NEW YORK, NY -- (Marketwire) -- 11/24/11 -- Weakened demand out for copper out of the industrial sector has led to relatively neutral returns for investors in the industry. Currency fluctuations and market uncertainty are also weighing on the industry. Inconsistent production, weather delays and equipment malfunctions have also compounded the problems created by the macroeconomic environment. The Paragon Report examines the outlook for companies in the Copper Industry and provides stock research on Lundin Mining Corporation (TSX: LUN) (PINKSHEETS: LUNMF) and Baja Mining Corporation (TSX: BAJ) (PINKSHEETS: BAJFF). Access to the full company reports can be found at:
www.paragonreport.com/LUN
www.paragonreport.com/BAJ
Copper stocks have been volatile of late as data showed China's economy grew at a 9.1 percent rate in the third quarter -- its slowest pace since the second quarter of 2009 -- as euro debt strains and a sluggish US economy took a toll. China accounts for roughly 40 percent of global copper demand with the emerging market using the red metal to make wire, pipe, buildings, automobiles and appliances.
In September, China imported 380,526 tonnes of anode, refined copper, alloy and semi-finished copper products, the highest level since May 2010 and a gain of 3.3 percent from September 2010, data from the General Administration of Customs showed.
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International Copper Study Group expects world apparent refined copper usage in 2012 to grow by 3.6 percent, mainly supported by a growth of 6 percent in China as the rest of the world is expected to grow by only 2 percent.
Baja Mining is a mine development company with a 70% interest in the Boleo copper-cobalt-zinc-manganese Project located near Santa Rosalia, Baja California Sur, Mexico. The company recently commenced underground mining of copper-cobalt-zinc ore at its Boleo mine located near Santa Rosalia, Baja California Sur, Mexico. This is the first stage of an 18 month program, ramping up to full underground production in March 2013.
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. The company reported net income of $12.4 million ($0.02 per share) for the third quarter of 2011 and year-to-date net income of $141.3 million ($0.24 per share).
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at http://www.paragonreport.com/disclaimer
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