More copper exploration investment key: SCC

Aug 07, 2013 | 05:52 PM | Everdeen Mason

Tags  copper, southern copper corp., oscar gonzalez rocha, grupo mexico, everdeen mason

NEW YORK — The future success of the copper industry lies in investing in more exploration projects, according to Southern Copper Corp. (SCC) president and chief executive officer Oscar Gonzalez Rocha.

"Everything is going to end sometime," he told AMM. "If (the industry) isn’t exploring they are going to die. Any pound you produce you need to replace with ... deposits in your mine."

Supply constraints caused by the degradation of existing mines in South America has put a floor under the copper market for now, Gonzalez Rocha said. "Our thinking is it’s not going to be below $3 (per pound). This year it’s going to be between $3.25 and $3.30 on average, but next year I think it will be around that and higher ... because of the conditions that we foresee in the markets."....

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