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Oz Minerals says copper price to remain upPublished 7:44 PM, 28 May 2012 Last update 11:09 PM, 28 May 2012


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AAP

The head of Australia's third-largest copper producer, Oz Minerals, has predicted that prices for the commodity will return to record highs as a lack of new discoveries leads to a supply shortage this year.

Prices were still at historic highs and per capita copper use in China would increase further as it was still below other industrialised countries, Oz Minerals chief executive Terry Burgess told the company's annual general meeting.

The company's flagship and only producing mine, Prominent Hill in South Australia, is expected to run out of production by about 2018 and Oz Minerals needed to take advantage of high copper prices by getting new mines producing before then, Mr Burgess said.

"What we're seeing is underperformance in copper mines such as Escondida - the world's biggest copper mine - and other mines in Chile (the world's largest copper producer)," Mr Burgess told reporters at the annual general meeting.

"I think that will lead to a shortage of copper in 2012 and 2013 and the copper price will stay up.
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This is a comforting commentary.

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http://www.businessspectator.com.au/bs.nsf/Article/Oz-Minerals-says-copper-price-to-remain-up-UQDFK?OpenDocument&src=hp17