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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Tommaso who wrote (3731)	4/6/2004 6:39:54 PM
From: mishedlo	Read Replies (3) of 116555

From Harmy on Commodities.... ================================== Mish I don't see commodities heading on up the golden road indefinitely. The CEO of WMC said yesterday that nickel prices are unsustainable which, by implication, means they will head down at some stage. WMC Resources <WMR.AX> has issued a warning to investors that current nickel prices are unsustainable, admitting that its Olympic Dam copper-uranium mine may never be 'trouble-free.' Chief executive, Andrew Michelmore, said that WMC is likely to gain 'continuing improvement' on last year's A$246 million profit result, noting that 2004-05 profits would be in line with predictions of approximately A$610 million. Also BHP Billiton made this announcement. By implication it would seem there is no shortage of copper and new mines will be developed in response to world demand. Mining giant, BHP Billiton, announced its approval for the Escondida Sulphide Leach copper project in Chile, predicting the mine would annually produce 180,000 tonnes of copper cathode for more than 25 years. The project is due to begin production in second-half 2006 and will process low-grade sulphide material from both the Escondida and Escondida Norte pits. The worldwide coal shortage will also be alleviated when China slows its economy and also when it develops news mines to enable exports to resume. Regards Harmy

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