I don't imagine that the total amount of copper consumed in chillers is that great compared to its biggest use in building construction
Depends on how those stats are gathered. Does heating units fall under the "construction" category? If so heat pumps and AC should too. Heat pumps certainly should as they are used instead of other central heating units.
Have a look at a AC unit (or a car radiator for that matter). A large chunk of copper in both.
Here is another look at the usage of copper.
marketdata.copper.org
"plumbing and heating" is a big slice of the pie.
I wonder how much of this is confused with "AC and commercial refrigeration"
The "all other" category is also very large. I wonder if the "automotive, non electrical" category is car radiators (which are usually copper). A fairly large chunk of the market.
I mention this because we have had some hot summers recently. I would like to see a general category called "heat transfer medium" (i.e not simple pipes, just radiator etc). That would clarify things for me. Copper is the best for that
Anyway, there seems to be a renewed interest in copper
markets.ft.com
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Anglo American eyes Chilean ExxonMobil assets
By Matthew Jones
Published: May 1 2002 20:05 | Last Updated: May 1 2002 23:10
Anglo American, the world's second-largest mining group, is in talks to buy ExxonMobil's Chilean copper interests for a price estimated at about $1.3bn.
Observers said on Wednesday that Anglo was looking to buy the US oil group's Disputada de Las Condes mine in an effort to strengthen its base metals business. A deal was expected soon.
ExxonMobil has been trying to sell Disputada for a year as part of a wider strategy to quit its non-oil and gas businesses following its merger with Mobil.
Rival bidders Codelco and Antofagasta of Chile pulled out from the auction last month after offering less than Anglo. It is understood this has given Anglo, based in Johannesburg and also listed in London, a clear run at the acquisition.
Anglo stoked speculation it was on the look-out for acquisitions when it raised $1.1bn through a convertible bond issue last month.
It is thought to be anxious to bolster its international base metals business, which is weak compared with competitors such as BHP Billiton and Rio Tinto. It makes most of its profits from gold, platinum and diamonds.
Anglo this year abandoned plans to produce up to 350,000 tonnes of copper a year at its Konkola mine in Zambia, which it bought two years ago, and is now negotiating to sell or close the mine following a review.
The acquisition of Disputada would give it a more modest 250,000 tonnes a year of production but this would be about 40 per cent cheaper to produce than at Konkola.
One analyst said the fair value of Disputada was $800m-$1bn, making Anglo's offer appear high. |
