Copper production hiccups elsewhereI realize CUU is a good ways off from being in production, but there have been a number of copper producers lately who are reporting difficulties with their mines. More problems = higher price for copper, which can't hurt us.
Here's the latest:
Lundin Mining to produce less zinc, copper in 2011 than anticipated
By The Canadian Press
TORONTO - Lundin Mining Corp. (TSX:LUN) saidThursday it now expects to produce less copper and zinc this year thanunder previous guidance, primarily because of unpredictable mining ratesat its Neves Corvo mine in Portugal.
The Toronto-based company said its revised 2011guidance calls for 75,400 tonnes of copper ore — 4,000 tonnes below theprevious target — while zinc output is now expected to be 112,000tonnes, down from 120,000 tonnes.
"As mentioned in the Q1 release, the high-gradereserves currently being mined at Neves Corvo are in an area subject tohigh stresses and therefore mining rates are less predictable. This hascontinued to be the case in Q2 and as a result, production at NevesCorvo was below expectations," said Paul Conibear, president and CEO ofLundin Mining.
"We are continuing to work through this and expectthings back on track by Q4 of this year, if not sooner. In order tominimize the effect, and given the high copper prices, the newlyexpanded zinc plant currently being commissioned will be dedicated totreating copper ore."
Neves Corvo will produce 6,000 tonnes of zinc, downfrom the previous guidance of 25,000 tonnes. That will be partiallyoffset by higher-than-expected zinc production at the Galmoy mine inIreland, where the 2011 production target has been raised to 28,000 from17,000.
Neves Cervo will also produce less copper than originally expected, with the guidance falling to 72,000 tonnes from 76,000.