Value of Copper Pivotal in Mining Operaion
Network Exploration Ltd. — NETYF
Chile’s central bank cut its 2006 economic growth estimates amid lower output for its number one export copper, but said growth would strengthen in 2007 as oil prices ease and mining activity recovers. Central bank President Vittorio Corbo said after presenting the report in Valparaiso that interest rates could stay near current levels for a period of time.
The thrice-yearly report to Congress said mining production would likely recover in 2007 and oil prices would fall, while investment would improve. Chile is the world’s largest producer of copper, which is the backbone of the local economy.
The central bank also said copper prices were seen staying strong through the end of 2006 and in 2007. It raised its average copper price outlook for 2006 to $3.05 per pound from an earlier $2.60 per pound and said it saw the average copper price at $2.75 per pound in 2007.
“These are precisely the values we need for a profitable mining operation,” said Richard Schnoor of Network Exploration, Inc.
Stock Guru: NETYF
Source: Reuters
Network Exploration Ltd. — NETYF
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About Network Exploration: Network Exploration Ltd. is a mineral exploration Company committed to building shareholder value through the acquisition of base and precious metal properties in North and South America. For additional information, contact the company at 604 495-6302 or visit our website at www.networkexploration.com
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