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Gold/Mining/Energy : Copper - analysis
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To: Robert Douglas who wrote (1193)5/8/2005 3:25:58 PM
From: The Vet  Read Replies (1) of 2131
 
One issue in the copper supply that isn't fully appreciated by many casual observers is that over the past decade the industry has been subject to considerable consolidation and rationalization with a smaller number of large companies involved in multiple metal mines producing a increasing proportion of the world's copper.

If prices drop these large multi-nationals simply shut down unprofitable mines and move their assets into more profitable ventures in other metals until the price makes it worth getting back into copper again. This was not the case when production was dominated by smaller companies with few opportunities to diversify. They tended to continue to produce in ever increasing quantities in order to maintain cash flow even as profitability went out the window. They are gone now...
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