Get ready for the run higher, we'll hit $1 ++ very soon. Now we have analysts like Credit Suisse lifting it's projections for copper 2010-11. The following may also help to get some more movement in the short term copper price.
* Press reports state that the Zambian government will not refund foreign mining companies taxes paid when last year’s controversial tax law was introduced which has since been rescinded. A number of mining companies are exposed to this. Most recently, First Quantum said that it had paid the government US$140m in higher taxes and had booked this as receivable which it may never receive.
* The recent surge in copper prices if sustained could well lead to the Zambian government considering re-introducing windfall taxes and higher rates which will no doubt be strongly opposed by miners. The government must be careful not to cook the golden goose as it is heavily reliant on the mining industry for jobs and income.
* More shootings reported at the giant gold copper mine Grasberg in Indonesia as gunmen opened fire on company vehicles in three separate incidents.
Get ready for ABY at $1++
ABY Price at posting:
80.0¢ Sentiment: Buy Disclosure: Held
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