In China reduced import volumes of copper
According to statistics provided by the company «Bloomberg», in June this year, China cut its imports of copper and products thereof by 7.9% from the previous month, thus the volume of supply in the PRC amounted to 350 thousand tons. At the same time, the Chinese production of the red metal in May increased by 5.3% compared to April 2014, reaching 615.307 tons. Overall copper production increased by 6.5% over the previous year. According to earlier information provided by the April production of refined copper in China compared to March was reduced by 1.6%, the volume of smelting reached 584.277 thousand tons. If you count the existing results on an annualized basis, the overall copper output increased by 5.2%. However, in May of this year, copper smelting and manufacturing of products based on hectares of red metal — alloys, anodes and semi-finished products — decreased by 15.6% relative to the April figures, amounting to 380,000 tons. This index may decline further in the coming months, given the investigation by the Chinese authorities regarding the offenses in the sphere of non-ferrous metals found in the port of Qingdao. In connection with the situation a certain number of major banks froze the subsidies metal traders.
Unlike the better things in the Australian company «White Cliff Minerals», working in the field of mineral exploration — its stock got a good push up after obtaining more than satisfactory results in the implementation of the program for the exploration of gold deposits and high-grade copper in Kyrgyzstan within the framework of the project «Vats».
The program, developed by «White Cliff Minerals», involves the exploration of gold-bearing rocks and the expansion of existing assets of high-quality copper and its production in 2013. To determine the mineralization potential at the beginning of August, planned drilling activities. Region Chanakh sufficiently promising area having gold reserves in the amount of 93 million. Oz and copper in an amount of 25 million. Tons at 100 km. During drilling operations currently detected region containing up to 2.1% copper and up to 2% of gold, on the rock sample in mineralized area 40 is detected, and 5 grams of gold per tonne% copper. For the analysis presented by 585 samples, the results obtained for 364 of them, waiting for the remaining samples sent to the laboratory.