NEW YORK, NY--(Marketwire - Feb 22, 2013) - Copper miners have been trending downwards in recent weeks as prices for the metal have continued to slump. Copper prices on Thursday set a new low for 2013 on slowing housing demand from China and the U.S. Five Star Equities examines the outlook for companies in the Copper Industry and provides equity research on Taseko Mines Ltd. (
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According to Copper Development Association 40 percent of copper demand is derived from the construction industry, as copper electrical wires and pipes are essential to both residential and commercial construction. A National Association of Home Builders/Wells Fargo report showed that builder sentiment unexpectedly declined to 46 in February. The median forecast of economist called for an increase to 48, according to Bloomberg.
Concerns regarding China's housing demand have also grew after the Chinese government ordered cities to "promptly" curb housing purchases. China currently accounts for approximately 40 percent of the world's copper demand.
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Taseko's is the owner (75%) and operator of the Gibraltar copper-molybdenum mine, located in south-central British Columbia, the second largest open pit copper mine in Canada. By the end of 2012, Gibraltar's processing capacity will be increased to 85,000 tons per day with annual copper production averaging 165 million pounds for its 25 year mine life.
Thompson Creek is in the process of constructing its Mt. Milligan mine, with start-up expected in the third quarter of 2013 and commencement of commercial production of copper and gold expected in the fourth quarter of 2013. The company is scheduled to release financial results for the fourth quarter on Monday, February 25th. Shares of Thompson Creek have fallen over 15 percent year-to-date.
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