RE: Waiting for a good news at Mont de l'Aigle.You correct Bill, the market is there and if Appalache prove an IOCG deposit, soon, all is possible. Here an extract of Nick Majendie at Canaccord Capital. Update: 08/04/04
COOPER.
Since 1996, China consumed more concentrates of copper that it in produced. In 1996, it roughly produced 439 000 tons of copper from a consumption of 1 260 000 tons. At the end of 2004, we evaluate that China will have produced 550 000 tons from a consumption of 3 071 520 tons. Year by year, consumption increased by 21%, while the production progressed about 2%. Teck Cominco estimates that the consumption of the copper concentrates in 2003 increased by 30% compared to the levels of 2002?à 82t000 tons while the imports of refined metal raised of 18% to 1 303 000 tons. In our opinion, here the end of the decade China will have the capacity to only produce 565 000 tons, compared to its needs for consumption of 3 800 000 tons. Chinese the ask for copper will continue to increase. We anticipate that China will consume a greater part of the world production during seven next years. It should consume 29% of the world production at the end of the decade, compared to 20% in 2003 and 11% in 1996. According to us, China will remain an importing country copper Net in a foreseeable future to answer its domestic demand which increases and owing to the fact that its mines are small and operate with minimal settings of funds within an imperfect framework of regulation. Investments in new mines or enlarging of the existing sites will prove necessary to increase the production of the fonderies/raffineries. However, of the costs of higher treatment and refining make the foundries of copper Chinese less and less profitable.