Copper is surging, but it doesn’t mean economy is booming

Las Bambas copper mine, located in Peru, is expected to fetch between $5 and $6 billion.

Futures for April delivery hit a low of $1,358 an ounce and stood at $1,360.90 by 07:30 GMT, down $12.00.

Since 2001 the United Nations’ International Seabed Authority has issued 30 exploration permits, with other seven waiting approval soon.

In 2010 the Asian nation covered 97.6% of worldwide demand; today, is down to about 92%.

The miner is warning the multitude of new legislation could send compliance costs soaring by tens of millions of dollars for global companies.

Due to slump on prices for the steel-making material.

The figure includes salary, a cash bonus, shares and other benefits for the man who was able to take Rio Tinto from a US$3 billion loss to a US$3.7 billion profit in a year.

William Gallacher, who founded Athabasca in 2006, is being replaced by Thomas Buchanan.

Price of the steelmaking raw material up 6.5% since Monday.