Just thought I would pass what I learned about copper to this board. I guess the largest copper mine in the world in Indonesia is still shut down. The operator of Grasberg, Freeport McMoran, declared a Force Majeure on copper shipments from the mine. Copper prices, though, have not gone up much due to Rio Tinto's new Mongolian mine ramping up this year. This new mine is sitting on earth's largest known copper/gold deposit, and will produce 425,000 metric tons of copper a year, and 460,000 ounces of gold. So, net net the world is losing ounces of silver because Grasberg was more of a copper/silver producer, and gaining ounces of gold from the new Mongolian mine is more copper/gold. Not sure if it means anything, but just thought I would relate this news. For full disclosure, I own Rio Tinto shares, (unfortunately for me). Mining stocks have taken a serious beating.
