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MMG CEO Mr Michelmore sees copper deficit in 2016- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
12/16/2015 non-ferrous metals expo |
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Australian Financial Review reported that MMG chief executive Mr Andrew Michelmore has revealed himself to be perhaps the most bullish of the copper bulls, saying that copper markets could be in deficit in 2016. Speaking ahead of MMG''s first day of listing on the ASX on Monday, Mr Michelmore said the slow delivery of new copper mines plus China''s need to continue developing infrastructure like its electricity grid would ensure copper prices recover from their current woes.
He said "This year was surplus in copper but nowhere near the tonnage that was expected and our analysis, and my own feel for it, is that next year will actually be in a deficit, certainly in the second half and I think that is making copper far more attractive.¡±
Mr Michelmore''s view on copper is far more bullish than that of BHP Billiton, which has suggested that a copper shortage is about four years away. Rio Tinto''s copper boss Jean Sebastien Jacques has suggested prices will improve in early 2017.
Copper prices have plumbed six year lows in recent weeks, but a bounce on Friday night saw the red metal jump to a four week high of $US2.13 per pound.
MCC has traditionally been a construction company and has worked on the Sino Iron project in Western Australia, but it also owns some mineral assets, including copper deposits in eastern Afghanistan, western Pakistan and the Ramu nickel mine in Papua New Guinea. MMG''s portfolio is dominated by copper and other base metals like zinc, lead and silver. Its flagship Las Bambas copper mine will begin production in the first three months of 2016.
non-ferrous
metals- 2016 China(Guangzhou)Non-Ferrous Metals Exhibition
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