
About a dozen nations have been drawn into the conflict. Azerbaijan became the latest on Thursday, threatening retaliation after two Iranian drones landed on its territory.
Brent crude climbed towards $82 a barrel, having surged around 13% over the first three days of the week. Gold extended gains, Treasury yields rose for a fourth consecutive session, and more than 23,000 flights to Middle Eastern hubs have been cancelled since hostilities began.
