Didnt know where to post this article as I dont think there is a LEAD thread on HC nor has a lead article ever been posted on HC, however it is worth noting that the Mehidibad project has 3.3 million tonnes of lead metal!! (April 4 2005 UCL ann)
Lead has just hit a record high of US 69c per pound.
That equates to an inground value of US$5 billion.
This is AUD$6.7 billion.
Anyway there is just something else to consider.
The below article has a quote from Societe Generale regarding the future of lead. It isnt going to harm UCL's chances of obtaining finance from Societe Generale :)
(For those who dont know Societe Generale is a major shareholder of UCL and will be assisting UCL in obtaining finance for the project)
Cheers
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AFX News Limited
Lead price strikes record high at 1,450 usd/tonne in London trade
10.11.2006, 10:19 AM
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LONDON (AFX) - The price of lead struck an all-time high of 1,450 usd per tonne in London trading today, owing to production problems in Australian mines and strong Chinese demand.
On the London Metal Exchange (LME) the price per tonne for delivery of lead in three months reached 1,450 usd, the highest reading since the metal began trading in London in 1953.
It beat the previous record high of 1,435 usd, reached on Feb 3.
Lead was traded at 1,440 usd per tonne at about 1130 GMT.
Lead is used mainly to produce batteries.
Prices have rebounded during the past few months, culminating in a new high, mainly owing to 'substantial production losses in various mines in Australia', Societe Generale analyst Stephen Briggs said.
'China will remain the driving force of demand growth,' he added.
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