MIM expects copper price to stay low

Press, 12 November 1977, Page 19

MIM expects copper price to stay low

; NZPA Brisbane The annual report'of MIM Holdings, Ltd, says that the ’market for copper is dominated by excessive stocks, ’with no sound expectations for their consumption. Trade agreements, under [the auspices of the United 'Nations Conference on Trade and Development, had conI eluded without any clear outcome, and funds required Itc finance effective bufferstocks would be immense. “The prospects of arriving .at a practicable and equitable solution would appear ; to be remote.” the report : says. The prospects for a major

'revival in industral activity [throughout the world were ! not good at the end of June. ’ The company’s estimate of [copper ore reserves had been reduced by 4M tonnes! as limited stop drilling did; not significantly extend pre-: [viously defined ore limits. | However, drilling defined a further 2M tonnes of’ j silver-lead zinc ore at [slightly lower lead grade. ; Exploration work would [be continued in Australia,; and overseas. The company ceased! ! exploration for mineral i sands in New Zealand,; where proposed devel[opments were asessed as! j uneconomic, but it was con-; [tinning to investigate gold! | prospects in conjunction with New Zealand partners- j “The two-year initial coal; exploration programme [ within the Denman prospect area, in New South Wales, is proceeding satisfactorily, and substantial reserves of both coking and steaming coal ; extractable by underground .mining methods are indie- [ ated,” the company says.