China Metallurgical Group Corporation, Jiangxi Copper Corporation and Fujian Zijin Mining Group Company Limited jointly obtained the right to develop the biggest Afghan copper mine, Aynak copper deposit, with their offer of over US$2.87 billion, according to Afghan Ministry of Mines.
According To Albanian Minerals CEO Sahit Muja said Aynak copper deposit is one of the world’s largest copper mines with proven reserves of near 700 million tons of copper ore containing 2 percent of pure copper or 14 million tons of copper. Albanian Minerals CEO Sahit Muja said “The copper prices is $7250 per ton on 16 April 2013, this cooper is worth 100 billion dollars in todays market”
China has become the world’s largest copper consumer, consuming about 4 million tons or 22 percent of the world’s total supply last year.
Copper prices edged up on Tuesday on hopes that the outlook for growth and demand from top consumer China would improve in coming months, prompting some short covering activity following hefty falls in the previous session. Copper stocks in bonded warehouses in Shanghai have fallen by about a fifth in the past month fanning hopes that Chinese importers will resume fresh orders soon.
“We don’t think end user demand is that bad at the moment. We could expect that as growth finally does pick up later in the year (in China) that we will see stronger prices for base metals,” Brown said.
China is the world’s biggest copper consumer, accounting for about 40 per cent of global demand.
By: Kim Long
New York News