China to Export Large Quantities of Copper to Help Ease Global Shortage

The Paragon Report Provides Stock Research on Freeport-McMoRan Copper & Gold and Baja Mining

NEW YORK, NY -- (Marketwire) -- 05/04/12 -- Copper prices have been rallying recently, but fell Wednesday after an announcement by a leading Chinese Copper smelter stating it would begin to export the metal to ease the global shortage. Copper for three-month delivery on the London Metal Exchange (LME) fell 1.45 percent to $8,300 a ton Wednesday. The Paragon Report examines investing opportunities in the Copper Industry and provides equity research on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Baja Mining Corp. (TSX: BAJ) (PINKSHEETS: BAJFF).


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Copper inventories in China, the largest consumer and importer of the metal, are currently at record levels. According to a recently article in the Financial Times China's number one copper producer and smelter, Jiangxi Copper, stated they plan to begin exporting large quantities of the metal to help ease the shortage of supply globally. The nation's Copper Industry has agreed to "enough electrolytic copper in a bid to regulate domestic and overseas market demand and supply."

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Freeport-McMoRan Copper & Gold is the world's largest publicly traded copper producer and has a dynamic portfolio of operating, expansion and growth projects in the copper industry. The company reported net income for first-quarter 2012 of $764 million, $0.80 per share, compared with net income of $1.5 billion, $1.57 per share, for first-quarter 2011.

Baja Mining, through its subsidiary Minera y Metalurgica del Boleo, owns a 70% interest in the Boleo copper-cobalt-zinc-manganese project located in Baja California Sur, Mexico. The company raised over $1 billion in 2010 and recommenced construction of Boleo in November 2010. Copper production is expected to start in early 2013.


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