China’s import data surprised many today when it revealed that its traders bought 397,459 tonnes (438,124 tons) of refined copper in January, just shy of the record 406,937 tonnes imported in December 2011, and up 63.5% on January 2012.
Theres plenty of raw ore out there. The problem are the smelters. They are running at 100% capacity and still can't fulfill the demand. The price of copper has no where to go but up.
I think they are going to squeeze us little guys out as soon as the expansion is finished. By keeping the price at $29 for a year they can offer $31-$32 and the Delaware courts will approve it.
He owns 51% of Grupo. Last year his net worth was $16.7 Billion.
I might not ever sell it. I've owned it since the early '80's. I'll check my certificates to see the exact date. I bought some more at $27 and change for my IRA.
Looks like SCCO is getting a portion of it's old mine back. Back in the day SCCO had 3 mines in Peru and the Government took one back. Now SCCO is in talks with Anglo American to JV Quellaveco.
650,000 tons but ramping up. By 2017 they will double current production.