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Zinc miners are betting a long-running global supply glut of the metal used in steel making will turn into a deficit over the next five years as old mines run dry, sparking massive investment in new projects.

Copper hit its highest level in 2012 this week, boosted by strong manufacturing data from China. Steady job growth in the US too is pushing up demand, but downside risks especially in Europe remain.

Reuters reports that Romania has backed out of a deal to sell its largest state-owned copper mine, Cupru Min Abrud.

The source of the surge in mining investment has been quite diverse, reflecting the widespread advance in prices. For 2012, gold leads the way with $3.6 billion of capital spending. But not far behind are copper-nickel-zinc mines at $3 billion, potash at $2.9 billion and iron ore at $2.7 billion as the Labrador Trough is developed.

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"We store significant amounts of commodities, for instance silver, on behalf of customers. We operate vaults in New York City, in Singapore and in London. Often when customers have that metal stored in our facilities they hedge it on a forward basis through JPMorgan, which in turn hedges in the commodities market," said Blythe Masters.

Cyprus Mail reports the world's oldest producing copper mine has passed 50,000 tonnes of the red metal.

"Resources groups and the bankers who promote them merit close scrutiny since minerals have been linked in the past with financial scandals and market manipulation, from the nickel bubble that captivated the City in the 1960s and ended in the Poseidon crash, to the Hunt brothers’ cornering of the silver market in 1980."

Indonesia's proposed tax on mining exports is having a ripple effect on Indian power companies that buy fuel for coal-fired power plants.