Interesting to see Peter Cook sees the Tin price possibly reaching 30,000t or more this year .No doubt he has access to better industry information than most of us .
Metals X reopens Renison tin mine in Tasmania
Elisabeth Behrmann, Dow Jones Newswires | July 25, 2008 TIN and nickel miner Metals X has reopened the Renison tin mine in Tasmania, in response to the recovery in tin prices.
The 8,500-metric-tonne Renison mine went on care and maintenance in October 2005 after tin fell below $6,000 a tonne on the London Metal Exchange. Prices have since boomed to levels around $22,300 a tonne.
Commercial production is currently underway, Metal X (ASX: MLX) managing director Peter Cook said at the opening ceremony.
LME tin prices rallied to a record $US25,500 a tonne in May this year, in response to a clampdown on illegal tin mining in key tin producer Indonesia, as well as disruptions in Bolivia.
Demand for tin, used in soldering and cans, has been growing strongly because of changes to environmental regulations replacing lead metal with tin in some applications.
“We firmly believe that, in the ensuing year, we will see tin prices consistently trade above $US25,000 a tonne, and with the continuing deficiency in supply-demand balance, we could see tin approach levels well into the $US30,000’s by 2010,” Mr Cook said.
Metal X plans to expand Renison in 2010 with a tailings re-treatment project.
MLX Price at posting:
0.0¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)