China Easing Hopes Boost Copper; Bumpy Road for JP Morgan ETF-2

In Australia, BHP Billiton (ASX:BHP) reported second quarter copper production surging 15 percent from a year ago to 312,500 metric tons, which beat analysts' expectations, and rose 11 percent from the previous quarter. The company noted a 22 percent increase in copper output at its Escondida mine in Chile, as well as strong output at its Antamina mine in Peru. Production at Escondida is pegged to rise 20 percent in 2013 from the previous year. At the end of the second quarter, BHP had 278,547 tonness of outstanding copper sales revalued at a weighted average price of $3.49 per pound.plaster processing equipment
Rio Tinto (LSE:RIO), meanwhile said its copper output rose 5 percent on the year to 133,500 metric tons due largely to processing efficiencies and higher copper grades at Escondida, which it jointly owns with BHP.
dry washer Subcontractors at Chile's state-owned Codelco blocked a highway to the Andina mine as they demand better working conditions and equal pay to Codelco workers. Codelco said, however, that the dispute has not affected production. There is concern though that workers may continue to strike should their demands not be met.
Junior company news
Vancouver-based Tintina Resources (OTC Pink:TINTF) executive chairman Rick Van Nieuwenhuyse said that the Johnny Lee copper deposit at the company's Black Butte project in central Montana "has excellent exploration potential," adding that following the preliminary economic assessment, the company will begin feasibility level work in the coming months. The site has estimated startup capital of $210.4 million including a 21 percent contingency of $30 million with estimated sustaining capital of $62.1 million over a 14-year mine life. Tintina has a base case long-term copper price of $2.97 a pound.
Dia Bras Exploration (TSXV:DIB) reported second quarter copper production reaching a record 4.1 million pounds compared to 800,000 pounds during the same period a year ago. The Toronto-based company said that the production surge was a result of consolidating its operations in Peru and Mexico. mining equipment component parts Dia Bras acquired Sociedad Minera Corona in May 2011, while production began at its Bolivar mine in Mexico, leading to greater metal output. Its Yauricocha mine in Peru remained Dia Bras's largest producing mine.
West Cirque Resources (TSXV:WCQ) discovered a new copper oxide mineralization zone at its Tanzilla property near British Columbia's Dease Lake. Mineralization is hosted by red and green volcaniclastic rocks, and West Cirque reported that volcanic hosted copper oxide mineralization is a new style of mineralization previously unknown at Tanzilla.
Meanwhile, International Enexco (TSXV:IEC) reported that drilling at its Contact copper project in northern Nevada added over 3,000 feet of strike length to the identified copper oxide mineralization, which now extends over 7,250 feet.