综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

USEUROPEAFRICAASIA 中文雙語(yǔ)Fran?ais
Home / World

Copper shortage likely in 2011, says Rio Tinto

By MATT CRAZE | China Daily | Updated: 2010-04-08 08:01

SANTIAGO - Rio Tinto Plc's copper unit chief said it's "hard to imagine" a decline in prices for the metal as limited supplies from mines exacerbate a shortage next year.

"From a supply point of view, there are just not a lot of new stories out there," Andrew Harding, head of the business, said on Tuesday. "It would be hard to imagine what would cause a collapse in the copper price," he said, declining to give a forecast.

Rio Tinto is expanding mines in Chile, Indonesia and Mongolia as China, the world's biggest buyer of copper, boosts purchases of the metal used in cables and electric wire. Supply and demand will be "in balance" in 2010, with a shortage coming in 2011 as the United States and European demand also rises, he said.

Copper climbed to a 20-month high on Wednesday on Chinese demand and as investors bought futures to hedge against a weaker dollar. The price more than doubled last year as the economy recovered from the first global recession since World War II.

Prices may continue to gain on a lack of investment in new mines, said Bart Melek, a commodity strategist at BMO Capital Markets.

"The corporate world is coming around to the idea that this is going to be a long-term stable market," Melek said.

The rise in copper prices comes as executives and bankers meet this week at the World Copper Conference in Santiago. The conference is organized by London-based consultant CRU.

Futures soar

Copper futures for May delivery fell 1.45 cents, or 0.4 percent, to $3.617 a pound on the Comex in New York. Earlier, the price touched $3.6385, the highest level for a most-active contract since Aug 1, 2008.

Harding said he is "very confident" Rio Tinto will start the $4 billion Oyu Tolgoi copper project in Mongolia in 2013, after securing a permit to develop the mine at the end of March.

The new mine will take five years to reach full capacity of 450,000 metric tons of copper a year, Rio said in a March 31 statement.

Mongolia's government owns 34 percent of the project, while Ivanhoe Mines Ltd holds the rest. Rio will have an indirect stake in the project through its holdings in Ivanhoe.

Overall metals demand will double in the next 15 to 20 years, fueled by China, Rio Chief Economist Vivek Tulpule said in a presentation posted on the company's website on Wednesday.

BLOOMBERG NEWS

(China Daily 04/08/2010 page17)

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
丽水市| 浠水县| 哈密市| 隆林| 旺苍县| 怀柔区| 苍山县| 固原市| 华安县| 筠连县| 中卫市| 柳林县| 灯塔市| 大足县| 门头沟区| 东辽县| 邵阳县| 台山市| 峨眉山市| 建水县| 凭祥市| 衡东县| 吐鲁番市| 丹寨县| 息烽县| 威信县| 恩平市| 大关县| 康保县| 温宿县| 马公市| 密云县| 肇东市| 垫江县| 安多县| 茌平县| 安龙县| 寻乌县| 和田县| 云霄县| 莎车县|