Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Entree Gold said a $5.3 million net loss in the first quarter of 2011 was due to increased exploration activities at its Yerington copper porphyry projects in Nevada.
“We are advancing our Yerington projects to development through systematic drilling and upgrading of known deposits and by exploration of additional targets. We have been building our team and operations in Yerington and are strongly encouraged by the initial drilling results we have received. In addition, substantial exploration and development work is underway on our properties in Mongolia,” Entree Gold president and CEO Greg Crowe said on Friday.
Entree Gold’s flagship property is the Lookout Hill property in Mongolia, which surrounds the mammoth Oyu Tolgoi copper-gold project currently being developed and constructed by Ivanhoe Mines. As part of its quarterly report, Entree Gold says it has extended mineralization in Mongolia and has formed a $7 million joint venture with Oyu Tolgoi LLC, a subdidiary of Ivanhoe Mines and the Government of Mongolia.
At its Ann Mason deposit in Nevada, the company has drilled 7,518 metres to date, with the latest results indicating 987 metres averaging 0.38% copper equivalent.
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